SecurityBrief New Zealand logo
New Zealand's leading source of cybersecurity and cyber-attack news
Story image

Fintech expert urges caution when it comes to online banking details

By Shannon Williams
Thu 7 Apr 2022

Consumers need to err on the side of caution and be aware of what information third-party businesses attain when doing online banking, according to fintech expert Jill Berry.

The digitalisation of banking has added convenience to consumers through methods such as online transfers, bill payments, faster loan approvals, and ease of sharing data, but what happens when you're asked to share your banking login details with a third-party company even one that is credible?

According to Berry, who is the CEO and co-founder of Adatree, there are several things people should look out for when doing banking online, and there are ways to protect data if people need to share their banking details. 

"Screen scraping is a little-known term whereby a third party extracts or scrapes a customers digital data for various services using their disclosed bank login credentials," Berry says. 

"Commonly used by personal budgeting apps, instant loan lenders or payments services, an organisation requests the user hand over their banking username and password, which they use to log in to access (scrape) required information and sometimes even more," she explains. 

"The benefit: to make it easier for consumers to manage, compare or switch banking products. But there are many downsides around what information these unethical data vendors can access and how often without you knowing."

Berry says most people are looking for ways to save time and effort, but when it comes to convenience around data sharing via screen scraping, consumers have less control, security and transparency when they hand over their banking logins.

"Once third parties have a customers details, the consumer does not know how and where the data will be stored, whether it will be sold or shared, with whom, and for what purpose everything remains unknown," she says. 

"It can also be accessed by this hidden data vendor or screen scraping service at any frequency without any restrictions. There is no expiration date for them to stop scraping the customers data nor can consent be withdrawn. The only upside is convenience customers simply provide their login details."

Financial institutions have used screen scraping since the 1980s to expedite the digital process, rather than manually sharing, entering and analysing data. 

"Fast forward to 2019, the Federal Government created a legislation called the Consumer Data Right (CDR), known as Open Banking in the financial sector, which gives control back to consumers," says Berry. 

"Consumers choose what data they want to share and for how long. To cease sharing their data at any point, they can simply withdraw consent and ask the business to delete their data."

Top tips for consumers to protect themselves if they are asked to share their banking login details with third parties:

Consider opting for the manual method. Sharing your banking login might reduce a little life admin, but at what cost? Is it really worth an unidentified data vendor holding or worse selling your data? 

Until CDR becomes commonplace, Berry recommends manually downloading your statements from your online banking and sending them to the third-party company. 

"While it can take a bit longer and be a tedious process, you will have peace of mind knowing that your data remains secure in the hands of those you chose to share it with," she says.
 
Change your password as soon as possible.

"In instances where online or paper statements are insufficient and your banking username and password must be provided, change your password as soon as the third party has accessed the required data," Berry says. 

"This will disable them from logging back into your account to access your banking data down the track, without your knowledge and express consent."
 
Research the company you're sharing your data with. 

"Some banking services who aren't yet part of the Consumer Data Right require screen scraping to validate a loan application or for other services," Berry says. 

"If there is no alternative method, do your research around the company you need to share your data with. In particular, you want to look for whether they do ethical data sharing, which gives you more control and transparency," she says.

"If you find they do not have ethical data practices, it might be wise to consider an alternative provider who has better ethics."
 
Find out whether the lender or service provider will be using CDR in the future. 

"While screen scraping relinquishes your control and ability to consent to uses of your own data, CDR does the opposite it gives power back to you, the consumer," says Berry.

"If screen scraping remains the preferred method of the lender or service provider you're using, ask whether they will implement CDR in the future which puts your interests and privacy first. No passwords need to be shared, consent can be granted and revoked at any time, and your data remains in your control."

Related stories
Top stories
Story image
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Story image
Phishing
KnowBe4 celebrates reaching 50,000 customers worldwide
KnowBe4 has reached the milestone of 50,000 customers, adding nearly 2,500 in the first quarter of 2022 alone.
Story image
Tech job moves
Tech job moves - Datacom, Micro Focus, SnapLogic and VMware
We round up all job appointments from May 6-12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Cybersecurity
BlackBerry offers Kaspersky replacement cybersecurity for the channel
BlackBerry advises that users of Kaspersky software in Australia and New Zealand undertake a rigorous risk analysis of their current security posture.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Workato
Workato unveils enhancements to enterprise automation platform
"The extra layer of protection with EKM, zero-logging, and hourly key rotation gives customers a lot more visibility and control over more sensitive data."
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Ransomware
Ingram Micro Cloud adds Bitdefender solutions to marketplace
Ingram Micro Cloud has announced the expanded availability of Bitdefender solutions on the Ingram Micro Cloud Marketplace.
Story image
SaaS
Absolute Software expands Secure Access product offering
Absolute Software is enhancing its Secure Access product portfolio, enabling minimised risk exposure and optimised user experiences in the hybrid working environment.
Story image
Digital Transformation
How to modernise legacy apps without compromising security
At a time when digital transformation has become central to business, even the most important applications come with a ‘use-by’ date.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Cybersecurity
NCSC advisory highlights poor security configurations
The GCSB's National Cyber Security Centre (NCSC) has released a cyber security advisory identifying commonly exploited controls and practices.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Artificial Intelligence
How to ensure ethical deployment of AI implementations
The increase in automation and machine technology such as AI and machine learning has unlocked a whole new level of scale and service to organisations. 
Story image
SaaS
Maintaining secure systems with expectations of flexible work
Most office workers feel they've proved they can work successfully from home, and as much as employers try, things aren't going back to the way they were anytime soon.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Microsoft
PwC NZ unveils new Cloud Security Operations Center
PwC New Zealand has unveiled its new Cloud Security Operations Center for the entire Microsoft technology stack.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.