Online Banking is as Dangerous as it is Intriguing

As technology continues to expand, opportunities and possibilities arise that some never would have imagined. The World Wide Web continues to change our society at an astounding rate as everything we have grown to know has evolved to keep up with the power of the Internet. Social Media has grown into a piece of our society that you cannot go anywhere or see anything without seeing the blue and white “F” or the turquoise bird. The Internet takeover has brought upon discussions of a new type of banking; Deposits and transfers that can be done from your bedroom. What if your Facebook can become a personal bank profile? That sounds like an astounding renovation, but it is also extremely dangerous.

In Jessica Leber’s, “Beyond Credit: Q & A with Dan Schulman of American Express”, She talks about a new Paypal-type program called “Serve” that has begun the revolution of banking. Leber describes Serve as,”…a prepaid, reloadable spending account…partly an Internet service and partly a debit card…” Serve is a pioneer program for the idea of online banking that is unlike your everyday online banking in which you have to go on your specific bank’s website. Just like Paypal, Serve allows you to make transactions from your smartphone and even your social media. Leber writes, “Both, for example, have added applications that let users send money to friends online via Facebook. Verizon Wireless and Sprint have agreed to put Serve on phones, turning it into a “digital wallet” from which money can be zapped to merchants or anyone else.” As intriguing as this appears, it is something that should be taken very seriously as consequences come included.

With banking being brought to the palm of your hand, it is not only easy for you, but for hackers, too. The glory of the Internet has also brought a bit of chaos as any 15 year old kid who is good with computers can hack into the anything from your bank account to the Pentagon. With this risk at hand, how hard could it be for a hacker to bust into your social media or cell phone accounts and mess with your money? The idea of quick and easy banking sounds very tempting and the convenience of it will bring people aboard, but precautions must be taken. In 2011, the Sony Network was hacked and millions of credit card numbers were stolen. If someone can break into the Sony database, your Facebook and smartphone bank accounts will be look at like a piece of cake. Consumers need to take this banking revolution with a grain of salt and if they choose to make the transition, it should be made slowly and cautiously. There is nothing more demoralizing than finding out your bank account has been hacked. Take your banking seriously and do not make it easy for the people who are out to get your savings.

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