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Increased Risk through 3rd Party Apps

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Did you know if you provide your internet banking login and password to 3rd party finance apps there is an increased risk of being held liable for any unauthorised transactions?

It’s important to be aware that most Australian bank’s standard terms and conditions warn against the sharing of passwords, PINs and any other identifying details required for online login purposes and, that the liability may fall onto the user for any unauthorised transactions. (For SERVICE ONE Alliance Bank see eLink Terms and Conditions here – specifically item 1.5.4.a)

Though each of these finance app’s differ slightly in function, they all rely on the same basic principle of “scraping” — a form of read-only access to banks and other financial accounts to create an accurate and up-to-date picture of your income, spending, savings and tax. In order for this process to occur, the apps require full access to your online banking accounts, including your username and password.

Apps certainly promote their security measures and exist in the same legal framework as existing financial institutions however, not a great deal is known about how this information may be used.

The important point is, by providing a finance app with your login and password details, you may be held responsible for any unauthorised transactions that occur.

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