Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6619472668703944704
#Cybersecurity #RiskManagement #Bank #Accounts #Passwords: #JPMorganChase will ban third-party #apps from accessing #customer #passwords… Instead, it plans to issue #tokens for access to a limited amount of data in a secure form, and is also working toward getting customers’ passwords out of the system.
As #bank-#fintech #partnerships become widespread in the industry, the #privacy #risks associated with #third-#party #platforms are causing banks to reevaluate their #security.
Many third parties sell or trade information in a way customers may not understand, and the third parties, quite often, are doing it for their own economic benefit — not for the customer’s.
#PNC Financial Services Group said last month that it started blocking aggregators from gaining access to customers’ #account #numbers and #routing #numbers after it identified multiple different aggregators attempting to circumvent the bank’s #security #protocol.
When aggregators access account numbers, many store them indefinitely, often unbeknownst to customers. This puts customers and their money at #risk. We want to make sure we know who is setting up the account.
