A while back I blogged about the security risks associated with social networks (see http://173.203.189.67/banking/?p=430). One of the risks of social sites like Twitter is the ability for a fraudster to pretend they are Bank XYZ in order to steal customer information and credentials. While there are many factors required to curb potential fraud, an easy one would be for a bank to have a "Verified" Twitter account. Verified accounts are certified by Twitter to be the real deal, thereby permitting the public to know that they are interacting with the actual individual/company. Twitter has been quick to hand out verified accounts to celebrities and politicians. Interestingly, everyone else including banks and other financial institutions have been left behind. In late October 2009, The Financial Brand even started a petition to verify Twitter accounts of financial firms. At long last Twitter has decided to verify the account of a financial institution. To my knowledge, Citi (@askciti) is the first bank to receive this designation, one that is a must have in the treacherous online world. It's only a matter of time before other banks receive verified accounts, and I encourage banks who have yet to apply to do so immediately.

Jaime Punishill spearheads Citi's social media efforts. He will be part of a panel that I am moderating at Celent Innovation & Insight Day on May 13th. The importance of security and social media will be part of our discussion. I invite you all to come out to the event and learn more.