Is it safe to put bank details on Facebook
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Just made my first sale via Facebook Marketplace! Apparently, the only way to get paid is by giving Facebook access to my bank account. Not really thrilled about that! Don't get me wrong... I do all my banking online; I trust my financial institutions. It's Facebook as a company that I do not trust, especially since we all know how they keep and manipulate user data. Guess I'm worried about my banking information leaking in some future security breach. (Yes, I realize that can happen elsewhere but the bank would be the ones responsible for leaking that information and would have me covered 100%.) Show Has anyone had any issues with trusting Facebook with their banking account? Is there any other way I can get paid (like Paypal) that I'm just not seeing? Constructive advise is greatly appreciated. Thanks! Should we trust Facebook with our bank account information?Personally I don’t feel comfortable giving my banking information to a social media network. I definitely do not associate the word “secure” with Facebook. Fraud and scamming has become a huge part of the internet. I worry that my private information could be stolen and used by a scammer. I would not advise anyone to use this new application. According to CyberheistNews:“Facebook just announced a new feature that allows you to send money to a friend using your own debit card and your friend’s debit card, which of course are linked to both of your bank accounts. You need to attach your debit card to your Facebook messenger to send and receive money. Facebook claims this is all technically secure. Well, Apple thought their Apple Pay was secure too, but fraudsters started making cash right away gaming the system. This new Facebook payment option could allow several kinds of scams. To start with, you have to be alert when you get emails that claim a Facebook friend has sent you money. Also, when a friend messages you and their account has been hacked, there is a criminal trying to scam you impersonating your friend. So, anything to do with Facebook Payments: Think Before You Click!”  Facebook released the following statement:“These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control,” from an anti-fraud team. I am still not convinced that Facebook is secure enough to know my bank account information. If I need to send my friend money I will do so the old fashioned way! [cait-kinslow] From our Bloggers
By Nikhil Batra
Facebook has launched payment methods to compete with services like Venmo and it offered the payment option through Facebook Messenger and Facebook Pay. Facebook Pay expands the company’s services allowing users to shop, donate to causes, and send money to each other on Facebook Messenger, Instagram, and Whatsapp. Currently, users can send money using Facebook Messenger if they link a debit card while Facebook Pay allows users to link a credit card or PayPal account. Facebook engages several safeguards to protect your money and financial information when you send money through its Messenger app and its recently launched Facebook Pay. Like anything online, there is a chance that your safety might be compromised. Cybercriminals and hackers can be clever and this has led to various online security breaches at big organizations. Facebook employs some of the brightest minds in cybersecurity to keep its users safe. However, the Facebook security breach in 2018, exposed the personal information of an estimated 87 million users which raised some doubts about Facebook’s ability to protect customer data. So, here is what you need to know about Facebook Messenger and Facebook Pay to send and receive money. What cybersecurity measures it provides and how to protect your information and money? How does sending money through Facebook Messenger works? Facebook allows users to send and receive money through its popular Messenger app. Facebook’s software facilitates money transfer and it acts as a channel between the user’s bank and payee’s bank. Facebook’s software also offers extra layers of security to the transactions to prevent hackers from compromising either party’s financial information. Facebook doesn’t charge users to send or receive money in Messenger. Both the sender and receiver must live in the United States, be at least 18 years old, and link a bank-issued debit card or PayPal account to Facebook or Messenger. How can you send money using Messenger? You can send money through Facebook Messenger by opening a Messenger conversation with a friend and clicking the plus icon, followed by the dollar sign icon. You need to enter your debit card number or PayPal information which may be stored in the app for future use. Lastly, you need to input the amount that you want to send and then submit it. You can also send money to multiple friends through a group conversation and can request money from multiple friends as well. How can you receive money using Messenger? To receive money in Messenger, you need to add a debit card to your account. First, you need to open the Messenger conversation where you received the money and then select the “Add Debit Card” option. Once you add the debit card, the money will be directly deposited into that account Note: You can only send and receive money with friends and family via Facebook Messenger. This method can’t be used to make or receive business payments. How does Facebook Pay works? Facebook launched Facebook Pay in November 2019 when Ms. Liu in an online post said, "People already use payments across our apps to shop, donate to causes and send money to each other." "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected." She added This launch allowed the users to send and receive money across its platforms i.e. Facebook, Messenger, Instagram, and WhatsApp. It also offers users to purchase things such as games, event tickets, and items that are available on Facebook Marketplace and Instagram. Facebook Pay works the same as Messenger and doesn’t charge fees. Users can link a debit card or PayPal account as well as major debit cards (a feature that is not available for Messenger payment). Is it safe to send money through Facebook? Facebook says that Facebook Pay will securely store and encrypt card and bank information and perform anti-fraud monitoring. Facebook’s security measures As Facebook is offering sensitive services like Messenger and Facebook Pay, many users are skeptical about the kind of security measures Facebook will offer to protect financial information. The connection is encrypted by Facebook. Encryption is the process of using an algorithm that turns sensitive information such as credit cards and bank account numbers into an unreadable format. Along with this, Facebook uses an extra layer of encryption for the financial information that is submitted through Messenger and Facebook Pay. Additionally, Facebook only shares your name, profile photo, and the dollar amount between you and your friend when you send or receive money. When Facebook asks for information to verify your identity, the data is not shared. To confirm your identity and prevent fraud, Facebook may ask for additional information such as legal name, date of birth, zip code, and others that only you would know. Users who seek more security can use a personal identification number (PIN) to send money. This can stop fraudulent transactions if an unauthorized person uses your computer or mobile device. More tips to keep your transactions and money safe Few things will help make your transactions more secure. Make sure to verify the identity of the person and the amount before sending the money. You cannot cancel or edit a payment once you have sent it as Facebook doesn’t act as a bank or holding company. It is just a processing service that makes your transactions secured but not insured. If the amount is wrong or the recipient, Facebook has no protection against these mistakes. Utilize two-factor authentication. You should only send and receive money from people you know and trust. You must protect your Facebook account by activating two-factor authentication as it acts as a second layer of security. You will receive a notification if anyone tries to breach your account. Conclusion As the internet is not 100% safe regardless of the security measures offered, many organizations have offered their apps so that consumers can make safe transactions. Various incidents made internet users nervous about making transactions online. However, you can protect yourself against these threats by securing your devices and by using strong passwords so that your mobiles or computers will never compromise your financial information. Institution:PayPal,Venmo,People:Ms. Liu,Can your bank account be hacked through Facebook?Malvertising on Facebook
But there have been multiple instances where criminals have bypassed the social network's restrictions. This malware can steal your credentials, banking information, personal data, and more.
Is it safe to add bank info to Facebook?So, if Facebook keeps its promise not to share your banking data with third parties, you can consider it secure — as long as you set up your account right. We strongly recommend that all Facebook uses read our posts on and its security settings.
Why is Facebook asking for my bank details?We may ask you to verify your identity or payment method to help keep your account secure, prevent unauthorized access to your financial information, or to comply with various federal and state laws.
What is the safest way to pay on Facebook?Don't transfer money directly into a seller's bank account. Instead, offer to use a secure person-to-person payment site, such as PayPal or sending and receiving money in Messenger.
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