Re:Ask HN: Are you terrified of Plaid’s account verification...
by mschuster91 on Thursday September 02, 2021 @05:08AM
(#28389991)
> With such unlimited scope, they scrape everything, your entire financial history is available.
This is exactly why the fintech industry pushed so hard for the PSD2 directive in the EU. The Schufa, the German version of Equifax (and just as bad...), even tried to advertise a "let us look at your financial history in your bank account and maybe we'll let you pass then". Fortunately, public outrage was immense and they had to retract their plans for now (https://www.tagesschau.de/investigativ/ndr-wdr/schufa-checkn...).
This is exactly why the fintech industry pushed so hard for the PSD2 directive in the EU. The Schufa, the German version of Equifax (and just as bad...), even tried to advertise a "let us look at your financial history in your bank account and maybe we'll let you pass then". Fortunately, public outrage was immense and they had to retract their plans for now (https://www.tagesschau.de/investigativ/ndr-wdr/schufa-checkn...).