Consumer Agency Warns Against Aggregator Disclosures
FINANCIAL PRIVACYMarch 25, 2011
The Financial Consumer Agency of Canada (FCAC) is warning consumers about providing passwords to financial aggregators, The Montreal Gazette reports. Doing so may violate your agreement with your primary financial institution, says FCAC Commissioner Ursula Menke, and fraud protection may depend on refraining from such disclosures. Such aggregators, based mainly in the U.S. but moving towards Canada, Menke said, allow consumers to track all of their financial information at one source, the report states, and use one password to gain access to all sources. "Before using an account aggregation service, consumers should find out what the consequences might be if they provide another party with access to their online banking information," she said.