AI "Financial assistants"

pmartin86

Hi All

Come accross this today, can't decide if it's a brilliant idea or an accident waiting to happen, anyone use such services?

https://www.meetcleo.com/

Any idea where the liabilties are if anything were to happen and data was compromised?

Paul

pappa_golf

How will you make money?
We'll offer our own faster, fairer and cheaper financial products. We have significant backing from tier-one investors to execute this vision quickly. And don't worry we will never sell your data.


might swop it tho !

eddddy

pmartin86 wrote: »

Any idea where the liabilties are if anything were to happen and data was compromised?

Do you mean: what happens if you lose money through fraud?


As you probably know, you have to provide your online banking security details, so that meetcleo can access your bank account(s) online.

The banks seem to say they won't cover and fraud that occurs as a result of this. For example:

Nationwide

If you lose money as a result of fraud through our online or mobile banking service, we’ll put the money back in your account immediately providing that:

...

5. the fraud has not occurred as a result of you using an account aggregation service that consolidates information from each of your financial accounts into one place such as a single website.

http://www.nationwide.co.uk/support/support-articles/security/digital-banking-promise

Barclays

In the unlikely event that you fall victim to internet fraud on your Barclays account, we guarantee to cover your loss, providing that:

...

It wasn't caused by your use of an account aggregation service (a service provided by another company that allows you to view all of your bank details on a single website)

http://www.barclays.co.uk/Helpsupport/OnlineBankingGuarantee/P1242559212935

And meetcleo's / Salt Edge terms include:

You are solely responsible for maintaining the confidentiality and security of the access information you use to access the Services (as further described and defined in the General Terms of Service), including but not limited to access number(s), password(s), security question(s) and answer(s), account number(s), and/or login information (collectively "Licensee Access Information" ).

So it sounds like the bottom line seems to be that if you lose money through fraud, it's your responsibility.

cookie365

You're thinking of giving all your banking passwords and login details to a company whose registed address is a local accountant's firm?

What could possibly go wrong?

pmartin86

I was more curious about the fraud, mainly with these sort of apps/features becoming more widespread (this is not the first one Ive stumbled across) and to fair, a secure, well backed and insured service like this would probably be a good thing to have. The details on the website are quite sketchy in exactly how they work, so i wasn't sure what information they actually require from you, as are details on back end security (Probably for good reasons)

As for Cookie365, at no point did I say i was considering using such a service or sharing my details with them, merely pondering the implications of such things and wondering if anyone actually HAD used it/them/other