Nedbank's "MyFinancialLife"

[SethGecko]

So who else feels a little uncomfortable about this ?

Essentially Nedbank provides a portal www.myfinanciallife.co.za
where you can go enter all of your banking information, credit cards, home loans, various accounts
from all the different banking insitutions you deal with, and it brings together all your activity in one place
with very nice reports, graphs and financial analysis. You dont have to be a Nedbank client to use this.

I bank with Absa and FNB, so they're asking me to configure my username and passwords for the banks i used, and they will regularly retrieve all my information and collate it on myfinanciallife.co.za

I feel a little uncomfortable to allow all my logon info from other banks, to sit with Nedbank, although the concept of the service offering sounds good.

Your thoughts ?

 

[ProfA]

So who else feels a little uncomfortable about this ?

Essentially Nedbank provides a portal www.myfinanciallife.co.za
where you can go enter all of your banking information, credit cards, home loans, various accounts
from all the different banking insitutions you deal with, and it brings together all your activity in one place
with very nice reports, graphs and financial analysis. You dont have to be a Nedbank client to use this.

I bank with Absa and FNB, so they're asking me to configure my username and passwords for the banks i used, and they will regularly retrieve all my information and collate it on myfinanciallife.co.za

I feel a little uncomfortable to allow all my logon info from other banks, to sit with Nedbank, although the concept of the service offering sounds good.

Your thoughts ?

MyFinancialLife = Recipe for disaster. Anybody who trusts anybody besides themselves with personal financial information has only themselves to blame WHEN things go badly.

 

[MKFrost]

That is a nice idea, instead of trying to hack a users passwords you just need to hack Nedbank and you have everything.

I will not trust any bank with more details than is required to keep my account open. Just look at the current insider stuff going on with card cloning and the like.

Don't know about others but I trust institutions less and less.

EDIT: Just had a quick look. One would think that a site like this, of this importance, would at the very least have some form of two factor authentication. Google is offering theirs for free why not use it.

EDIT: CORRECTION - "For logging in we use our Approve-it authentication, which uses your cellphone to verify your identity when you sign on to the My Financial Life website."

 

[Beachless]

For you to log into your bank they should be hashing the password which means they dont store the actual password in their database.
For them to be able to log into another system they would need to store your password and username for that system.

That alone makes it riskier for you, hopefully they implemented a good encryption etc solution to avoid exposing your details but the risk is there.