Web Connect credentials and hacking risk

dnadle27

Updating using Web Connect requires that you log into your bank/broker website, manually download and import the file into Quicken. Doing this requires that you enable online access by providing the website login/password. After enabling online access, changing my website password does not affect my ability to continue to import files. Question: can the initially provided credentials be used by Quicken, the aggregator (or hacker) to access my account?

splasher

You are confusing Express Web Connect with Web Connect.  See this article: Connection Methods

With Web Connect, Quicken NEVER sees or knows your FI's website password.

So, please clarify which you are asking about.

dnadle27

I'm aware of the difference between the two methods. Though Web Connect does not directly download updates from your bank/broker, you are still required to enable online access (which requires that you provide login/password) before Quicken allows you to manually import the downloaded file from the website; as mentioned, afterwards you can go back to the website and change your password and still be able to import manually downloaded files. The question is once online access is enabled, can the initial login/password be used by Quicken (or the aggregator) to access my account

Quicken Jade

Hello @dnadle27, to answer your question no the initial login cannot be used to access your account. When you download the file, all Quicken gets is the file with your transactions this does not bring in any of your login information to Quicken. I hope this answers your question.
- Quicken Jade

splasher

You are supplying the password to the website to the website, not Quicken, you download a .QFX file from the website to your computer, you import the .QFX file from your computer to Quicken on your computer, Quicken never sees your password.
Look the the .QFX file with a text editor to see what is in it, you will not find your password.
You could have manually created the .QFX file with a text editor and Quicken would not have known the difference.

Chris_QPW

Note the reason you have to be online to import a QFX file is because Quicken Inc wants to ensure two things.  One is that your subscription is active, if it isn't they are going to block the import.  The other is to make sure that the financial institution listed in it is a participating partner, in other words they want to ensure that "rogue" financial institutions can't create QFX files for you to import.

dnadle27

Thanks to all for their responses ... so the bottom line is that using Web Connect allows me to import files (vs. manually entering the data) without exposing my credentials (and avoids hacking risks).

Quicken Jade

Of course @dnadle27, glad to help! Yes, that is correct, thank you for participating in our community!
- Quicken Jade