UK's Open Banking to Launch on 13 January

Re:UK's Open Banking to Launch on 13 January by Angostura on Saturday January 13, 2018 @03:23PM (#16141168)

> What is open about a system that only very few organisations can use

I'm sorry - as a consumer, I'm going to want the most stringent checks before giving a third party direct read/write access to my bank account. The biggest criticism people have of the scheme so far is that it 'sounds like a security nightmare' and who is liable if I give someone access and they do Bad Things.

Is your criticism really that it is insufficiently open in that certification is stringent?

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Re:UK's Open Banking to Launch on 13 January by zAy0LfpBZLC8mAC on Saturday January 13, 2018 @03:26PM (#16141182)

No, my criticism is that it is an interface for third parties only that locks out the first party!?

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Re:UK's Open Banking to Launch on 13 January by pmuk on Saturday January 13, 2018 @03:37PM (#16141252)

If you want to download your own data you can do so, to an extent, through the midata format which was launched in 2011. It lets you download the last 12 months transactions from your current accounts in a file.

https://www.gov.uk/government/news/the-midata-vision-of-cons... https://www.hsbc.co.uk/1/2/midata-faqs https://www.santander.co.uk/uk/current-accounts/midata

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Re:UK's Open Banking to Launch on 13 January by zAy0LfpBZLC8mAC on Saturday January 13, 2018 @04:17PM (#16141462)

Having to manually press a download button is not a machine readable interface. Also, this does not allow me to submit transactions.

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Re:UK's Open Banking to Launch on 13 January by 21 on Saturday January 13, 2018 @03:37PM (#16141249)

How many people do you think will be able to secure their access?

And what happens if their computer is hacked, the credentials stolen and the accounts emptied?

It's not hard for me to imagine developers saying, "hey, we all know computers get hacked, it is the bank's job to know when its really me versus when someone stole my API keys. What a shitty bank. I'm expecting all my money back"

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Re:UK's Open Banking to Launch on 13 January by zAy0LfpBZLC8mAC on Saturday January 13, 2018 @04:16PM (#16141455)

WTF?

How is that any different with web interfaces? Or are you saying that people should just generally not be able to use their own computers for banking purposes?

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Re:UK's Open Banking to Launch on 13 January by jenscow on Saturday January 13, 2018 @06:53PM (#16142075)

API keys are stored on the computer (even accidentally pushed to github, etc)

Credentials for web interfaces are stored in our heads.

People are still able to use their own computers - via the web interface, which is under the full control of the banks.

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Re:UK's Open Banking to Launch on 13 January by zAy0LfpBZLC8mAC on Saturday January 13, 2018 @10:02PM (#16142610)

> API keys are stored on the computer (even accidentally pushed to github, etc)

Then ... create an API without "API keys"?!

> Credentials for web interfaces are stored in our heads.

So ... store the credentials for the API in your head then?!

> People are still able to use their own computers - via the web interface, which is under the full control of the banks.

Erm ... no, it's not? The bank sends me IP packets, what happens with those IP packets is completely under my control (or under the control of anyone who happens to have compromised my computer, for that matter). I select what web browser I use. I could write my own web browser. Or modify an existing one. Or run it under a debugger. Or just not use a browser at all. What my computer does with the IP packets my bank sends me is completely out of the bank's control.

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Re:UK's Open Banking to Launch on 13 January by Angostura on Monday January 15, 2018 @03:21PM (#16153087)

It's a tool specifically designed to allow the first party to open access to a third party. It doesn't lock anyone out of anything.

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