Account aggregators and bank fraud

carti946

Hi,

I am considering using an account aggregator, specifically Yodlee.com, but my question relates to any such service such as lovemoney, moneydashboard etc etc.

I am worried that if I hand over my details to a third party, I will not be indemnified by my bank (HSBC) in the case of fraud. A sort of 'we told you not to share your security details, so you're now on your own' sort of thing.

Has anyone had any personal experience in this matter?

Any help is appreciated.

thatsean

I think Santander specifically tell you that they won't indemnify you against this - but I can't imagine that many banks would entertain a fraud claim if they are aware that you've given out your access details. Under many accounts it's a breach of ts and cs. Even if there's no risk of the details being stolen I would not wish to give my bank an excuse to blame me.

premierfella

I was going to suggest using First Direct Plus if it is just HSBC accounts, but with the key device that would be more trouble than its worth, so I suspect you have other bank accounts (in which case the t&cs issue still applies) or (given the mention of Yodlee) you want the account aggregator to keep details of your transactions as well (which I think First Direct Plus does not do).

coolesticeking

Most banks tell you that you really do use them at your own risk and that should any fraud arise - Well, cough up cause we ain't!

blueberrypie

carti946 wrote: »

Hi,

I am considering using an account aggregator, specifically Yodlee.com, but my question relates to any such service such as lovemoney, moneydashboard etc etc.

I am worried that if I hand over my details to a third party, I will not be indemnified by my bank (HSBC) in the case of fraud. A sort of 'we told you not to share your security details, so you're now on your own' sort of thing.

I can't speak for the aggregators you mention, but for those which use the software provided by Ewise - i.e. First Direct, Egg, and Account Unity (which is Ewise's own offering) - you don't hand over any of your bank details. That information is kept on your own computer, in an encrypted form.

"Your private information - passwords, account names, account numbers and aggregated data - is encrypted & stored on your PC. Your private information is never seen by accountunity."

td_007

I have been using the Ewise online account aggregrator (https://www.ewise.com.au/ewise/aa/home.asp) for quite a few years now. The account details are stored encrypted on your computer within the registry. It is also possbile to save to a USB device so you can access your records from any other computer. It is critical that you use a very strong passphrase to log into the account. The site uses ActiveX which means you will need to use Internet Explorer (not Firefox).

So given that the bank account details are not shared with a third party or is not written down in an easily accessible format I consider that I am adhering to T&Cs.