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Something I've always worried about: if I provide my bank's login credentials to a service which uses Plaid/Yodlee and due to a security breach my bank account
by whitepoplar 7y ago
Something I've always worried about: if I provide my bank's login credentials to a service which uses Plaid/Yodlee and due to a security breach my bank account is somehow drained, who's liable? Most banks explicitly state that losses due to sharing of credentials are not protected by their fraud guarantees. Are customers at risk by using Plaid?
- gregkerzhner 7y agoSame question here. I wonder if Plaid has an official answer on this.
- willy_ph 7y agoYou're likely on the hook for the losses having shared your creds. May obviously vary from FI to FI.
- whitepoplar 7y agoIf that's the case, why aren't FI's going after Plaid for impersonating their branding/login screens? When you go to link an account in-app, for instance, there is no indication that you're using Plaid; you're presented with a login screen that matches your FI's color scheme + branding. In fact, it's even more on-brand than the FI's own login screens, sometimes!
- jillio 7y agoBecause FIs have agreement with Yodlee and Plaid too. They have interest in keeping their customers happy by not holding them back to gaining access to other financial apps, but don't want to be liable when breach happens. Capitalism!
- JonoBB 7y agoNot in the EU anymore due to PSD2
- aiCeivi9 7y agoIs Plaid using AIS?
- sitharus 7y agoMy bank has explicitly told me that using Pliad/Yodlee violates their T&Cs and voids their entire online fraud protection, regardless of if one of those services is at fault.