The "Kaching for Facebook" payments application released by the Commonwealth Bank this week has been backed by a 100 per cent guarantee, meaning the bank will cover any losses if someone fraudulently makes a payment using someone else's Facebook account. To complete a payment, recipients will need to input a code that will be sent via SMS or text message to the payer, who then needs to make sure that it is provided to the person collecting the money. The recipient has 14 days to use the code to collect the money or it will returned to the payer.While CBA has announced it will shut down a Kaching for Facebook application after it has been idling for 15 minutes that still leaves a sizeable window for would-be fraudsters if people walk away from their PC and leave Facebook open and their mobile phone on the desk.The bank, however, is adamant that social banking is the way of the future. First demonstrated last July, the application was originally slated for release in late 2012. Finally released this week, the Kaching Facebook app allows Commonwealth Bank's NetBank users to sign in with a PIN and then make and request payments from their Facebook friends, pay for events listed on Facebook, send financial gifts, check balances and transfer money between accounts without ever leaving the social network.Kaching, which was originally launched as a smartphone application, has already been used to make A$416 million worth of peer-to-peer payments, according to the bank.