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Money Forward Bank Link Halt Continues

Money Forward Bank Link Halt Continues

Bank Link Outage Continues

Money Forward, a major cloud accounting software provider, is still suspending its main bank-linking service after a case that may have led to the leak of some personal information. As of the 11th, 10 days had passed since the suspension began, but the restart timing remains unclear. The company is also considering compensation for users.

Accidentally Stored on GitHub

On the 1st, Money Forward announced that for 370 holders of the corporate credit card "Money Forward Business Card" offered by its subsidiary, names and the last four digits of card numbers may have been leaked. The cause was unauthorized access to the source code management service it used, "GitHub," where files containing personal information were mistakenly stored outside the proper management procedures.

No Restart Date for Bank Links

In response to this unauthorized access, the company temporarily suspended its bank-linking feature from the 1st. It remains unavailable in services such as the personal "Money Forward ME" and the corporate and sole proprietor service "Money Forward Cloud."

On the 11th, the company said it plans to resume services gradually after final confirmation with partner financial institutions, but it has not disclosed a specific restart date. As of the end of February, the user base of its original household account app was about 18.1 million, of whom about 640,000 were paying users. Complaints have been piling up on social media, and the company says compensation measures are "currently under consideration."

The company has strength in API technology that connects different software systems. Since bank account linking is a core function, a prolonged outage is expected to inevitably affect performance. Its closing price on the 11th was 4,441 yen, down 295 yen, or 6.23%, from the previous week’s end.

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