JPMorgan Chase has plans to begin prohibiting financial technology apps from using customer passwords to access bank accounts, the Financial Times reports. In lieu of password access, JPMorgan will send tokens to third-party apps with a more secure and narrower set of customer data. Chase Head of Digital for Consumer & Community Banking Bill Wallace said the token system "lets the customer know exactly what information is being used ... and removes the need to hand over their passwords." Meanwhile, NBC News reports on social media startup Cocoon and its privacy-focused model. (Registration may be required to access this story.)
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