With Open Banking you may find that you’re offered more financial services than before, to give you more control over your money and help you compare products. To use these services you’ll be asked to give your consent to your bank or another provider to access your account information or make payments on your behalf.
With Open Banking, you don’t share your online banking logon details and we only share your information using secure channels.
Other companies may ask you to share your online banking logon details by giving your consent to them.
However you choose to share your account information, you should protect yourself:
- Make sure you are confident the company is who it claims to be.
- Don’t give out your personal or financial details unless it is to use a service you have signed up to and you’re sure that the request for your information is related to that service.
- If you share your account information with another company, it is their responsibility to protect it. Make sure you understand how they plan to use it and how long they will hold it for.
- If you don’t know who you are talking to, or you have reason to suspect they aren’t who they claim to be, don’t disclose your online banking logon details, or other personal and financial information.
Remember – a genuine bank or company will never contact you out of the blue to ask for your PIN, password or to move money to another account. Fraudsters will often try to impersonate somebody you trust, so it’s important to understand the difference between a legitimate request to share your account information for a service you’ve chosen to use and an unexpected request.
Learn how to keep it safe, or for more information on how to protect yourself against fraud visit: