September 26th 2008 Transferring Money By Text Message?
I was reading an article in IT World Canada, and I have to say that I was absolutely astonished to hear that Royal Bank is thinking about offering a service whereby it’s customers can send money via text messaging. Now, it may just be small amounts (anything under $100), but the idea of being able to send money via text messaging does concern me. They indicate that customers will get a call asking that they input a PIN number after initiating the transfer to confirm it, but I just think that there are too many variables which make this a bad idea.
Although I am sure that I would take full advantage of this service if it was offered by my bank, I can tell you that from experience working in the banking industry, this will create more problems than it may be worth. My main areas of concern are as follows:
- How many of us have dialed a wrong phone number, even after double-checking it? How would you feel if that wrong number just cost you $100? A pretty expensive mistake in my opinion.
- Instead of stealing $20 from mom’s purse, now kids can take $100 directly from the account…what’s that you say? My kids would never do that! Well, you may be right, but that doesn’t necessarily mean that their friends won’t convince them otherwise.
- The elderly and those who don’t know much about technology, but use it anyway – my main concern lies here. We have all heard horror stories of people getting scammed on the news. I think this would be just one more way for it to happen. How easy is it by a disposable cell phone, and fake that you are collecting donations for a just cause, while pocketing all the money for yourself.
- Thieves can already get information about you and assume your identity. This is another avenue to take advantage of.
I guess what I am saying is that technology is a wonderful thing, and I embrace it whole-heartedly. At the same time though, there are many who would take advantage of those less technically savvy, and those whose main occupation is to lie, cheat, and steal from others. There is no way around this, it is just the way our society is built.
My concerns aside, I do look forward to trying this service…I can’t count the number of times my wife and I need to send small amounts back and forth between our accounts, and this is just one more easy way to do so.
