Banking on Social Media

South African start-up 22Seven attracts online criticism.

The lights of Central Cape Town light the evening sky with Table Mountain in the background on June 15, 2010 in Cape Town, South Africa. (Photo by Dan Kitwood/Getty Images)

The South African personal finance management start-up company 22Seven was released on Thursday sparking debate. The website is marketed as a “money saving tool” that delivers analysis on spending habits.

Much of the 22Seven debate centered on whether providing personal bank account information to third parties is safe. Major South African banks such as ABSA and First National Bank issued statements reminding customers that releasing sensitive bank details could lead to fraud.

Supporters of the personal finance application say it is a beneficial tool and easy to use.