At mymoney247 we understand that online security and the risk of fraudulent transactions is an important issue for our customers. For that reason, mymoney247 and our suppliers take security very seriously and we use highly secure technology and encryption to protect your data.
One of the most important things to remember is that mymoney247 is not a transactional service and it is not possible to transact on any of your accounts or move your money through the mymoney247 service. We believe the risk of the mymoney247 service somehow being used to facilitate online or identity fraud is very, very low.
If some kind of fraud was to occur, and in particular fraudulent transactions were undertaken on one or more of your accounts it is important to understand whether your bank would be responsible for this. Whilst not entirely clear, we believe that the ePayments code, which is administered by ASIC and overrides banks’ terms and conditions, provides some protection to consumers in this regard.
First, the ePayments code is very clear that where banks endorse a service like mymoney247 they will be responsible for any fraudulent transactions which might occur as a result of using the service. Where your bank makes use of services like mymoney247 they could be considered as endorsing the use of such services.
Second, the ePayments code suggests that consumers will not be responsible for fraudulent transactions where they have taken reasonable care and precautions to protect their account credentials. Our view is that the security used by mymoney247 would constitute reasonable precautions.
Taking reasonable care and precautions with your account credentials is just one measure among many you should use to protect your accounts from fraudulent transactions. Despite the low risk, we strongly recommend you take the multitude of precautions and security measures available to you, like using strong passwords on your mymoney247 account and activating online security features like SMS verification for processing transactions.