Why should I add a Microsoft Passport to my Microsoft Money file

Microsoft recommends that you use a Microsoft .NET Passport to help protect the sensitive financial information in your Money file.

Update - June 2009: Microsoft now recommends you don't have one, unless you're using account aggregation services. See Article 637.

Because the e-mail name and password associated with your Passport is the only name and password you need to remember for many online tasks, there's less chance that you'll forget your password. However, if you do forget your password, Passport can help you recover your Money file.

All personal information associated with your Passport is encrypted, including your name and password. Passport also encrypts any information that is transmitted over the Internet.

Several of Money's online features use the security-enhancing technology in Passport. When you use a Passport with Money and set up your Money file to access your data on the Web, you can:

• Receive online account updates to keep your Money file up to date (if your bank supports Background Online Banking).
• Access your accounts and portfolio on the MSN Money Web site from any computer that's connected to the Internet.
• MSN Stock Alerts require a Microsoft Passport

I personally don't use a Microsoft Passport. I don't need the online updates (as I am based in the UK, and so can't get this) and I don't need the portfolio sharing or the alerts. However, your requirements may be different to mine.

If you are using Money 2004 and earlier, you can no longer use Passport/Windows Live ID on your file - see Article 557