PNC knows that a number of our customers choose to use financial apps that help them to make payments and to manage their finances and investments. We want our customers to be able to use these apps in a safe and secure manner, and we have implemented enhanced security controls specifically designed to help protect customers’ financial accounts and related information.
We also are taking steps to ensure our customers who link their PNC account to financial apps understand how the apps function, as well as the relationship between the financial technology firms, or fintechs, that create and own the apps and third parties.
Financial apps typically ask users to provide their secure banking log-in information and credentials (username and password) so the apps can link to users’ accounts at financial institutions. Fintechs frequently use third-party data aggregators – behind-the-scenes technology companies that serve as a data-gathering service provider to the fintechs – to deliver customer financial data that is used by the financial apps. To do this, fintechs provide data aggregators with information that allows the aggregators to access customers’ account information. That same information has the potential to facilitate fraud if it is not properly protected.
