Even if you gave a stranger your mint login information they could see your accounts but not actually access any of the accounts. Mwgr5 wrote:I don't understand the security concern here. There will soon be absolutely nothing that Intuit doesn't know about me! ![]() And I've decided to start using Quickbooks online too (yet another Intuit offering). I'm much more aware of what's going on with my accounts with. I would think that if they really had a problem with the use of mint or Turbotax, they wouldn't allow such online access, and that if they later cry foul, the fact that they have allowed this to go on for years implies consent to me, no matter what the fine print that they know nobody reads might say. And they allow to import all transactions as well. As far as I recall, all the financial institutions I use in the US allow Turbotax to import 1099's and other forms. Intuit already knows everything about me because I use Turbotax online. I'd rather have things online where I can always access them, than stuck on my computer which someone might walk off with or which might die. I've lost a whole lot more from having my house broken into and my computers stolen than from online fraud. That's why I have decided that the security risks are not significant enough to me to stop me from using. If there's a problem with any one of the 15 or so financial accounts I have, I figure I'm much more likely to spot it quickly because I use than if I did not use it. Without it, on average I'd probably log into my bank account daily, my credit card accounts weekly, and my brokerage accounts once a month or less. With, I check all of my accounts once a day. Whatever security risks introduces also have to be weighed against the risks that it mitigates against. Neither of these is an instantaneous process, both should be caught by the company's own fraud detection software and additionally because of built-in delays designed to prevent frauds such as this would likely be caught by me before the funds actually left the United States because I'm in the habit of checking my accounts on a daily basis. Alternatively, they could transfer the money to the existing bank account (mine) and with my bank password then initiate an electronic funds transfer to their own overseas accounts. What exactly would someone do with my Fidelity password? I suppose they could add another bank account (their own) and transfer money out. On top of that, it's hard for me to imagine catastrophic personal consequences even to a full hacking of all my passwords on. If I heard that, e.g., Vanguard had done this to another consumer, I'd remove all of my funds from Vanguard immediately because I'd take it as a sign that Vanguard was not seriously committed to consumer fraud protection. This isn't to say that companies are legally just as responsible for a hacking as they would be for a hacking of their own databases-it's just to say that it would be very hard for them from a public relations standpoint to claim that your use of voided their fraud protection warranty such that they have no obligation to make you whole. Companies can (and some actually do) block access by to their accounts, so at this point any institution available through is there by choice. In many cases, they appear to be cooperating with in making the interfaces compatible (you'll see this periodically if you use regularly-it will stop working for some or other financial institution for a period of a several days, and customer service will come on and say they are "working with the institution" to resolve some sort of technical compatibility issue). At this point, institutions that are available through are aware that it is being used and are taking no steps to stop it. It seems to me that the PR effects of refusing to do so would vastly outweigh the benefit to the company. ![]() With respect to the potential TOU violation, I find it difficult to believe that Vanguard, or any other company, would refuse to honor its online fraud policy in the event of a hacking. ![]() Everyone needs to decide for him/herself whether the risks outweigh the benefits, but I use.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |