Does Quicken have a Fraud Protection Guarantee?

netguydave

Will Quicken reimburse me if their system is hacked and my accounts are drained? Is there a Quicken reimbursement guarantee?

Fidelity (and other brokers/banks) will reimburse me if my accounts are hacked and drained and it has been determined that it wasn't my fault. If Fidelity determines that the hack was caused because I gave my user name and password to Quicken then I will not be reimbursed.

Does Quicken have my back if fraud happens to my accounts that I'm entrusting to them with security?

Quicken Classic for Windows R57.16

Palace

Now that is a "Veerry Inteerresttiinng" (remember Laugh-In TV show 50 + years ago?) question 😂 I really don't know the answer. If I had to 'GUESS', I'd say NO? Hopefully, I'm wrong. There are other members though who frequent this site who might know the answer; been around Quicken longer than yours truly. Hopefully they or moderators will drop in with definitive answer.

netguydave

That is Funny…I watched that show "Live", with my parents. I assume you're a "boomer" too.

Chris_QPW

There is no such guarantee. Look at the terms of service and you will see that you use Quicken at your own risk.

Palace

"netguydave". Yep. I'm a "boomer, ++" 😂 Proud to be. A 'few' of younger generation aren't fond of our generation, so I've been lectured a many a time. That's OK though, Lord bless & keep them. If I remember correctly, it was a guy dressed as German, who would interject with that question when producers of show deemed needed? Hilarious. That show would be banned today, WAY to offensive. 😉🤣 BTW. Thanks Chris_QPW, for confirming Quicken policy as applies to this issue, much appreciated 👍️

netguydave

"Wolfgang" - I had to look it up. And thanks also to Chris_QPW.

Quicken Jasmine

Hello @netguydave,

You can also review how Quicken protects your financial information and Quicken's Privacy statement through this link.

I hope this helps!

netguydave

Thank you.

Drinkingbird

Fidelity has posted a notice that they'll be converting to FDX (EWC+) soon, at which point they can no longer claim you gave your password out.

Pretty much every financial institution has in their disclaimers that if you provide your login info to a 3rd party, you are not covered by any fraud guarantee. Of course whether they could enforce that without proving that the fraud originated from the 3rd party you provided the info to is another story.

Of course after the FDX conversion you'd probably technically have to change your Fidelity password to one that has never been entered into Quicken or any other 3rd party to be totally exempt from their disclaimer.

netguydave

It would be great if Fidelity would get that done. I've been waiting years. I just confirmed with Fidelity that they do not offer it, as of now. It's hard for me to determine if the delay is coming from Fidelity or Quicken.

My assumption is that Fidelity logs all access sessions to reduce exposure to anyone claiming against their fraud guarantee. If my account gets drained they can easily prove I've been handing out my user name and password to third parties. That's a high price to pay for the convenience of One Step Update.

Boatnmaniac

Fidelity does offer the new EWC+ connection method for Investments accounts since Dec 2023. The connection is with the Fidelity - Investments & Retirement Accounts financial institution in Add Accounts/Set Up Now. A few important comments regarding this EWC+ connection method.:

1. The EWC+ connection method does not use our UserID and PW for downloading data. The set up process will instead take you to the Fidelity website via your default browser where you will need to log in and authorize Fidelity to allow Quicken to download data. Once authorized, Fidelity will generate a security token that Quicken will use for downloading during OSU.
2. Fidelity's EWC+ connection supports Simple Investing only. It does not support Complete Investing. So there is no Account Register and securities transactions will not be downloaded. There will, instead, be a dashboard showing high level summaries of number of shares held of each security, last security price, security value, account(s) value(s), etc.. So if things like Cost Basis, securities transactions history, being able to view and edit transactions is important to you then this is not what you want. Here is an example of what Simple Investing looks like.:
   
3. If you do wish to convert your current Fidelity investment account(s) to EWC+, it is strongly recommended that you first backup your data file and then convert your current account(s) from Complete Investing to Simple Investing (via the General tab of Account Details). Then deactivate your current account(s) and do Add Account with Fidelity - Investments & Retirement Accounts making sure to Link the downloaded data to the existing accounts in Quicken.

You can read more about this Fidelity EWC+ connection method here: New Fidelity connection requirements.

I have heard nothing about the DC connection via Fidelity Investments changing to EWC+. DC does not provide Quicken Inc our UserID and PW. Instead, the software connects directly with the financial institution (hence, the name "Direct Connect".) So, your UserID and PW with financial institutions that use DC is as secure as when you use a browser to log in there.

The connection method that I think many people have security concerns with is EWC…not EWC+. With EWC our login information is saved on the Intuit/Quicken server(s) so Intuit can download from the financial institutions (usually done at night). Quicken has implemented security measures to safeguard our login and financial data but I think it's safe to say that nothing is guaranteed regarding that.

BK

This EWC+ connection supports Simple Investing only. It does not support Complete Investing. So there is no Account Register and securities transactions will not be downloaded.

@Boatnmaniac , My Schwab is EWC+ and does support Complete Investing, where I can toggle between Simple & Complete. Am I misunderstanding your #2 bullet? Thank you for any clarification.

Drinkingbird

https://community.quicken.com/discussion/comment/20441018#Comment_20441018

This thread is about Fidelity, not Schwab. Schwab converted to EWC+ last year and supports full transaction download. One can only hope that when Fidelity forces the move from DC to EWC+ for brokerage/retirement accounts they will support full transaction download.

Boatnmaniac

https://community.quicken.com/discussion/comment/20441018#Comment_20441018

Yes, my post refers to Fidelity, only. EWC+ itself is capable of supporting Complete Investing but it is the investment company that decides whether to support Complete or Simple Investing. So far Fidelity's EWC+ connection supports only Simple Investing. Fortunately, Fidelity still supports DC with both Complete and Simple Investing as options.

BTW, thanks for asking the question. If one person misunderstands what I posted it means that others might do the same. So, I clarify this in my earlier post.

Chris_QPW

For what it is worth, here is my take on the security of the various systems.

Express Web Connect, the least secure. You are literally telling Intuit (Quicken Inc's aggregator) to login as you, which includes things like 2FA and such (as in people will complain if they have to enter it every time, so in reality for Intuit to be able to do it means you have told the financial institution their machine is OK to use as you). The only "advantage" of this system is that at least this system is "read-only". I'm not sure, but your information might also be stored on a Quicken server. Transactions are stored both on the Intuit servers and the Quicken servers.

Direct Connect. Username and password are only in Quicken and sent directly to financial institution in a secure connection. Weaknesses is that even though the newer versions of the OFX protocol allows for the rotating tokens, none of the financial institutions or Quicken have adopted this. But at least they have to hack your machine to get the username and password. Direct Connect also allows for transfers and bill pay if supported by the financial institution. Great convince, but it also means that it is "two-way" and opens the possibility of doing this without using the financial institution's mobile app or website that would "conform to their security model". You will notice that up to now Express Web Connect + doesn't allow this, I doubt it ever will for this very reason that the financial institutions don't want third-party software controlling their systems.

Express Web Connect + uses the new FDX protocol, which does use rotating security tokens. That alone makes it the most secure when just talking about how the connection is authorized. On the other hand, it also means that your transactions are stored both on Intuit and Quicken Inc servers, whereas with Direct Connect the transactions are never on a "server" (other than the financial institution).

netguydave

Thanks everyone. Since Fidelity does not offer Quicken file formatted downloads (only csv), I'll have to consider Direct Connect.