Can your financial institution learn from Facebook?

Can your financial institution learn from Facebook?

A recent Javelin Strategy & Research blog post highlighted what Facebook can learn from banks about being secure, and what banks can learn from Facebook.

For example, Facebook users can request a one-time password by sending an SMS text message. While banks currently have the one-time password feature, it is either on or off, and not on-demand and flexible like Facebook’s. The social networking site also allows users to see devices that are currently authenticated or in-session, where you can remotely log-off any sessions left open. While bank sessions currently time out with a pre-set period of inactivity, social media sessions often do not.

Javelin notes other useful features in the post:

“Through a related back-end feature, Facebook can also send you an SMS text whenever a new device accesses your account. This would be useful for financial services. If you get a text message while walking down the street that some new device has accessed your account that might be an obvious sign of existing account fraud. Some banks currently send text alerts for activity on the account; this feature would flag access before any such activity could occur.”

Are you thinking outside the box to implement new security features for your customers? Let us know in the comments below!

Written by Banking.com Staff