Sunday, July 15, 2012

Facebook Banking on a Cashless Society

Brandon Turbeville
Activist Post

As if the current methods of evaporating privacy and pushing a world toward the Cashless Society were not moving fast enough, Facebook is now developing and beta testing an app that would allow users to “pay their utility bills, balance their checkbooks, and transfer money at the same time they upload vacation photos to the site for friends to see.”

Essentially, the new application which is currently in beta phase with the Commonwealth Bank of Australia, allows for interactions regarding banking and financial services over alleged secure and private connections.

A similar, albeit attenuated program, is already in existence in India which was created by ICICI Bank in conjunction with Facebook that allows users, “through a secure SSL connection,” to “view account details and mini statements as well as apply for debit cards and request chequebooks.”

See the ICICI Bank Facebook App Demo Video here.

Indeed, KeyPoint Credit Union also has its own Facebook app that allows for many of the same features including the user’s ability to access all of their KeyPoint accounts via the app.

Facebook is obviously known for many things – but none of them are its respect for privacy. In fact, Facebook CEO Mark Zuckerberg has been very open about his disdain for even the concept of privacy, stating openly that he simply doesn’t believe in it.


Still, both Facebook and the participants in this emerging app are assuring future customers that there is no need for concern regarding leakage of personal data. Commonwealth Bank, for instance, holds that it will not launch the program without a 100% guarantee of security.

With this in mind and, given the track record as well as the open declarations of disregard for privacy by Facebook and its directors, would anyone in their right minds trust their online banking and financial information to the social networking giant?

Unfortunately, the answer is likely to be a resounding “Yes.”

Regardless of the stampede toward yet another privacy-destroying program, Ana Kasparian of The Young Turks accurately summed up some of the concerns regarding online banking privacy and the new Facebook app during a recent TYT broadcast. She said;
And I’ll tell you what my conspiracy theory is. Facebook makes money by selling ads. And the way that they sell ads is by telling the advertisers what their users are spending their money on. If they have the ability to see what you’re spending your money on via BillPay, on their website, then they’re going to sell that information to a third party. And then they’re going to be like ‘What? What privacy? What are you talking about?’
Kasparian should give herself more credit. Her deductions are merely logic based on previous experiences and the historical behavior of Facebook – not conspiracy theories.



In keeping with the concerns regarding privacy, however, it is clear that these ridiculous apps will no doubt be able to be accessed via smartphones in addition to personal computers and will therefore be subject to even more hacking possibilities.

Indeed, the increasing number of “apps” and remote-smartphone related programs dealing with personal financial, banking, and payment information will undoubtedly produce an increase in the number of hacking and identity theft incidents. Thus, the public that was so easily enticed to use these programs under the guise of convenience will be calling for an increased level of security to reduce the ability of hackers to access the data they freely offered online once their poorly thought-out decisions come back to bite them.

Enter biometrics – the only sure way to protect against theft and hacking.

Unfortunately, however, such concerns as those expressed by Kasparian are almost guaranteed to go unheeded. If they are even addressed by Facebook or the respective participating banking institutions, it will only be discussed as a public relations move designed to placate those on the fence and the holdouts who will themselves be caught up in the dragnet in a matter of just a few years.

In the end, the new Facebook banking app is just one more step toward the ultimate goal of the Cashless Society and the requirement that even the most personal individual information such as iris scans, fingerprints, vein scans, facial photographs, and even DNA swabs be surrendered for the purpose of data security.

As I have stated on many occasions, these types of programs are always introduced under the guise of convenience. Then, as more and more people take the bait, the older methods of payment are seen as cumbersome and, eventually, are phased out completely. Mandates then replace what was once a personal choice.

Yet, what is so ironic about the Facebook banking app is that, while the program is touted as providing so much more convenience, even when putting privacy and Cashless Society issues aside and, with the program running at its optimum, the app really isn’t that much more convenient.

As one commenter on the TYT video quoted above wrote, “You can already do online banking at the same time as Facebook. It’s called opening a second tab you morons.”

Brandon Turbeville is an author out of Mullins, South Carolina. He has a Bachelor's Degree from Francis Marion University and is the author of three books, Codex Alimentarius -- The End of Health Freedom, 7 Real Conspiracies, and Five Sense Solutions and Dispatches From a Dissident. Turbeville has published over one hundred articles dealing with a wide variety of subjects including health, economics, government corruption, and civil liberties. Brandon Turbeville is available for podcast, radio, and TV interviews. Please contact us at activistpost (at) gmail.com. 

Read other articles by Brandon Turbeville HERE.
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9 comments:

Anonymous said...

For years now I have been saying that someday we would have a "Debit-Credit Card" where every cent the you have coming in would go there and every pennie that you have going out would be from there.

"For your convinience" the government would take their taxes (or any other monies) out without you having choice in the matter.

I am Ponce.

Lionel Standish said...

Cash is the lifeblood of the banking system. Much of that cash comes from large banks laundering illegal drug money, as the mainstream news press has pointed out.



Both cash and endless drug war, (which functions as a price support system for the illegal drugs market), are pillars of our system.

Anonymous said...

I am "ALL IN" for "BIG BROTHER" accessible by all at all time! Everybody and anyone having access to all audio and video everywhere and anywhere in the world would be; a bane on all people who are greedy and dishonest, a wake-up call on all liars; a big help to anybody in distress, a fantastic way to be free! So what if any person can access all the facts defining your life... If anyone who scrutinize you is known by you and all, you will know and this person will know that everyone or anyone 'is/are' 'on it'...
SO... WHAY'S TO WORRY ABOUT?

stevor said...

Facebook is a front for the CIA/NSA. Sure, give them access to all your accounts so they can MANIPULATE it (cut you off if they don't like you)!

Anonymous said...

Buy Facebook shares!
Buy Facebook shares!
Buy facebook shares!
A jewish "wet dream"!

Anonymous said...

Cashless society... Ahh yes, Revelation 13:16 The Mark of the Beast. Bible Prophecy is way out in front on this issue. For those that 'scoff at Bible Prophecy...see 1 Corinthians 14:22 ";...prophecy, however, is for believers, not for unbelievers."

Anonymous said...

And it puts under compulsion alll persons, the small and the great, and the rich and the poor, and the free and the slaves, that they should give these a mark in the their right hand or upon their forehead, and that nobody might buy or sell except a person having the mark, the name of the wild beast or the number of its name.
Here is where wisdom comes in: Let the one that has intelligence calculate the number of the wild beast, for it is a man's number; and its number is six hundred and sixty six.
Revelation 13: 16, 17, 18

Anonymous said...

Considering how little most people I know understand about existing money and the financial system in general I'm sure most people will have no understanding of how they'll get screwed even more with the coming globalist cashless society.

I've always supported a cashless society in principle but not quite in the manner the elites are putting together I can say with most certainty.

Sadly very few people will likely be awake and aware enough to even think about trying to stop it.

Heck, I spent almost 6 hours one day not long ago trying to explain to a friend how completely meaningless terms like "deficits" and "surpluses" are under this system and that "deficit" does not mean "debt".

And he still couldn't see the light after that and I just gave up and went home.

How difficult is it to understand that with the system we have today every penny in the government's budget is MORE than a penny of debt for us.

If the Canadian Government budgets 60 billion dollars for spending this year but ends up spending 70 billion instead then Canada would have a 10 billion dollar budget deficit for this year.

But since all 70 billion of that money was printed by private banks that then loaned it to our government at interest the actual DEBT for the Canadian taxpayers on that spending is in EXCESS of 70 billion dollars.

Even if we have a 50 billion dollar budget "surplus" that 50 billion dollars was loaned at interest from private banks so we are even in debt when we are in "surplus".

Budget surpluses and deficits are PR terms that are completely devoid of any real meaning in a society that loans every penny of it's currency from private institutions at interest - other than for using them to keep the ignorant public blind to any and all semblances of true reality.

If people can't even understand the difference between a government budget deficit and government/taxpayer debt what chances are there of them understanding the issues with such a cashless system?

Myself and many others I'm sure have wasted much time failing to explain how the cash system works to the mindless T.V programmed drones out there, good luck to everyone who is going to waste time trying to explain a cashless system to them. :(

Anonymous said...

that would be the biggest mistake since the fed was sighned into law! we need these people out of our lives we dont need them to controll our money period.

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