Open Banking - Warning, know what you getting into

dinger

Shawbrook Bank has just wasted theirs and my time by allowing me to open an instant access esaver account which appeared as one of MSE's high-interest earners recently.  Please see the thread I started here. 

 https://forums.moneysavingexpert.com/discussion/comment/80183693#Comment_80183693 

Nothing was mentioned in the application that I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process. Open banking is a government initiative, of course, for the benefit of the consumer! It is described at the link below   

https://www.openbanking.org.uk/how-open-banking-can-help-consumers/ 

Ayr_Rage

Did you read the full Ts and Cs ?

The third party verification is not in an way a "hack" it is just protecting all in the loop from fraud.

Expect it be become the norm rather than an exception in the future.

dinger

Ayr_Rage said:

Did you read the full Ts and Cs ?

The third party verification is not in an way a "hack" it is just protecting all in the loop from fraud.

Expect it be become the norm rather than an exception in the future.

Show me where it is in the T&C's. It certainly appears to be data mining to me!! Other financial institutions with online accounts accept copy bank statements, cheques cancelled through and paying in slips.

Ayr_Rage

@dinger they are your Ts and Cs to read through, I do not have an account with them !

A copy bank statement is easy to fake as are any paper documents whereas verification by open banking is more secure.

It is not "data mining" at all just a modern and secure verification system.

housebuyer143

dinger said:

Shawbrook Bank has just wasted theirs and my time by allowing me to open an instant access esaver account which appeared as one of MSE's high-interest earners recently.  Please see the thread I started here. 

 https://forums.moneysavingexpert.com/discussion/comment/80183693#Comment_80183693 

Nothing was mentioned in the application that I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process. Open banking is a government initiative, of course, for the benefit of the consumer! It is described at the link below   

https://www.openbanking.org.uk/how-open-banking-can-help-consumers/ 

If they can't verify your ID electronically then you can do this. They also accept a bank statement if you don't want to use open banking btw 

Exodi

dinger said:

I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process.

Oh lordy. Let me just check something real quick...

hacking

noun

the gaining of unauthorized access to data in a system or computer.

The world moves on my friend, presumably they didn't require continuous access.

dinger

Ayr_Rage said:

@dinger they are your Ts and Cs to read through, I do not have an account with them !

A copy bank statement is easy to fake as are any paper documents whereas verification by open banking is more secure.

It is not "data mining" at all just a modern and secure verification system.

There is nothing in the T&C's to say that I will have to submit private information to a third party in order to operate the account. If one complies the third party is given access to the nominated account to data mine! Please read the government website and the secure messages I have received from Shawbrook.

TheWoodler

Open Banking is the way the industry is moving.

Perhaps you could take a look at ConsentsOnline (the partner used by Shawbrook) and other players in the Open Banking sector such as TrueLayer - doing your research in this way is quite useful when coming across new concepts in the sector. 

Altfi.com is a great source of information on developments in banking tech and the challenger banks, worth a read. I understand it can be quite intimidating what coming across a new concept, but they’re not doing anything they don’t already do, and Consents Online is backed by Equifax - so ID verification and transaction verification are at the heart of the process, not data mining. 

TiVo_Lad

dinger said:

Shawbrook Bank has just wasted theirs and my time by allowing me to open an instant access esaver account which appeared as one of MSE's high-interest earners recently.  Please see the thread I started here. 

 https://forums.moneysavingexpert.com/discussion/comment/80183693#Comment_80183693 

Nothing was mentioned in the application that I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process. Open banking is a government initiative, of course, for the benefit of the consumer! It is described at the link below   

https://www.openbanking.org.uk/how-open-banking-can-help-consumers/ 

A scare mongering post if ever there was one.

1. Shawbrook aren't "hacking" into your account. They are electronically validating that the account details you provide belong to you. It protects you and it protects them from both fraudulent activity and simple human error.
   
2. As your other post clear states it is "one-time" access, so it isn't being used for data mining. It's a one off check that you have the account you claim to hold.
   
3. Open Banking is permission based; you grant permission. If you don't wish to grant permission, you do not have to do so.
   

dinger

Exodi said:

dinger said:

I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process.

Oh lordy. Let me just check something real quick...

hacking

noun

the gaining of unauthorized access to data in a system or computer.

The world moves on my friend, presumably they didn't require continuous access.

I hope you find yourself something to do this evening.

Ayr_Rage

@dinger Sorry, but your thread title shows you just don't know what you are getting into which is a modern and secure verification system.

As @TheWoodler has also commented, it is not in anyway data mining (or a hack) just a one off check.

As our friends across the water would say "get with the program"