Security concerns arise as Facebook looks to launch digital wallet app

Cybersecurity

CHICAGO (NewsNation Now) — Facebook wants to be your bank. The company is working to launch a digital wallet app, giving them direct access to our bank accounts.

“If Facebook were a country, they’re twice the size of China,” Morgan Wright, the chief security advisor for cyber security firm SentinelOne and a former State Department antiterror specialist, said on “On Balance” Monday. “So now you’re talking about the power to influence information and stories and, to your point. now you want to give them access to people’s financial accounts.”

The company already owns Whatsapp, Instagram and Oculus, which makes headsets for virtual reality.

“If you think manipulating information and the media and the narrative was a problem, wait until you can wrap that around with a financial incentive to do what Facebook wants you to do,” Wright said. “To me, this is Orwellian in nature in terms of how broad Facebook wants to be in our lives.”

Early Monday, The Wall Street Journal reported that Facebook gave celebrities, politicians, and countless other high-profile users special treatment, exempting them from the rules everyone else has to follow on the platform.

The news couldn’t have come at a worse time for the social media and tech behemoth. In a recent interview with Axios, the head of Facebook Financial admitted that the company is suffering from trust issues with the general public.

Facebook’s David Marcus told Axios the company needs to convince regulators that the digital wallet, called Novi, is a good idea.

“I think that this is a minefield they’ve stepped into,” Wright said. “I think it’s because Zuckerberg wants to have this as the last element, kind of the triumvirate, that he wants to bring things together with people, their information, and now their money. If he gets control of that, you’re talking about something that will be very difficult to unwind.”

Watch On Balance with Leland Vittert weeknights at 8/7c.

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