Cyber Security Risks In Social Media Banking
Social Media is the most used platform on day-to-day basis by millions of people around the world. Social media banking is the usage of social platforms such as Facebook, twitter, WhatsApp for Marketing, communication, for collecting feedback and reactions and to perform Banking Operations such as Transactions, Account summary and status enquiry, etc. We have observed using social media as a platform in 2 ways. 1. Non-Banking Operations — Marketing, Branding, Feedback, Business Analysis. 2. Banking Operations — Transactions, Communications and alerts, Account summary, status of the account or cards, reporting fraud/stolen card details etc. Use cases of Social Media Banking: 1. Global Banks Using Twitter for Banking: Money can be sent using twitter accounts connected to Bank accounts, or it would have other options of receiving and sharing passcode and OTP with the receiver for authorizing a transaction. 2. WhatsApp Banking service: Absa Banking app (Africa) has introduced WhatsAp...