Syncing Social Accounts Threaten Security

  • Identity Verification

Social payments are quickly on the rise and there is no doubting that online security measures will need to adapt to this craze. Social payments started on Facebook and are quickly moving to other social media platforms. Twitter recently announced a partnership with American Express that will allow avid tweeters to make purchases by using a hashtag. Using their technology, Card Sync, users will link their bank account to their Twitter account. Once a user tweets using the appropriate hashtag, American Express will tweet the user confirming the purchase and then ask the user to tweet back a confirmation hashtag. While this may sound great to on the fly shoppers and bargain hunters, this could cause a headache for American Express down the road.

Twitter is already notorious for its, what now seems harmless, hackings. As of now, having your Twitter account hacked may cause a few PR disasters for some brands, but the damage is minimal. What happens when hackers get the word that Twitter accounts will now be linked to bank accounts? Twitter will turn into one of the most sought after social sites to attack. Without properly implementing identity verification of any kind, hackers will be able to access these valuable accounts with a handle and password. Those are the only things standing in the way of a users bank account and an identity thief. If social sites start using this syncing technology more heavily, it will be important that they reassess their fraud prevention solutions to better authenticate someone who is trying to access an account. While the convenience of this new technology is easy to be blinded by, companies must take it upon themselves to protect their customers and their brand name. As social payments grow, companies will need to better educate their staff about the risks before its too late.

[Contributed by EVS Marketing]