Password and Security Concerns Regarding Usage of Yodlee
Published 9/28/07 (Modified 3/8/11)
Yodlee is a terrific online account consolidator and aggregator tool. But whenever I try to explain to some people the many benefits of using a service like Yodlee to aggregate their bank, credit card, and reward account information into one easy to access source, I encounter the skeptics. The skeptics are quite the interesting techno-phobic bunch. They generally fear losing control of their accounts and fear putting all of their account login and password information into one basket. The skeptics fear account aggregation technology because they worry that it will somehow make their lives more complicated and they worry that it will allow hackers and identity thieves easier access to their private accounts. Well I'm here to put those worries to rest. Account aggregation tools like Yodlee will make your life much easier and will help to make your other accounts more secure.
How Does Yodlee Keep My Account Information Secure?
Yodlee has indicated that their service operates under a very secure network infrastructure that combines sophisticated intrusion detection methods with firewall and physical protections. Yodlee has partnered with many large and established companies such as Citibank, Fidelity, Bank of America, and Wachovia. I think we can be assured that Yodlee has passed the initial basic credibility test of ensuring customer privacy and confidential information.
However, although Yodlee will do its part to ensure that your account login and password information is completely secure, it is your own duty to make certain that you keep your master Yodlee login and password information in a secure location and hacker safe.
I know many people have a habit of using one common login and password combination for all of their financial accounts. If you do that, then I highly recommend, in fact I insist, that you make a vastly unique login and password sequence for your Yodlee or Yodlee powered account. Because your Yodlee account saves and consolidates all of your other financial account password information into one source, it is essential that you be certain that your Yodlee password is the most secure and unique of all.
From One Source It Is Easier To Keep Track Of All Balances and Transactions
By aggregating and consolidating your accounts into one viewable source, it makes it easier for you to detect fraudulent or unauthorized activity involving any of them. I personally have several credit cards that I almost never use, but I still keep them around. Since identity theft is a growing problem these days, it's important to keep track of what goes on in all of your accounts, even dormant ones. Consolidation allows this to happen with relative ease.
What If Hackers Manage to Get a Hold Of My Yodlee Password Information?
Of course, many people are rightfully afraid that this leads to one point of access for potential thieves. If somehow Yodlee is hacked, they get all your information instead of just one bank or credit card account. This is true, but I see persistent monitoring as the solution to preventing identity theft and account break ins. I monitor my Yodlee powered account through Fidelity Full View at least once a day. If there's something fishy, I can pick up on it before the danger escalates.
Don't live in fear of placing your confidential information in the hands of technology. The system is not 100% foolproof but it works quite well. Regular and active monitoring of your aggregated accounts will help you organize your finances better and teach you to be more savvy about tracking your financial activity.