Facebook recently announced person-to-person (P2P) payments.
This new feature that allows you to “instant-message” money to a friend, using your debit card and your friend’s debit card, which are, of course, connected to both of your bank accounts.
You simply need to attach your debit card to your Facebook messenger to send and receive money.
To Send Money:
- Start a message with a friend.
- Top the “$” (dollar) icon, and enter the amount you want to send.
- Tap “Pay” on the top right, and add your debit card to send money.
To Receive Money:
- Open your friend’s conversation.
- Click “Tap Add Card” in the message.
- Add your debit card to accept money for the 1st time.
- You can also create a PIN for additional security.
The money transfer take between 1-3 business days.
Facebook, of course, claims this is all technically secure.
Fantastic Idea! Until CyberCriminals got a hold of it, and started gaming the system, and making tons of cash doing it…
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, while impersonating your friend.
Use Extreme Caution with anything to do with Facebook Payments.
You can’t stop CyberCriminals from targeting your company or employees.
But you can be prepared for their arrival, and have full shield up.