Quicken, FYI, 02/2024
2.2.2024 | Member Tips
Account aggregator services are an
easy way for consumers to connect all of their various financial
relationships. If you are using a non-Coastal app or website to interact
with your Coastal account or view balances, an aggregator is working in
the background to connect your Coastal account to that site or
application. As a convenience to our members, we have not been requiring
multifactor authentication (MFA) for aggregators, which go through an
initial validation process, and often automatically log in daily to
update account data.
However, because of the recent uptick in fraudulent transactions
using stolen credentials within these aggregator services, Coastal is
increasing MFA for aggregators. This affects anyone using services like
Quicken, Mint, TurboTax, PayPal, etc., as well as other credit unions or
banks that might connect to your Coastal account.
The next time you connect to Coastal via a service that uses an
aggregator, you will be asked to complete a security challenge in order
to proceed. You’re already familiar with this process, which may include
authentication via one-time confirmation code, knowledge-based identity
challenge questions or user-defined challenge questions that you’ve
previously set up.
For additional security, Coastal recommends that you:
-
- Don’t reuse usernames and passwords on multiple websites.
-
- Remember that Coastal will never contact you and ask for your
username, password, PIN, CVV security code, or full Social Security
Number. Read more.
While this may require a small amount of effort on your part, it will
go a long way to helping Coastal protect you and our other members from
fraud. Thank you for doing your part!
Tags
Digital BankingFraudSecurit
