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Using your real identity to make online payments could reduce that to real world levels How many of your friends have had their facebook accounts stolen? For m

Using your real identity to make online payments could reduce that to real world levels How many of your friends have had their facebook accounts stolen? For me, it's a few percent. "Oh look, another random acquaintance is stuck in Abu Dhabi and needs me to wire them some money" Facebook security isn't nearly good enough to be handed my wallet. Actually it's not my wallet that's the problem, it's the wallet of everybody who uses "password" as a password.

startupfounder 14y ago
Very true, now the question is who they need to acquire to gain that technology (Square? Maybe, maybe not). Paypal processed US$ 71 billion in 2009, an increase of 19 percent over the previous year. I don't know what they did in 2011, but it might be around $100B? The question is not if online payments is able to work, it is a question of if Facebook is able to crack the nut and reduce the fraud by using real identities. There are real problems as you have pointed out, but (and it is still a very big BUT) IF (and that is a very big IF) they are able to pull it off it will be a game changer for them.
- deleted 14y ago
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jamesaguilar 14y ago
> Facebook security isn't nearly good enough . . . Pretty sure most cases where people's accounts get hacked have nothing to do with the security of the website, except inasmuch as the site fails to provide an authenticator. Most "hacking" involves getting a computer virus or entering your password into a site that is not actually Facebook.
- JoachimSchipper 14y ago
  This is true. On the other hand, online banking security starts from "the client computer is compromised", and a new service that says "you're fully liable if your machine is hacked" will have... problems getting traction.
  - startupfounder 14y ago
    "online banking security starts from 'the client computer is compromised'" Facebook currently (or did) reset the password by having you identify the names of your friends using their pictures. I could see this as a way to authenticate a transaction.
    - danudey 14y ago
      Really? None of your friends have pictures of cats or their babies or grainy shots of them and four other friends as their profile pictures? Because sometimes it feels like half of mine do.
    - jiggy2011 14y ago
      At that point your requiring about as much effort to authorize the transaction as you would be to enter a card number. Also not sure how secure that would be , how difficult would it be for a would be attacker to find out who was in the images? I imagine a reverse image search could be fruitful.
freehunter 14y ago
The stricter PCI requirements that would come into play should mitigate some of these "hacks".

startupfounder 14y ago

Very true, now the question is who they need to acquire to gain that technology (Square? Maybe, maybe not). Paypal processed US$ 71 billion in 2009, an increase of 19 percent over the previous year. I don't know what they did in 2011, but it might be around $100B? The question is not if online payments is able to work, it is a question of if Facebook is able to crack the nut and reduce the fraud by using real identities. There are real problems as you have pointed out, but (and it is still a very big BUT) IF (and that is a very big IF) they are able to pull it off it will be a game changer for them.

deleted 14y ago
[deleted]

jamesaguilar 14y ago

> Facebook security isn't nearly good enough . . . Pretty sure most cases where people's accounts get hacked have nothing to do with the security of the website, except inasmuch as the site fails to provide an authenticator. Most "hacking" involves getting a computer virus or entering your password into a site that is not actually Facebook.

JoachimSchipper 14y ago
This is true. On the other hand, online banking security starts from "the client computer is compromised", and a new service that says "you're fully liable if your machine is hacked" will have... problems getting traction.
- startupfounder 14y ago
  "online banking security starts from 'the client computer is compromised'" Facebook currently (or did) reset the password by having you identify the names of your friends using their pictures. I could see this as a way to authenticate a transaction.
  - danudey 14y ago
    Really? None of your friends have pictures of cats or their babies or grainy shots of them and four other friends as their profile pictures? Because sometimes it feels like half of mine do.
  - jiggy2011 14y ago
    At that point your requiring about as much effort to authorize the transaction as you would be to enter a card number. Also not sure how secure that would be , how difficult would it be for a would be attacker to find out who was in the images? I imagine a reverse image search could be fruitful.

freehunter 14y ago

The stricter PCI requirements that would come into play should mitigate some of these "hacks".