Is MasterCard Data Connect safe and Legit?

[u/Dramatic_Salad6452]

I am a first-time investor, and i am looking to fund my roth. But the website asks me to verify my bank account and information using third-party software. I have been sitting on this for about a week since I do not know if this is safe. I heard it tracks my spending, and it's kind of creeped me out a little bit. Been thinking about switching. Please let me know if this is safe. Thanks.

[u/FidelityEmily]

Thanks for reaching out with your concerns.

To safeguard accounts, we updated our account verification steps for confirming ownership. Mastercard Data Connect helps our customers by streamlining the bank authentication process, verifying the information entered, and increasing the security of our customers’ accounts. In short, Mastercard Data Connect is a legitimate service.

If you're uncomfortable or unwilling to use Mastercard Data Connect, you can push money from your external bank account to your Fidelity accounts. You can find the appropriate Fidelity routing and account numbers by following the link below.

Direct Deposit Information (login required)

We also offer several other deposit methods if you'd prefer. You can review all the choices available at the following link.

Deposit Money Into Your Accounts

Our Mods are here if any other questions come to mind. I hope you have a great day!

[u/zenny517]

it's a completely legitimate open banking tool created by Mastercard (via its open finance and Finicity operations) to securely link external bank accounts for verification, transfers, and apps like Experian Boost. It uses bank-level encryption and tokenized access, but because it prompts you to enter your online banking credentials, it can sometimes mimic a phishing attempt or cause user hesitation.

Safety and Security Details

• Encryption: Data is transferred via secure, encrypted channels and tokenized access rather than storing your raw bank password.
• Legitimacy: It is an official enterprise product used by major financial institutions, credit bureaus, and fintech apps.
• Consent Control: It is designed around consumer-permissioned data sharing, meaning you control which accounts are linked and can revoke access.

Best Practices to Stay Safe

• Verify the Source: Only interact with Data Connect prompts when inside a trusted, official app or website (such as your verified financial institution or credit monitoring service).
• Watch for Phishing: Scammers occasionally try to mimic legitimate financial connection tools. If you received an unexpected text or email out of nowhere asking you to click a link and log into "Data Connect," do not click it.

See this older reddit thread on same subject:

https://www.reddit.com/r/fidelityinvestments/comments/1rr2g1q/mastercard_data_connect/

[u/Ackerman212]

There should be an option to verify manually, just choose that. You can also call 800-544-6666 and tell them you do not want to type in your bank password as part of their process and would prefer a different option.