Why ABSA decided to block Yodlee and 22seven

Why can't ABSA rather create read only profiles for 22seven to use?
 
This is good. ABSA have to protect stupid people from themselves.
 
How does 22seven access your records anyway? Does it somehow simulate your logging in?
 
I blame Seven22 for this mishap. such issue should be ironed out before a service goes live!

What an over ambitious start-up!
 
ABSA is right. Now why are the other bank quiet? Soon there will be Seven22 clones that will gather login details and then people will starting blaming the banks when money disappears from their accounts
 
ABSA isn't right. They just don't want to lose out on a piece of the pie. The correct thing for them to do would be to create read only profiles that people could use without worry.
 
Well shame on ABSA.

“ABSA’s online banking terms and conditions disallow customers from divulging their sensitive information to any third party,” ABSA said.

It is my name, my bank account, my ID number, my cell phone, who gives ABSA the right to tell me who and when i may disclose my personal details to?

Thanks ABSA but you have given me another reason to boycott your company after a ABSA teller gave me fake money....
 
10% of people are smart enough to know when something is fishy with shady emails and crap, but the other 90% are the ones ABSA is protecting..I dnt mind either way, but i know some very stupid gullible people who could be sucked into a trap with these kinds of services. IMO ABSA is doing the right thing.
 
Especially considering the recent hack attacks against multi-nationals, I as a bank would also prevent 3rd party access. Think about the legal consequences if Yodlee gets hacked and customer information is compromised. Litigation against 22seven (who would then point the finger at Yodlee which is a legal entity I think in the US) will be a major pain. It was the most sensible thing to do to waive any responsibility to protect themselves against any future claims.

Although it's your ID number, bank-account, cell-phone etc, you are still using services and infrastructure provided by the bank and it is more than reasonable to protect themselves from any damage. 22seven is at fault here and before going out on a big PR stunt, they should have made arrangements with the banks before that.
 
Hummercellc said:
Well shame on ABSA.

“ABSA’s online banking terms and conditions disallow customers from divulging their sensitive information to any third party,” ABSA said.

It is my name, my bank account, my ID number, my cell phone, who gives ABSA the right to tell me who and when i may disclose my personal details to?

Thanks ABSA but you have given me another reason to boycott your company after a ABSA teller gave me fake money....
Click to expand...

And who will be blamed in the media when someone's account gets emptied due to a breach at 22seven or Yodlee? The customer? 22seven? Yodlee? ABSA? Who will be sued for damages? And who will re-imburse the customer, if any? ABSA has no responsibility if the customer willingly gave his login details to someone else. But they are the ones that will be first in the firing line.

I don't blame them for doing this.
 
Although I am no big fan of ABSA. On this one i support them. For years the Banks have been trying to educate people about not disclosing information and here comes 22seven just saying trust us, give use your info. I want to see the first headlines in the news papers 22seven hacked get all the financial details of your partner/colleague/ex/whoever/famous person/etc at wikileaks or wherever. even with read only passwords I think you are putting yourself at risk
 
Hummercellc said:
It is my name, my bank account, my ID number, my cell phone, who gives ABSA the right to tell me who and when i may disclose my personal details to?
Click to expand...
Sure, but it will be your loss too when your bank account is cleaned out.

The trouble is that when the first case of theft via 22seven/yodlee happens, all subsequent theft cases will become much more difficult to deal with for the customer. How does one prove that one never gave one's details to them?
 
moklet said:
Although I am no big fan of ABSA. On this one i support them. For years the Banks have been trying to educate people about not disclosing information and here comes 22seven just saying trust us, give use your info. I want to see the first headlines in the news papers 22seven hacked get all the financial details of your partner/colleague/ex/whoever/famous person/etc at wikileaks or wherever. even with read only passwords I think you are putting yourself at risk
Click to expand...

Agreed. I see no reason why 22seven need access to my internet banking. There are other ways to do this.
 
Not to mention how much effort/marketing banks spend on educating users regarding phishing. Can't wait for the first complaints happening in the next few months, where users fall prey to a phishing scam.

Since 22seven made mention of Citibank, this is quickly forgotten: http://online.wsj.com/article/SB10001424052702304778304576375911873193624.html (and Bank of America: http://moneyland.time.com/2011/10/05/was-bank-of-america-hacked/)

And then Yodlee's privacy policy makes an interesting read too: http://www.yodlee.com/privacy-policy.html#q7
"..... Yodlee does not accept responsibility for the services provided to you by these third party web sites."

Regardless of how secure the transfer and storage of information is, the possibility of an inside data-breach (Postbank in SA is a prime example, so is the SimSwop Vodacom saga a few years back) can not be overlooked.
 
Sorry, but I think this is short sighted. Do you guys think USA doesn't also have problems with Phishing? Yet you see services like Mint.com and expensify doing this exact thing all over the place.

Do you also know that Yodlee has not been hacked... ever? Not once. It's wise to be careful about these things, and every person must make his own decision, but to be honest, this reeks of the banks not wanting to let us get wise about our money. If that happens, we'll spend less, save more, and cost the banks more in interest, not even to mention the fewer overdrafts/loans they'll get.

Talking about interesting privacy policies, FNB has a pretty interesting one, wavering and liability if you were to use their own read-only profiles. It's the new age, and companies want to protect themselves.

I created an FNB read-only profile, and I am pretty impressed with the way 22seven is visualising my finances.

Not to mention that these guys were the same guys who started twenty20 (or was it 20twenty?). They started a bank that nobody trusted, but that changed the way of banking in SA forever. For the first time, it became possible, and acceptable to do banking online almost exclusively. Even though FNB bought out 20Twenty, they are still not rid of the branch. There are still things that are easier done by going into the branch and sorting it out there, standing in the queue for hours. These guys revolutionised the banking industry. I think they'll be doing the same thing again with 22seven. I for one, hope they will succeed. I feel they need to work closely with the banks to try and get the banks to agree. And I think the banks must pull their fingers out of their noses, and find a way to make this work. They're already in danger of being replaced by newer technologies, and they're already worried about companies like Paypal and others. They should be embrasing this as an opportunity, not shoot it down without even looking at it.
 
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