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# SOFORT So Bad: Why Sharing Bank Login Details Is a Security Nightmare
- URL: https://www.baldmoney.com/sofort-so-bad/
- Published: 2018-03-09T10:07:00.000Z
- Updated: 2026-06-13T07:19:07.000Z
- Description: Sharing bank login details with budgeting or payment apps seems convenient. But it could violate your bank's terms and leave you liable for fraud.
- Author: Baron Barnet
- Tags: security, online, online share trading

I've had it drilled into my heads since the dawn of the internet: never, ever share your passwords. Yet, modern fintech apps are constantly asking me to hand them over. What could possibly go wrong?

I recently opened a new trading account and used [SOFORT](https://www.klarna.com/betaalnu/klantenservice/questions-sofort-gmbh/who-or-what-is-sofort-gmbh/?ref=baldmoney.com) to deposit some cash. It required me to input my bank login details directly into their portal to execute a fast transfer. While SOFORT is a legitimate service, my bank’s security team absolutely lost their minds when they found out, immediately suspecting a scam.

A few days later, I received a warning letter stating that the bank wouldn't be held responsible for any future losses on my account. Why? Because by sharing bank login details with a third party, I had breached their terms of service.

This got me thinking about budgeting apps like Pocketbook or old-school wealth trackers. Many of these services rely on a practice called "screen scraping" to fetch your transactions. But **is screen scraping safe**?

The short answer is no. If you hand over your banking passwords to an app and your account gets hacked, your bank has a get-out-of-jail-free card to deny liability. You're on your own.

Fortunately, Australia is moving toward a much safer alternative: **Open Banking security** under the **Consumer Data Right Australia** (CDR) framework. This allows you to securely link your accounts via official, read-only APIs without ever revealing your passwords. Until all your financial apps upgrade to CDR, be extremely careful about who you trust with your login keys.