Soon you won’t need your sort code and account number to transfer money to the banks! Next year, a trial project in Singapore launches a new option available in 20 banks. Their client will only need to link their social account on Facebook or Twitter with their bank accounts and skip the boring official steps. In today’s digital era, different apps that facilitate our lives are extremely popular.
Breaking the Rules
With the new service, you will forget about the traditional approving process. It doesn’t require biometric security methods such as thumbprint passwords, the client’s mobile number, and such apps as Venmo, Splittable, and Transferwise.
The bank representatives won’t call you in order to approve or reject the operation. No boring and exhausting steps – just your Facebook or Twitter ID.
The goal of the service is simple – it’s a tool of our future.
Though the service is completely new, the idea of the easy transferring process has been already brainstormed. Facebook users have an opportunity to transfer money to their friends free via Messenger.
Snapcash is another transfer opportunity for Snapchat users. An Indian bank allows transferring money via social apps such as WhatsApp.
Social media related:
Some people will be cautious about using public accounts, which can be easily hacked, for serious bank operations. The main problem of the hacked profiles is a wrong password. Mark Zuckerberg, who doesn’t need any presentation, used “12345” as a password for his Pinterest and Twitter accounts, which were, obviously, hacked.
Unfortunately, cyber security attacks can’t be predicted but it’s possible to reduce the likelihood of being hacked by choosing the right password.
How to Choose a Password
- Don’t use the same password for all your accounts even if it’s truly secure. Once it’s found, it will be easily used against you.
- Don’t combine letters and numbers to get the well-known word – for instance, C1ND3R3LL4. They are considered to be secure but, in fact, can be easily hacked.
- A good way to pick up a secure password – pick up a sentence first (but not the sentence like “I like cherry pie”). The sentence could be “I am going to be a successful 25-years-old woman” including the punctuation and pick the first letter of each word –“ Iagtbas25-y-ow”.
- 1Password or any other password generators will help you to find a secure password and keep it online.
- The best way to protect yourself from hack attacks lies in setting two-factor authentication, which will send you a message with a pin code every time you will try to log in the account.
Advantages of Tools of the Future
Obviously, such tools have a substantial advantage – they facilitate the processes, which sometimes require much time, or simply add attractive but not “must have” options.
Obviously, they reduce expenses spent on the paid business services.
Businessmen can use Facebook for launching the funding campaigns and teachers can check out who made a “voluntary” contribution.
Airline representatives can pay their passengers back for the delay and, in fact, it will be really cheaper. By the way, use these free tools for small business.
Obviously, most of the people will stay too cautious about such services for a long time.
Nevertheless, we truly hope that fresh tool will meet our expectations and accomplish their tasks! Be patient and soon these tools will change your life for the better!