The following is my
answer to a Quora question: “Is it safe to transfer or receive
money through Facebook?”
Facebook is preparing to push Messenger as a payment
platform to rival WeChat Pay and Ali Pay. In terms of technical standards and encryption,
we can have no doubt that they will pass banking compliance. It is unlikely that the system itself will
scam you, unless you are taken in by some fraudster.
However, Facebook does not have a good reputation when
it comes to safeguarding personal data. They
have an especially poor track record when it comes to exploiting said personal
data. That is the concern of anyone
using Facebook as a platform for something as sensitive as financial
transactions. If you cannot trust them
with your photographs and status updates, would you trust them with your
financial data? I know I would not.
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