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MAFCU Federal C.U. Members Using Facebook To Manage Finances

Jun 29, 2011 | Reprints | Unlock Link | Print

MAFCU Logo First, there was online banking; then there was mobile banking; and now there’s Facebook banking?

Brookline-based MAFCU Federal Credit Union is now letting its members manage their finances from their Facebook profiles, according to a statement. The credit union’s MyMoney online banking application allows members to view their account balances, transfer money between accounts and review account history without leaving Facebook.

How secure is this? MAFCU says its MyMoney Facebook application uses multiple layers of security. Along with the standard privacy features offered by Facebook, there is a two-way security system using a photo and phrase ID. MyMoney fully encrypts all data, using a 128-bit data encryption over a secure socket layer (SSL).

Banking & Lending