Sunday, April 12, 2015

Facebook will now track users’ finances in addition to social contacts, employment, health status, political affiliation

JD Heyes)  In its bid to become the provider – and tracker – of all things to all humans, Facebook has announced that it is entering the peer-to-peer money transferal market.

The initiative is meant to rival PayPay, and it revolves around Facebook’s Messenger app. According to theFinancial Times, the Silcon Valley-based social media company is trying to compete with PayPal, Square and other payment providers and, eventually, even large banks, following an announcement that users will be able to upload a Visa or MasterCard debit card to the Messenger app and send payments to other Facebook users for free.
Financial Times reported further:
In a product that appears similar to Paypal’s popular Venmo app, US users of Facebook will be able to send money from Apple and Android devices and desktop computers in the coming months.
The company stressed it had enabled security features including a PIN and touch ID on iOS devices, after Venmo was accused of making it easy for fraudsters to steal from a users’ bank account.

Facebook now wants to track your financial transactions

“We use layers of software and hardware protection that meet the highest industry standards,” Facebook said in a blog post. “These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receives additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.”