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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44178
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I have a question that is related to the use of online

Customer Question

Hi,I have a question that is related to the use of online password ***** such as Apple's iCloud based keychain and the use of bank account aggregations software's such as Pocketbook or Mint.In both cases private bank login credentials are stored by others in an encrypted format on servers outside my control.How does this affect the banks liability in case there are any unauthorised transactions made on my bank accounts?Regards
Submitted: 8 months ago.
Category: Australia Law
Expert:  Leon replied 8 months ago.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Expert:  Leon replied 8 months ago.

Good Morning.

The bank is not liable here. You set it up on your computer and you have chosen to have your password ***** there,. If the computer is used by a third party and they access your account the bank cannot be held liable. It is the same as having your pin with your card and you have your wallet stolen. The bank cannot be liable for any losses.

I am sorry I cannot give you anything more positive.

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Customer: replied 8 months ago.
the question didn't relate to a situation where the password ***** compromised by a third person using my computer but by someone gaining access to my credentials from gaining access to the word from the password ***** or account aggregation side. This is a situation that a very large part of the population is in and I have not been able to find any conclusive information as to what the law actually say. Typically password ***** are recommended by sources and likewise are account aggregation so find it difficult to accept that it is not a valid bahaiviour if it is not being made clear from official side that it is not.
Expert:  Leon replied 8 months ago.

Good Morning.

The password ***** site was it the banks or where you have your password *****?