Yodlee Bank Verification Failed Cannot Continue Nasu Process
- Jay700 [OP]
- Banned
- Oct 31, 2019
- 18 posts
- 13 upvotes
Yodlee Bank verification - Is it safe? - Asked to enter my details to verify account
So I have a Canadian bank account.
I am linking i.e adding that Canadian bank account to a Money Transfer Service which is
Similar to services like Transfrwise.
I have to log into that Money Transfer Service account and when I add my Canadian bank account, it sends me to the Yodlee ( third party site ) where I have to enter my Canadian bank User ID and password, so that instant verification can take place and that bank account is added to the Money Transfer service.
Is Yodlee safe enough? I believe PayPal is also one of their clients.
The Money Transfer service says they use 128 bit encrypted security and none of my Canadian bank password/user id will be saved by them or Yodlee. Not sure if I can trust them. They are telling me it's only for bank validation and verification so the account is linked and I can use it to transfer money.
Say I do link the account that way. And later on if I change my Canadian bank account password, will I be safe? So even if Yodlee and the Money Transfer service has my password to my bank account, it will be the old one and not the changed password. Am I right?
- #2
- Jay700 [OP]
- Banned
- Oct 31, 2019
- 18 posts
- 13 upvotes
This is there Yodlee security information. Not sure if I should trust them 
https://www.yodlee.com/legal/yodlee-security/
- #3
- Jay700 [OP]
- Banned
- Oct 31, 2019
- 18 posts
- 13 upvotes
Does anyone even know, how Yodlee does the verification!? And if my Canadian bank has to give them permission or not? How does Yodlee compare and verify the User ID and password you enter?
- #4
- Frankie3s
- Deal Fanatic
- Jul 4, 2004
- 9165 posts
- 2167 upvotes
Don't do it. There was an article about how even National Bank had implemented a similar procedure however, it was being used as a form of identity verification. The bottom line here is that you're responsible to protect both your banks username and password. If these ever do get compromised because it was used outside of your own banks website, any losses might not be covered.
Not worth the risk. You could call up your bank, ask if Yodlee is an authorized third party. If bank say's "no" so should you.
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- #5
- Jucius Maximus
- Deal Expert
-
- Aug 18, 2005
- 21048 posts
- 5661 upvotes
- Burlington-Hamilton
Hell no, I would never disclose my own login info like this. If anything ever went wrong, you're screwed. Not to mention you are probably violating the bank's ToS in the process.
Furthermore, you will open yourself to 'man in the middle' attacks in which someone impersonates the verification service. (This is also why I don't approve of "Verified by Visa', etc. Always enter a wrong password first to prove you're on the correct site.)
This sort of thing should be illegal as it trains people and normalizes the practice of giving out important credentials to third parties. Furthermore, it could be used by criminals to open new accounts in your name, after they compromised another account.
- casual gastronomist -
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Source: https://forums.redflagdeals.com/yodlee-bank-verification-safe-asked-enter-my-details-verify-account-2325594/
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