Such efforts can slow the process. But they will have little long-term effect as aggregation technology improves. More robust security measures, such as software-based digital certificates or smart cards, would be both costly and cumbersome, and likely to alienate customers. Moves to sue aggregators have come to naught. Keehan says courts would likely conclude that customers, not the bank, own their financial information and can use it as they see fit.
Education seems the best defense.
Many banks have begun warning customers through Web site disclosures or printed account statements that they cannot be held responsible for losses that result from giving pass codes to a third party, even though courts may rule otherwise. They're also trying to highlight the fact that many of the nonbank aggregator services are not regulated.