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Banking Via Twitter?

ScuttleMonkey posted more than 4 years ago | from the what-not-to-do dept.

Businesses 193

In the latest example of how just because you can do something doesn't mean you should, one credit union has decided to offer a new feature, dubbed "tweetMyMoney," that allows members to interact with their accounts via Twitter. Can't wait for the next version, "tweetSomeoneElsesMoney." "tweetMyMoney, available exclusively to Vantage members! With tweetMyMoney, you can monitor your account balance, deposits, withdrawals, holds and cleared checks with simple commands. And, you can even transfer funds within your account. It's all available on Twitter, 24/7!"

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193 comments

two words (4, Insightful)

Dyinobal (1427207) | more than 4 years ago | (#29570331)

I've got two words for this "Bad idea" seriously I wonder what genius thought of this up.

"Hey, I know what'd be great!" (5, Interesting)

djkitsch (576853) | more than 4 years ago | (#29570423)

"This Twitter thing, yeah, it's all, like, Web Two Point Oh, and customer synergy interaction right, and then people can, like, interact with their data and it'll be all like, in the Cloud! Yeah!"

I can guarantee something very much like the above took place in their marketing department shortly before this was built. I've spent 10 years listening to this from marketing geeks - nothing more dangerous than a new technology half-understood.

Re:"Hey, I know what'd be great!" (5, Funny)

sadness203 (1539377) | more than 4 years ago | (#29570659)

Yeah, so what ? It's perfect, it's genius!
Now I only have to fit the nigerian scam letter in a 120 characters tweet... and they can, in one or two simple click, send me the money!
Can't you see the advancement ?

Re:"Hey, I know what'd be great!" (5, Funny)

masshuu (1260516) | more than 4 years ago | (#29571113)

U r heir 2 $200k, send bank info 2 this tweet long with $2,000 4 holding and verification.

Re:"Hey, I know what'd be great!" (5, Funny)

netsharc (195805) | more than 4 years ago | (#29571355)

Yeah, does the bank also have a branch in Second Life? Come on man, Second Life, it's the future! Even CNN has an office there!

Oh wait, it's not 2007 anymore...

Re:"Hey, I know what'd be great!" (0)

Anonymous Coward | more than 4 years ago | (#29571953)

CNN iReport still has an office in Second Life. Check your sources.

Re:two words (3, Funny)

Captain Splendid (673276) | more than 4 years ago | (#29570431)

I see your two words and trump you with one.

That's right folks, this is indeed the Apocalypse.

Re:two words (2, Funny)

maxume (22995) | more than 4 years ago | (#29571183)

How disappointing to find out we live in such a pussy-ass universe. I want some fire and brimstone, or at least a few nuclear detonations.

Re:two words (2, Insightful)

VisualD (1144679) | more than 4 years ago | (#29570483)

Even if its secure from the perspective of other users (which it's not - does twitter even have a password policy?), it's ripe for abuse by twitter staff members, and anyone working in their co-lo centres (I'm assuming tweets are stored unencrypted). After all the push for two factor authentication and security management, we get this? Truly a WTF of the highest calibre.

Re:two words (1)

iamhigh (1252742) | more than 4 years ago | (#29570539)

I guarantee that the marketing guys will think this is a success. Banking is one of many industries that can benefit from "gettin'em young". I bet this will bring in a ton of new accounts; and that is worth far more than paying back a few thousand because someone's twitter account got pawned.

Re:two words (1)

xaxa (988988) | more than 4 years ago | (#29571425)

I wonder how long that will last.

In their desperation to get people to switch accounts, most UK banks make it relatively easy to switch accounts -- they'll move all your direct debits (automatic bill payments) and so on.

A few years ago, when I opened my student account, I got a free 5-year railcard (gives 33% off train fares, worth over £100, I've saved way more than that).
I switched accounts 6 months after I graduated.

Two words (3, Funny)

dgatwood (11270) | more than 4 years ago | (#29570343)

Epic FAIL!

Transactions need 3 elements to be safe... (4, Insightful)

Anonymous Coward | more than 4 years ago | (#29570353)

1. Target needs to be authenticated to the user. This should require some positive action, as opposed to relying on certificates which are mostly ignored and whose provenance is not as strongly assured as was initially advertised.
2. Customer needs to authenticate to the target. Passwords are not enough since humans can remember approximately 1 password only, and only if they use it constantly. The authentication should change and replays should be rejected.
3. Customer must affirm details of the transaction before it is committed. This too must use some method that is changeable and disallows playback.

Ideally a transaction will have all these elements in one idempotent package, the way for example a check might if the signature were a better biometric than it is and if the signature were checked always. That is however technically awkward on a net, so the 3 elements listed may need to be separately done. Omitting any of the elements allows different classes of attacks. If all the elements are present and tied together, attacks become very hard. Also, note, step 3 makes it largely irrelevant whether the customer is declared not-present afterwards or not. It serves also to terminate the transaction. Whether another transaction is begun or not is for the most part immaterial. (A method I have advocated to accomplish these would allow several transactions to be tied together if desired, in one session, but there would always be a "signature" or "affirmation" step for each, even if the initial authentication steps were recent enough to continue to use them.)

This needs hardware. However it can be done very cheaply; the hardware needed can in quantity be had for perhaps $3 a copy, possibly less, even as electronics. Paper approximations could be far cheaper still.

Re:Transactions need 3 elements to be safe... (1)

GravityStar (1209738) | more than 4 years ago | (#29570755)

Nr 1 is hard. Really, really hard. I don't think there is really a way to do this (if you are discounting certificates). I think the system should then be built in the supposition that the target is hostile while only doing a best effort in authenticating the target.

2 is easily done. My bank uses a small hardware device that interacts with the banks smartcard to provide two-factor authentication.

3 is hard again because the hardware device needs to authenticate and display all details of the transaction to assure proper affirmation.

Re:Transactions need 3 elements to be safe... (0)

Anonymous Coward | more than 4 years ago | (#29571199)

Nr 1 is hard. Really, really hard. I don't think there is really a way to do this (if you are discounting certificates). I think the system should then be built in the supposition that the target is hostile while only doing a best effort in authenticating the target.

2 is easily done. My bank uses a small hardware device that interacts with the banks smartcard to provide two-factor authentication.

You are contradicting yourself heavily. I assume that the smartcard and it's reader (+any extra features added to it) effectively store the bank's public key and encrypt information with it. They also store your private key so bank encrypts information sent to you with your public key...

That pretty much takes care of number 1. Nobody can impersonate the bank without knowing it's private key.

Better hope that it's secure. (4, Insightful)

LitelySalted (1348425) | more than 4 years ago | (#29570361)

This seems like a GREAT way to lose all your money quickly.

I guess after it happens, you'll at least have something to really tweet about (as opposed to the fact you bought the new Brittney Spears album - no one cares!).

Re:Better hope that it's secure. (0)

Anonymous Coward | more than 4 years ago | (#29570503)

My mom cares! At least she says she does. :(

"See anything seriously wrong with this story?" (4, Insightful)

mcgrew (92797) | more than 4 years ago | (#29570391)

How about the very idea of banking by twitter? What twit thought THAT one up??

With tweetMyMoney, you can monitor your account balance, deposits, withdrawals, holds and cleared checks with simple commands. And, you can even transfer funds within your account. It's all available on Twitter, 24/7! And, the best part is, our tweetMyMoney service is free!

So how is this mobile? If your phone can send and receive text messages and you're on Twitter, you're in! tweetMyMoney uses Twitter's Direct Message feature to return the account information you request.

I don't need Twitter for that -- I just call the bank and talk to a human.

Now we see why the banking industry is so screwed; it's run by morons.

Re:"See anything seriously wrong with this story?" (0)

Anonymous Coward | more than 4 years ago | (#29570563)

A twit didn't think that up, a twat did. I hereby declare Twitter to be renamed Twatter so others may thereafter see that they are all twats when they use Twatter.

Re:"See anything seriously wrong with this story?" (1)

GravityStar (1209738) | more than 4 years ago | (#29570885)

I think it's a bad idea, if only because the bank should not be promoting twitter as trustworthy communication method. However, presumably the bank is not completely brain-dead, and while you can monitor the account to your leisure, you can't actually transfer money out of your accounts through a twitter message.

Still it's a mistake to allow transfers to occur inside of an account. Escalation of privileges anyone? (Don't want a way for the wife to transfer all your money to a joint account through a twitter message.)

Re:"See anything seriously wrong with this story?" (0)

Anonymous Coward | more than 4 years ago | (#29571261)

I don't need Twitter for that -- I just call the bank and talk to a human.

Most humans who have access to account information these days aren't much better.

Re:"See anything seriously wrong with this story?" (2, Insightful)

xaxa (988988) | more than 4 years ago | (#29571511)

"Welcome to [...] telephone banking. Please enter your account number, followed by hash"
beep boop beep biip boop beep beep boop baap
"Please enter the fourth digit of your PIN"
boop
"Please enter the last digit of your post code"
beep
"In the word 'money', 'N' is in position three. In your password, what position is 'F' in?"
boop
"Your balance is £1234.56. Press 1 to..."

I feel more comfortable communicating with a robot.

(Having said that, I've only ever checked my balance. I'm not sure I'd do anything more than that over an unencrypted channel.)

Re:"See anything seriously wrong with this story?" (1)

Dare nMc (468959) | more than 4 years ago | (#29571813)

Right now what is missing on craigslist is the ability to safely do confirmed transfer of large purchases. With fake bank checks the norm now, their is no way, even face to face, to say you got my $5000 I got your car, transaction complete (that I know of, short of $5000 in bills, then your both ripe for robbery.) Paypal was close at one point, but you give a single piece of info your email, and you get back a single piece of info email confirmation to that email (just a spoofed paypal email, skip the middle man.) Granted you can then login, so then you each need a trustworthy internet connected computer (no key logger...) This sounds like a path, you give a account number for deposit, you get a twitter response. If the bank sent it direct, you would be back to the: you had my bank routing number, you spoofed a email/text message from that source. If you are both calling banks, good luck getting through consistently to a person...

Not sure this is a solution, but it seams like a path to a solution. IE if all banks allowed you to setup temporary accounts for transfer. I can currently setup a new savings account, and close it in 5 minutes with my bank online. So I would have no problem if they had twitter, give them my account number, tweet a message to transfer the agreed amount from the main account, they start the transfer to their account, we each get tweets saying its done, I close my new savings account later.
although the new accounts are too similar to my regular checking account, all but the last 3 match, I wouldn't want that info to get to Nigeria scammers...
Also out of branch transfers are still a pain to initiate they make small deposits, you confirm the amount, then you can make a larger amount... sounds like a good job for a third party to be involved for me.

Re:"See anything seriously wrong with this story?" (1)

Dare nMc (468959) | more than 4 years ago | (#29571911)

Didn't add, the phone call to the bank needs to be private as well. Caller-id is too easy to spoof, so then you give out enough details to confirm your ID that whoever is within ear shot to know how to access your account as well. So you have to get privacy from the person your doing business with, but neither side can trust mid transaction for the other to leave to verify transfer...

Upper management? (1)

Neuroelectronic (643221) | more than 4 years ago | (#29570397)

Does upper IT management ever run these ideas past the technicians? How did they become upper management of IT in the first place??

tweet = text (for most part); step backwards (1)

peter303 (12292) | more than 4 years ago | (#29570407)

You want to interact with your bank with a richer GUI than just text messages.

Re:tweet = text (for most part); step backwards (1)

vlm (69642) | more than 4 years ago | (#29570947)

You want to interact with your bank with a richer GUI than just text messages.

You mean, like show pictures of coins and bills for people whom are uneducated enough to not understand numerals or arithmetic?

Re:tweet = text (for most part); step backwards (1)

Korin43 (881732) | more than 4 years ago | (#29570985)

Personally, i like interacting with my bank by text message. If all I need to know is my balance, text balance to the bank and found out. The problem I have with this is that I want to interact with my bank, not Twitter.

Re:tweet = text (for most part); step backwards (0, Troll)

Anonymusing (1450747) | more than 4 years ago | (#29571061)

Oh come on -- it's like the command line that you UNIX types are always talking up. Now you want a GUI???

Pffft (5, Funny)

MyLongNickName (822545) | more than 4 years ago | (#29570419)

120 characters isn't big enough for my account balance.

Re:Pffft (2, Funny)

eln (21727) | more than 4 years ago | (#29570595)

It would be if you didn't insist on displaying your account balance to the 119th decimal place.

Re:Pffft (1, Funny)

Anonymous Coward | more than 4 years ago | (#29571105)

Bill, don't you have better things to do than troll Slashdot?

Because im *allowed* to, I *may* ? (0)

Anonymous Coward | more than 4 years ago | (#29570437)

Is that at least a better reason than because I *can* do something, I *should* ?

I'd Prefer to Bank via MySpace (5, Funny)

swanzilla (1458281) | more than 4 years ago | (#29570441)

As long as Iâ(TM)m throwing caution to the wind, Iâ(TM)d like to hear some embedded MIDI while I bank.

Dear Twitter: (0)

Anonymous Coward | more than 4 years ago | (#29570445)

RE: Foreign Exchange From U.S. Dollars To Euro

Please initiate paperwork for our new oil account from
cheapo U.S. dollars to resilient and persistent Euro .

Yours In Commerce,
M. Ahmedinejad [slashdot.org]

P.S.: Your lame attempt to start a revolution in Iran was
entertaining although seditious.

A new joke every day! (3, Interesting)

wastedlife (1319259) | more than 4 years ago | (#29570499)

Dear Vantage customer, our free joke service will send you a tweet every day with a new hilarious joke. Please tweet "#tran $1000 f1 t123456" to @myvcu to start!

What's so bad? (3, Insightful)

LMacG (118321) | more than 4 years ago | (#29570555)

Lots of OMGWTF!!! responses here, but having looked over the information they're providing (balances, holds, cleared checks, etc) and noting that there's no transmission of account numbers, PINs or other identifying information, I'm not seeing a major problem.

Just because you can have a knee-jerk reaction doesn't mean you should.

Re:What's so bad? (4, Informative)

Chris Pimlott (16212) | more than 4 years ago | (#29570657)

While the public messages get all the press, people who don't use twitter may not realize that you can send direct messages [twitter.com] on twitter, which are private. That's what this system is using.

Re:What's so bad? (4, Interesting)

PhxBlue (562201) | more than 4 years ago | (#29571289)

While the public messages get all the press, people who don't use twitter may not realize that you can send direct messages on twitter, which are private. That's what this system is using.

Private? Yes. Encrypted? Not so much.

Re:What's so bad? (3, Informative)

rjolley (1118681) | more than 4 years ago | (#29570661)

They also let you do transfers. Which was in TFS if you bothered to read it. You can do this without sending account numbers (just use account suffixes) but what happens when your twitter account gets hacked and someone transfers all of your money from your checking suffix to your savings? Say hello to overdraft fees.

Re:What's so bad? (1)

BobMcD (601576) | more than 4 years ago | (#29570669)

I have a password requirement for this kind of information from my bank. I'm not sure I'd want these kinds of information in public space.

I imagine attackers would find this to be of high value:

1) You can reasonably identify and even physically locate Twitter users

2) This information tells you the status of their bank account, along with usage data that gives one the idea of when it is most ripe (after payday, before the bills come out automatically)

3) This information could be used to predict your physical location in the near future.

There are more, but this is enough to wonder why someone would use a voyeuristic application to transact financial data on the internet. Surely there's a better way.

Re:What's so bad? (0)

Anonymous Coward | more than 4 years ago | (#29570709)

Oh yeah, because even only accessing that kind of information via Twitter can only lead to good things.

Let's not even mention the fact that the second it was launched, people started working on a way to hack and abuse it. That kind of information is worth something, believe me.

Re:What's so bad? (3, Insightful)

Anonymous Coward | more than 4 years ago | (#29570765)

Let me show you why this is a bad idea. Even if it is just 'check 153 cleared' or 'ATM: amt withdrawn 300 dollars'.

'Hi this is XYZ from ABC credit agency we see that you have 300 dollars cash right now in your hands and you owe us 2389 and 48 cents please swing by and pay us'.

Or how about
'Hey I know where Jim lives and he has 300 in cash on him right now lets go rob him'.

Or how about

'We can glean information about peoples bank accounts from their twitter accounts and then connect it thru advertising' 'Monkey sees you have 1835.38 in your account isnt it time to buy that new plasma TV?!'

See why giving this sort of information away is a bad idea? Perhaps *YOU* can not think of anything bad to do with it that doesnt mean others cant connect the dots and do douchy things with it, and they will.

Re:What's so bad? (1)

mcgrew (92797) | more than 4 years ago | (#29570983)

It's a dumb idea. You can do any of those things (at least with my bank) on your cell phone or even POTS. All you have to to do is call the bank and talk to a human.

Re:What's so bad? (1)

Monkeedude1212 (1560403) | more than 4 years ago | (#29571141)

there's no transmission of account numbers, PINs or other identifying information

To set it up, those must be entered at least once. Which means they are being called SOMEWHERE in the process of using it on twitter. Which to hacker, means it can be accessed.

If Twitter can be hacked, your banking information can be stolen. Simple as that.

And I don't mean, login to your twitter, transfer the money, haha its gone,
I mean, login to twitter, get your info, go to your banks site, login there, haha its gone.

Re:What's so bad? (1)

captaindomon (870655) | more than 4 years ago | (#29571899)

Yeah, I agree. Most banks already offer this over unencrypted email (including the big guys like American Express Business Accounts). It's just giving you your balance and some other information and allowing you to transfer within multiple accounts that you own. It isn't letting you perform a true wire transfer out of your account. Relax, everybody.

Jeebus, read the summary at least you twits! (0)

Anonymous Coward | more than 4 years ago | (#29570573)

I mean, twitter is for twits, and some twat thought this up, but no where NO WHERE, does it say anything about actually moving money BETWEEN accounts. Only MONITORING and Transferring WITHIN your account.

Old idea, new hype! (1)

gogowater (913090) | more than 4 years ago | (#29570601)

Banking via twitter = mainframe terminal for customer on pc/mobile phone.

cmd: deposit $xx.xx to acct:1234567

Twitter from Nigeria! (2, Funny)

retech (1228598) | more than 4 years ago | (#29570605)

I cannot wait to see how many twitter IP addresses start originating from Nigeria.

Major Issues (0)

Anonymous Coward | more than 4 years ago | (#29570623)

After (literally) one minute of reflection, I've come up with the following *major* issues related to doing this:

1) I can see a list of people that (very likely) use VCU online banking. It's their "Followers" list. Phish much?

2) Twitter does not seem to use secure connections. I hope the bank does, but even if they do, that's not going to help when someone grabs a twitter user's login while monitoring a network.

3) Since it doesn't seem like they thought this through very well, there could be lots of holes in the commands. Can I spoof someone else's account info with a series of @ commands on twitter?

4) There was a fourth, but my mind is completely blown and I cannot continue.

Tweet money to my account (2, Funny)

gogowater (913090) | more than 4 years ago | (#29570705)

the only command I will tweet would be ...
Tweet: SELECT All Money FROM All_Accounts TO My_Account NOW!

List of banks? (3, Insightful)

Yvan256 (722131) | more than 4 years ago | (#29570735)

Is there a list of banks that support this? Just so, you know, the intelligent people can move their cash OUT of these banks?

Re:List of banks? (0)

Anonymous Coward | more than 4 years ago | (#29571559)

did you rtfs?

Not seeing the point (3, Insightful)

mea37 (1201159) | more than 4 years ago | (#29570753)

I don't see the point of the service, but then I don't use Twitter.

I also don't see the point of all the critics. Everyone alludes to how easily someone can steal your money with this. Ok... how?

I see a bunch of functionality where you can monitor your account status. The only thing I see that mentions affecting your account status is transfering money within your account. I guess that's enough that you could mess with someone, but where's the profit motive? You're going to commit wire fraud just to piss someone off?

Re:Not seeing the point (1)

bcmm (768152) | more than 4 years ago | (#29571263)

Everyone alludes to how easily someone can steal your money with this. Ok... how?

Just off the top of my head, does Twitter require that one uses HTTPS to access it? MITM.

Re:Not seeing the point (1)

mea37 (1201159) | more than 4 years ago | (#29571791)

You didn't answer my question.

I'm not asking how you would subvert the system.

I'm asking how you would profit from subverting the system.

Yes, Twitter is insecure. And?

Re:Not seeing the point (1)

Wizzu (30521) | more than 4 years ago | (#29571811)

How does MITM help in stealing?

The service appears to provide in effect 5 pre-defined accounts (your own), between which you can transfer funds. You can't transfer funds anywhere else.

With a MITM attack, you could alter which account is the source and which is the destination, but you still can't get money transferred outside of those pre-defined accounts. There's potential for someone being a nuisance to you, but not stealing.

I probably wouldn't use this service even if my bank offered it, but it doesn't look like it's the big security hole regarding transfers many commenters seem to think it is.

The other issue is whether you'd want balance information etc. available in this manner. It can't be used directly to harm you either, but I guess it could be valuable to someone eg. for deciding on who or which account to target.

Re:Not seeing the point (4, Insightful)

YrWrstNtmr (564987) | more than 4 years ago | (#29571461)

I also don't see the point of all the critics. Everyone alludes to how easily someone can steal your money with this. Ok... how?

Why would you purposely introduce another entity between you and the bank? A decidedly non-secure entity.

Re:Not seeing the point (1)

dword (735428) | more than 4 years ago | (#29571499)

You're going to commit wire fraud just to piss someone off?

Yes. Maybe you're not worried if someone finds out the details of your bank accounts, but I am!

Re:Not seeing the point (1)

mea37 (1201159) | more than 4 years ago | (#29571687)

More allusion and still no explanation.

Go read what the service provides, and explain specifically what valuable information you think someone can intercept in this way. "Details of your bank accounts" is too vague to mean anything.

likely outcome predicted 152 years ago (1)

Trepidity (597) | more than 4 years ago | (#29570769)

Harper's had the foresight to publish [google.com] an anthropomorphized metaphorical tale of the interactions between Twitter and banks, some years ago:

Twitter laid down Halibut's money, with six cents additional drawn from his own pocket, on the counter, and took two cigars, one of which he presented to Halibut. Dukling scrutinized the dollar bill with provoking keenness.

"Have you another bill, Sir?" said Dukling, with an innocent smile.

"Nothing so small," answered Twitter, uneasily.

"This bill is bad," replied Dukling, firmly, laying the bill on the counter. "The bank has been burst up this three months."

"Bad!" exclaimed Twitter, pale and red by turns.

"Bad!" echoed Halibut, with a glance at the door, as if he would take instant flight were it not that honor bound him to his friend.

"Bad," repeated Dukling, who smiled no longer. "I can not take it."

Twitter took up the note, held it between him and the light, considered it in every point of view---he knew nothing about good or bad money---but it was no use. He could not make it better than it was.

"Really, Mr. Dukling," said Twitter, with a feeble courtesy, "I'm very sorry. This is unfortunate. I have no more money about me. Just charge this to me, will you?"

Don't forget about TwitPay (2, Informative)

Otto (17870) | more than 4 years ago | (#29570771)

Site: https://twitpay.me/ [twitpay.me]

Basically you attach your twitter account to your paypal account, then you can send money to any other twitter user with a simple message to that effect.

Of course, the catch is that the money never actually gets transferred until you "settle" the account. It just keeps a running tally for everybody, then you settle and pay the whole shebang at once.

Re:Don't forget about TwitPay (1)

Tony Hoyle (11698) | more than 4 years ago | (#29571407)

No potential for massive abuse there... Nooooooo...

Seriously, I think that anyone who goes into marketing should immediately be shot for the good of society.

Judge Orders Twitter Acct. Disabled (4, Insightful)

retech (1228598) | more than 4 years ago | (#29570825)

So when I receive a twit from my bank about someone else's account will a judge order my account disabled?

One more gateway for hackers (1)

dword (735428) | more than 4 years ago | (#29570957)

This sounds to me like "another hole in the wall".

Re:One more gateway for hackers (1)

dword (735428) | more than 4 years ago | (#29571571)

Here's another thought: what if twitter.com gets hacked? I'm sure there's lots of other juicy stuff there, but why would anyone encourage you to post your financial details on a 3rd party server? Whoever had this idea should be shot and then hanged alive as an example for other "bright" marketers.

Web page defaced ? (1)

ivan_w (1115485) | more than 4 years ago | (#29571019)

I get it.. it's SO enormous.. and since we're not April 1st, I can only conclude the web site was hacked and some witty nerd pranked them..

Ah ah.. tweet banking.. uh uh.. funny..

--Ivan

gotta love twitter pr (1)

Edmund Blackadder (559735) | more than 4 years ago | (#29571047)

It's as if they made people forget about this little thing called the Internet. Pretty soon they will tell me that I can look at lol cats and porn via twitter and expect me to be super excited.

Yo dawg (0)

Anonymous Coward | more than 4 years ago | (#29571065)

I herd u liek twitter and online banking, so we put ur bank in ur twitter so you can bank while u tweet.

financial open information intersection (1)

drDugan (219551) | more than 4 years ago | (#29571075)

when I first read this description, I thought it was about people using twitter to by open and public about their money.

In most other parts of the world the Internet is driving companies and products to "out-open" each other. more transparency wins, more obvious pricing models win, easier services win. People who are more open and more public about their lives are more successful generally (though its not clear which are the causes and which are the effects).

This drive toward open has not reached financial matters (yet). People and companies are still extremely private about how much money hey have and what they do with that money, for good reason.

Eventually I see the intersection of "open" culture drivers - and the privacy of personal and organizational finance hitting a crossroad. It may not be pretty. I think that once the norm is forced to be more open in order to compete, then eventually there will be a drive to be open about money and transactions - how much people and orgs have, and exactly how they use it. Financial information may be protected for some time legally, but with ever increasing information available about everything, it will get out, be shared, and used to make decisions. I think we'll see on 10+ year timelines some organizations and people and orgs being "open" about their money voluntarily and it will be a very good thing. Totally open finance.

Consumers will have data never before imagined: consider at point of sale knowing exactly what the producers of a product paid in capital and marginal costs to produce a product you might buy, the breakdown of costs and profits to which organizations, and which people are benefiting from that potential purchase? I think we'll see this faster than you might imagine.

Worst Idea Ever! (1)

Spadez (1645579) | more than 4 years ago | (#29571237)

I can not believe they actually thought of this crap! What's next, post your banking information on Facebook or Myspace huh?

Holy crap... (1)

thePowerOfGrayskull (905905) | more than 4 years ago | (#29571465)

I'm usually first to argue with the vehement anti-twitter sentiment 'round here, but this is just an asinine and foolhardy idea.

Since the launch of our new MyVantage online account management system in April, many members have asked for a mobile banking solution. We'r

And this is what you've come up with? Not ... I don't know, secure email, hell even text messages... no, we'll use twitter for submitting private banking info? And oh, just happen to share it with the twitter corp as well? Genius, pure genius.

Not really that bad. (0)

Anonymous Coward | more than 4 years ago | (#29571487)

Do any of you use services like Mint, Quicken Online or Wasabi? They would be even more dangerous as they actually store your login credentials for pulling the your banking info. This service from this credit union just uses direct messages. This is similar to SMS banking that other institutions offer. I don't see a problem. This would be great for the twitter kids.

Yo Dawg (2, Funny)

kefler (938387) | more than 4 years ago | (#29571505)

I herd u like security holes, so we put Twitter in yo online banking software so you can have security holes in your security holes!

wow (1)

greymond (539980) | more than 4 years ago | (#29571601)

this has got to be the dumbest idea from a financial institution since that guy from the anti-identity theft company gave out his social security number and then has funds withdrawn from his account and credit cards opened in his name...

Spent a bit of time in banking industry (2, Interesting)

FuturShoc1k (1265058) | more than 4 years ago | (#29571607)

What really surprises me about the idea of 'banking via twitter' is how the originating bank got this concept past their internal compliance officer/team/department. I just came off of a 6-month stint at an up-and-coming regional bank. While there, I learned a couple of really interesting lessons about banking in general: 1. Absolutely every breath they take and every move they make (rock on, Police) is filtered through federal and state regulatory compliance. 2. To my surprise, most non-national banks think nothing of throwing money at software solutions with outside vendors and these banks rarely require direct interconnectivity with what is referred to as their 'core' system. This, as it happens, is often an expression of point #1. So, I say #1 to point out that *someone* familiar with regulatory compliance must have signed off on the Twitter-banking idea. Many here have noted that the communication with a user's accounts is pushed into a private realm at Twitter, but that doesn't sound like an adequate separation to me. 'Private' tweeting or not, it seems to me that most compliance auditors would reel at the mere suggestion of tossing any account information into that electronic pool. They would also likely need to get some kind of compliance statement from Twitter itself to make the bank tweeting product available. I say point #2 just to say that I'm convinced there's alot of untapped opportunity in banking for hosted applications. ;-)

Naw, evaluate code via twitter! (1)

kc8jhs (746030) | more than 4 years ago | (#29571621)

I do know of a popular CMS that has some Twitter integration code, where for a proof of a really-bad-concept, a developer modified the module before a live audience to evaluate anything between php tags in a tweet within the global scope.

That's probably much more dangerous ;)

Nothing to see here (1)

bortoni (1644503) | more than 4 years ago | (#29571853)

I suspect that people who try this probably don't have any money to begin with. If they do, then they shouldn't and using this will take care of their problem. I see nothing wrong here.

twanking (1)

maudin8 (1532265) | more than 4 years ago | (#29571939)

"Hey Bob, can I borrow $20?" "I'm kinda tapped out right now..." Uh, no you're not! You twanked over $300 this morning!"
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