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I was trying to initiate a Western Union transaction from my bank account, but toward the end of the process I was prompted by this request, which is to type in my bank's login information.

picture of a login screen from a third party asking me to enter my bank login

The request evidently comes through PayWithMyBank, which I guess is what Western Union uses to process bank transfers.

I can't imagine how this passes any kind of security muster — disclosing one's bank login information to a third party? It sounds ridiculous, and I can't even imagine what they do with the login credentials. (And this is not even a bank, as in this related question.)

(Both site's security certificates checked out, BTW.)

Is there any angle from which this isn't a completely insane scenario?

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Is there any angle from which this isn't a completely insane scenario?

No this is not an insane scenario.I think it simply boils down to trust factor and since your bank trust this third party you will also have to trust them.If they do some foul play wouldn't it be easier to catch?

Also their FAQ pretty much answers everything.

Your online banking ID and password allows your bank to verify your identity and connect you to your bank account from the merchant’s site or app. We do not store or share your online banking login information.

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PayWithMyBank leverages your bank’s security infrastructure. In fact, when you use PayWithMyBank, it’s your bank that verifies your identity. If you change your password with your bank online, the next time you use PayWithMyBank you will need to enter your new password.

also

No, PayWithMyBank does not store or share your password. Every time you use PayWithMyBank, you will be required to enter your online banking password.

Could they lie to you about this?Sure But i see no reason they would and at the end of the day you will have to trust your bank to make correct decisions about your security.

Also i might add that teaching people to give away their credentials in such a way might not be a good practice in terms of security.That's all i can think of

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  • But how can it be okay for my bank to trust a third party with my credentials? Why would they take that risk? Wouldn't it be infinitely better for them, e.g., to create a system where I could get an authentication token from my bank? – adam.baker Nov 16 '19 at 11:09
  • @adam.baker The related question you shared already goes over the details why banks are solving payments problem in such a way.There's often many third party's in every kind of business. – Vipul Nair Nov 16 '19 at 11:12

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