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Subject Author Date
401k firm is in Web Connect list, but Q07 doesn't Web Connect Scott Lindner 05-07-2007
Posted by Scott Lindner on May 7, 2007, 7:53 pm
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My wife's 401k is managed by Transamerica. Quicken Premier 2007 for Windows
says it's on the Web Connect list. When I Activate the account for One Step
Update it takes me to the Transamerica website and the window to set up the
online services for this account says One Step Update is not available. Is
there any way to verify if it really is, or is not available for Web Connect
since one part of the application says it is and another part of the
application says it is not?

Cheers,
Scott



Posted by L on May 11, 2007, 9:38 am
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> My wife's 401k is managed by Transamerica. Quicken Premier 2007 for
> Windows says it's on the Web Connect list.

Ok.

> When I Activate the account for One Step Update it takes me to the
> Transamerica website and the window to set up the online services for this
> account says One Step Update is not available.

Right.

> Is there any way to verify if it really is, or is not available for Web
> Connect

Try setting up your account at the Transamerica website, and downloading.

> since one part of the application says it is and another part of the
> application says it is not?
>
"Web Connect" is not the same as "one step update".

It is indeed possible that your financial institution offers WebConnect for
download. But, you may have to initiate the download at your FI's website.

I have noticed an increasing trend on the part of the financial institutions
I have accounts with, to force a website login, rather than allow
transactions to be initiated through Quicken. Maybe it is concern over
security (more and more the FI's are asking for more than just passwords to
verify accounts - pics that you select to identify yourself, computer id
checks, security questions). Maybe it is a reaction to increase charges to
banks by Intuit to connect to Quicken via OFX.

Wachovia, where my checking account is, still allows daily updates for
free - so long as the downloads are initiated through the bank website.
Most of my other accounts allow only monthly downloads (again, initiated
through the financial institution's website).



Posted by Scott Lindner on May 12, 2007, 9:13 am
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> It is indeed possible that your financial institution offers WebConnect
> for download. But, you may have to initiate the download at your FI's
> website.

Doh. That's exactly it.


> I have noticed an increasing trend on the part of the financial
> institutions I have accounts with, to force a website login, rather than
> allow transactions to be initiated through Quicken. Maybe it is concern
> over security (more and more the FI's are asking for more than just
> passwords to verify accounts - pics that you select to identify yourself,
> computer id checks, security questions).

It's actually a reaction to new laws requiring such changes with more
changes to come. I guess I should have put those two together. Obviously
there must be some way for Quicken to embed a strong authentication
mechanism to retain, encrypt, and produce other strong authentication
mechanisms for these websites.


> Maybe it is a reaction to increase charges to banks by Intuit to connect
> to Quicken via OFX.


> Wachovia, where my checking account is, still allows daily updates for
> free - so long as the downloads are initiated through the bank website.
> Most of my other accounts allow only monthly downloads (again, initiated
> through the financial institution's website).

Are you serious? Only monthly downloads? Why would they care if you access
it more frequently? It's not like you're downloading movies that are
gigabytes in size.

Thanks for your help. I simply didn't get the differences between the two
forms of download. All is good now.

Cheers,
Scott



Posted by Nick Owen on May 13, 2007, 8:33 am
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> > It is indeed possible that your financial institution offers WebConnect
> > for download. But, you may have to initiate the download at your FI's
> > website.
>
> Doh. That's exactly it.
>
> > I have noticed an increasing trend on the part of the financial
> > institutions I have accounts with, to force a website login, rather than
> > allow transactions to be initiated through Quicken. Maybe it is concern
> > over security (more and more the FI's are asking for more than just
> > passwords to verify accounts - pics that you select to identify yourself,
> > computer id checks, security questions).
>
> It's actually a reaction to new laws requiring such changes with more
> changes to come. I guess I should have put those two together. Obviously
> there must be some way for Quicken to embed astrong authentication
> mechanism to retain, encrypt, and produce otherstrong authentication
> mechanisms for these websites.

One of our customers has done exactly that for a corporate banking
application. They have embedded cryptographic key-based two-factor
authentication into their client software and added support for it
into their server. Still pretty seemless to the user but much more
secure than image and cookie-based systems that are easily thwarted.
It was easier, though, because that one company controls both the
server and the client.

Nick

--
Nick Owen
WiKID Systems, Inc.
404.962.8983
http://www.wikidsystems.com
Commercial/Open Source Two-Factor Authentication


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