JPMorgan to ban third-party fintech platforms from accessing customer passwords

JPMorgan Chase is to enforce stricter security measures, banning third-party fintech apps from accessing customer passwords. The existing method of data sharing provides -- with permission -- numerous apps with access to customers' bank accounts, but concerns have been voiced about the possible dangers. No timetable has been set out, but the American finance giant intends to use a token-based system that will provide third parties with access to "a narrow range of data in a secure form". The move comes three years after chief executive Jamie Dimon issued a warning about the system that is currently being used and… [Continue Reading]