Nigerian Bank introduces whatsapp chat banking

[arnold]

At the risk of sounding pessimistic, I like to call a spade a spade, not a big spoon. 

Do any of you have any security concerns about the introduction of Whatsapp chat banking, especially the multitude of threats at the two tail ends of the chat? I fear the advent of non-secure financial access platforms may drive others to financial exclusion. 

Having said that, if Whatsapp chat banking became a thing, how would one securely do this? In my view, I don't see a single way since the 2FA Whatsapp sign up process inherently flawed (read SS7 vulnerabilities-SMS interception).

http://www.communicationsafrica.com/mobile/first-bank-of-nigeria-launches-chat-banking-on-whatsapp

[Caute_cautim]

I totally agree, it is fundamentally flawed, and there are a number of well publicised vulnerabilities, exploits against Whatsapp.   But people still like it, despite many illustrations and demos of its flaws.

Regards

Caute_cautim

[CraginS]

The potential problems with this action by the bank go far beyond the innate vulnerabilities of WhatSapp, USSD, and SMS. Did no one at the bank recognize that WhatsApp is a totally owned subsidiary of FaceBook? The level of ongoing and recurring mendacity from FB as well as their spoiled kid founder Zuck mean there is no reason to ever believe that the FB staff have not, or would not, "snoop" on WhatsApp content.

Talk about compromising personal financial information!

[Caute_cautim]

Brilliant - but will they listen to commonsense - my guess "nope" Hakuna Matata or No worries.

[CraginS]

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@Caute_cautim wrote:
 Hakuna Matata or No worries.

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Huh! I always thought hakuna matata meant "ooops!  I'm sorry." 

[Caute_cautim]

Hey man - Kiwi's do all sort of things with languages including Te Reo/Maori and English......

Did you see the film and the famous song>?

Regards

Caute_cautim

[denbesten]

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@CraginS wrote: 
Huh! I always thought hakuna matata meant "ooops!  I'm sorry."

It means no worries
For the rest of your days
It's our problem-free philosophy
Hakuna Matata!

https://www.youtube.com/watch?v=nbY_aP-alkw

[Caute_cautim]

Or the maturity level of certain nations,....

[Caute_cautim]

"The Lion King" and the related song?
https://www.youtube.com/watch?v=nbY_aP-alkw