A new set of principles by Envestnet’s Yodlee, Quovo and Morningstar's ByAllAccounts aims to settle a much-debated issue in data sharing: which party is liable when a hack occurs.
The self-regulatory body says working with data aggregators increases risk of cyber fraud, unauthorized transactions and identity theft. But aggregators say other links in the information chain are more vulnerable.
The funding comes as the financial services industry continues to search for safer ways for customers to share their account data with third-party apps.
