The Commonwealth Bank in Australia is building a Facebook app that will make it possible for their customers to make payments to third parties and to their friends through the social network. The bank will be securing the transactions using their own authentication system similar to the way they do it with their mobile application. Facebook is currently working with just the Commonwealth Bank, but they hope other banks will follow the leader.
The bad part about conducting bank transactions through Facebook is that scammers could see this as a great way to make money through the social network. Facebook is already dealing with a massive scam about how hackers get into people’s accounts and IM friends to tell them that they are stranded in London and need money wired to them using Western Union.
The system is still being tested and obviously Commonwealth and Facebook will not roll out the system until they are sure that it is secure.