Securing Account Aggregation

Account aggregation has emerged as a key technology underpinning a wide variety of financial applications — from third-party account verification for financial institutions to services allowing consumers to view all of their accounts within the same portal. However, this technology brings with it an array of security risks that must be addressed. Addressing these risks requires a collaborative approach between financial institutions and account aggregators.

Key questions discussed in this report:

• What are the primary fraud risks that account aggregation poses to financial institutions, aggregators, and consumers?
• How can financial institutions and aggregators partner most effectively to secure account aggregation?
• How can financial institutions balance security with customer experience in account aggregation?
• Where should liability for fraud losses fall when third-party account access is involved?

Consumer data in this report is based on information collected in random-sample panel surveys of: 

• 5,111 consumers in an October/November 2015 survey. The margin of sampling error is ±1.37 percentage points for questions answered by all respondents. 
• 10,639 consumers in a May 2016 survey. The margin of sampling error is ±0.95 percentage points for questions answered by all respondents. 
• 3,000 consumers in a September 2015 survey. The margin of sampling error is ±1.79 percentage points for questions answered by all respondents. 

In support of this research, Javelin also interviewed executives at US financial institutions and money management providers.