Facebook has added a new feature to Messenger that allows members to send or receive money between each other. It’s a bit late to the game, considering that plenty of online platforms, especially gaming platforms, already facilitate money transfers. But researchers warn that Facebook’s status as a tech giant will place it firmly in cyber-criminals’ sights.
To use the feature, users need to link a debit card to the account to both send and receive money. Essentially, Facebook is acting like a payments processor—and even warns that it may take one to three business days for the money to become available to users depending on their bank, just as it does with other banking deposits.
But what about security? As far as the client-side goes, once a card is added, the user can create a PIN to provide additional security; and on iOS devices, users can also enable Touch ID. Also, users can turn on two-factor authentication for their accounts.
On the networking side, “Incorporating security best practices into our payments business has always been a top priority,” the social network said in its announcement. “We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you. We use layers of software and hardware protection that meet the highest industry standards.”
Facebook said that the payment systems are kept in a secured environment that is separate from other parts of the Facebook network, and which receive additional monitoring and control. A team of anti-fraud specialists are also tasked with monitoring for suspicious purchase activity to help keep accounts safe.
Obviously, cybercriminals will be very interested in the new feature, and users should be careful in their behavior.
“This payment system is exciting and useful to everyone, including criminals, so everyone must do their part to secure their accounts,” said TK Keanini, CTO at Lancope, said in an emailed comment. “Remember, when your account is compromised, it affects everyone. Some people treat Facebook as a play account and don't take security seriously, approving friend requests from complete strangers, accepting game invites from anyone, these accounts will be more of a problem now that you can send and receive payments.”
The payments feature is rolling out in the coming months in the US across Android, iOS and desktop.