Author Topic: Personal Capital moves away from passwords  (Read 2966 times)

FrugalFisherman10

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Personal Capital moves away from passwords
« on: March 22, 2022, 01:20:16 PM »
Hello all,
perhaps this has been discussed already here and I missed it but I have some concerns about Personal Capital's new way of linking /authenticating to your accounts. Is anyone here more of an 'expert' on that type of thing, bank security, etc. and can shine some light?

To me, it seemed like not that big of an issue all this time to provide the passwords to my accounts to allow them to log in and retrieve my data.

Now, they are wanting what seems to me to be more of a "direct authentication"...whereby you give them your account number and routing number etc. Those must then be stored on their servers somewhere. Isn't that requesting a bit too much?
What are the MMM community's thoughts on that?


FrugalFisherman10

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Re: Personal Capital moves away from passwords
« Reply #1 on: May 02, 2022, 10:32:17 AM »
bump

CarolinaGirl

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Re: Personal Capital moves away from passwords
« Reply #2 on: November 21, 2023, 03:31:37 AM »
Account number and routing number are both present on paper checks that have been handed out for many decades now.  I quit using personal capital a few years back due to providing them passwords.  It just made me very nervous with all the increased digital fraud. 

mntnmn117

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Re: Personal Capital moves away from passwords
« Reply #3 on: November 28, 2023, 02:52:39 PM »
Mint did the same thing in the last year or so. My understanding is it's more secure. You're only providing Personal Capital (or Mint) access to certain information about your other bank account. It's setting up a limited/specific read only access key between PC and the financial institution.

Whereas before when you were providing passwords to PC for the other accounts you were theoretically giving PC full access.

Not a security expert but that's my take on the changes to account linking.

 

Wow, a phone plan for fifteen bucks!