Purpose: The purpose of this thesis is to explore and analyze perceptions and attitudes of Facebook users as consumers and merchants; investigate which perceived risks, if any, function as adoption barriers of f-commerce. Methodology: The study adopts a mixed method approach. It uses the Zaltman Metaphor Elicitation technique (ZMET method) and focus groups to explore consumers’ perceptions and their mental maps. In-depth interviews with SMEs were also part of the qualitative design. A survey was conducted among consumers based on the qualitative findings to construct a perceptual map of f-commerce, which denotes the perceived-risks that were transferred from Facebook and e-commerce.  Theoretical perspective: The study builds on prior literature of perceived risks as adoption barriers in e-commerce and social networks, brand extension and product sequence attributes transfer. Further, theories on perception and attitudes, categorization, values and mental maps were used in order to apply the ZMET method and the perceptual map.  Empirical data: Data was collected for four weeks via sixteen ZMET interviews, two focus groups and a survey with two-hundred and sixty four respondents from a sample of three-hundred and eighty existent and potential consumers. Further to this, ten in-depth interviews and one ZMET interview were conducted with existing and potential merchants. Conclusion: Perceived risks such as performance, social, privacy, physical, psychological, security, time and financial were identified in consumers as adoption barriers of f-commerce, and transferred from Facebook as a parent brand.  Overall lack of trust towards apps, brand pages and f-commerce is a latent aspect for consumers, where privacy and safe processing of credit cards are crucial factors. Category-product risks were concerns in general but not substantial. When it comes to merchants, they share the same perceived risks than consumers except for privacy, which was not an important factor to them. Besides, the dependence of internal and external changes of Facebook was perceived as a network externality risk, in terms of investment threat.