Bank account and credit card verification has been added! Connect them in your Credit Rating settings. If your bank is not listed, please e-mail support and we will try to add it.
Well, I been on Jam for about 6 months, I have used it successfully for asking for loans and myself with many others have indeed been stung by those who scam us for money for false claims. Even some well respected Jam A rated users so I agree that they will need to help improve protection by any means possible, I welcome that but there is a line to drawn when it comes to the fragile nature of Bank Accounts and their security.
In the UK, we take bank account security seriously, it is one of the biggest problems that a lot of people run into, people taking money out of our accounts 'somehow' and on our online bank agreements we have to agree not to let other people have our banking passwords as this would prevent us from getting our money back if someone does cause fraud within our online banking. They are to be kept secure.
Now many of the bank sites record your IP numbers, they know when you are abroad and they know if you login rapidly between UK and USA then their is a problem, they will block your account until you speak to them, they will want to know why u r in two locations at once.
If payments were missing from your bank account, they can now say that someone was in your account at a certain time and refuse to refund any fraud payments.
So, the other thing is some banks take security to greater levels, for instance Barclays in the UK use a Pin Code reader to access your online service, works similar to 2FA so you cannot give away the pin number, you need the reader and your bank card.
So, JAM has now started asking for people to give them your bank details so they can ask this third party to review your bank account, I mean talk about security breaches! I cannot do that at all, I would not give me details across to JAM and store it on their database server, who knows who is watchng these details and how reversable it could be. It's very dangerous
I would ask JAM to reconsider this policy change and try and enforce security by supporting the banks by giving advice of not GIVING OUT password data that it should scrap this policy AT ONCE!
The following is a reply from them:-
Thank you for your contact. Our bank verification partner, Yodlee, is a trusted provider that has 62 issued U.S. patents and access to more than 12,500 global financial sources. If your bank requires a special login like TFA, PIN, or security questions, when you connect it to your BTCJam account, you will also be asked for these things. For improved safety, we intentionally do not store any of your credit card or bank account credentials.
http://www.yodlee.com/Please let me know if you have any other questions, I am here to help.
Best,
BTCJam Support