You could turn on logging for either access method, so both have the same risk here.If you turned it on, then it would not contain sensitive information (as per vendor - I don't have a log file to analyze).By default, there is no logging in the Banktivity application (you have to turn it on in Preferences).There are a number of things worrisome with your assertion that OFX is actually more risk because of information stored in log files. However, it's another thing to downplay a risk with flawed arguments that could sway someone else's assessment. It's one thing to understand and then accept a risk (it's your money after all). It may become old tech like VHS and CD Roms :) One last note, the larger banks are already discontinuing OFX. If you want to save money, use the Banktivity web browser in the event the bank does not offer free OFX, or DA and get rid of the OFX fees. So it boils down to, work with what is best for you. I would also check those other CC accounts, to make sure your OFX access is free and not blended into "account fees". If your being charged even just $10 a month ($120 annually) then 45 bucks a year for DA is a no brainer. If you've ever seen an OFX log, you'll note it's not encrypted, and account numbers and passwords are at risk (Note, Banktivity automatically redacts that sensitive information from it's logging feature, but that is not to say another entity could not.) They can include thousands of more banks which do not have the OFX infrastructure.Īs far as security goes, I would say OFX is actually more risk. This is why all the big personal finance apps have moved to an aggregator type connection. This means, the bank has to invest in and maintain OFX programming.ĭirect Access is a data aggregator, and does not require the banks co-operation. OFX requires a handshake, and 2 systems speaking to each other. That's a bit of an inconvenience, but one I much prefer over the risk I would take with Direct Access. For the ones that don't, I use a manual process via file export/import. Most of my financial institutions allow such access. This is no different to you accessing your account via a web browser. The same is also the case for Quicken, Mint, and any other service directly accessing your accounts from their cloud services.īanktivity also offers Direct Download, which makes a connection from your computer to your bank directly, i.e. Armed with your data, a malicious actor (system admin, developer, cyber attacker. You don't know who all has access to your highly sensitive data, by design let alone after intrusion. That means that you are at the mercy of the provider's security controls. How else could their service connect to your financial accounts and allow you to access the data from multiple devices? You surrender your account details including password in clear text to the service provider. It is still a good choice, however, especially if you can't connect using either of the methods above.I wouldn't mind the cost, but for me the dealbreaker here is security of their Direct Access offering. Although Banktivity offers an integrated web browser to make this easier, this method does require the most steps. Web Download works by you downloading a file from your bank's website and importing it in to Banktivity. Web Download is the least automated way to get your data in to Banktivity. We don't have any control over which banks support it, and banks often charge their customers to use this service. Direct Download (OFX)ĭirect Download (OFX) is another automated way to connect to your banks, but support for this method varies by bank. Also, one subscription to Direct Access allows you to connect from all your Macs, iPads, and iPhones. This service has a small fee, but allows you to connect to the largest list of banks. The easiest way to connect is by using our optional Direct Access service. There are three ways to get transactions from your bank into Banktivity. Whenever you set up an account in Banktivity you'll be able to choose how you want to connect. Banktivity can automatically connect to over 10,000 banks – so getting your accounts and transactions into Banktivity has never been easier.
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