What is open banking?
We explain how it works and how it could affect you.
We explain how it works and how it could affect you.
A few points to consider:
1. you are handing your online banking credentials to another party.
2. Your (NZ) bank's terms and conditions almost certainly prohibit you passing your online banking credentials to third parties.
3. Your bank's T&C's definitely make you liable for any losses or frauds flowing from you handing log on details (user names, passwords etc) to third parties.
Think the risk is low? Google "Cryptopia Christchurch". Nice website, company registered to a residential address.
Online payments are also risky in NZ. Many Councils and other organisations use third party companies to process online visa payments. However, in order to pay your rates by credit card this way you have to tick a box accepting T&Cs - which make you liable if anything goes wrong with the payment.
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