Skip to main content

Banks Warn Tech-Loving Customers To Use Budgeting Apps With Caution






Technology has made it easier than ever to stay organized. With a few taps or even a simple voice command, you can streamline your to-do list, fill in your calendar, or ask Siri to jog your memory. Our devices have made work easier too, as is evidenced by the 67% of warehouses that use mobile gadgets to manage their inventory. And of course, it's becoming more common for families to keep track of their spending on their phones and tablets. But even though financial apps can make budgeting a breeze, many banks are now warning that some apps may hurt instead of help.

Some of us don't think twice about allowing an app access to our personal information, especially when we think we can trust its credentials. After all, letting an app access your Facebook friends list or send you notifications seems innocent enough. But many budgeting apps offer to analyze your spending to help you make smarter decisions. To do this, the app requires you to link your bank account to the app and prompts you to provide your online banking details. Chip, Cleo, Moneybox, OnTrees, and Money Dashboard are just a few of the apps that operate this way. The problem is, the security of these apps can't rival that of your bank, which could make you much more vulnerable to identity theft, fraudulent charges on your account, or even device takeover.

In addition, many UK-based banks have warned their customers that allowing a third-party budgeting app access to their accounts in this manner is actually a breach of their security rules. In other words, if your account was breached and subsequently drained of funds, your bank might not cover the loss.

Therefore, experts urge users to download and use a budgeting app only if they know it is reputable. Apple's App Store or Google Play are usually a good place to start, but you still need to employ a discerning eye. Do your research and read any and all reviews you can find before deciding on a budgeting app for your needs. For instance, you may want to choose a budgeting app that doesn't allow for money transferring and that takes extra precautions to encrypt and safeguard your information, like Mint. Once you do decide to download, make sure you're comfortable with its permission requests. Some apps will request access to permissions you may deem unnecessary, like your current location or other data. If your app needs sensitive information or stores financial details, take steps to safeguard your device with a password (or fingerprint) lock. Don't forget to log out of banking apps when you are finished with your session.

Without a doubt, budgeting apps can make saving money a lot simpler. But don't sacrifice security for convenience's sake. It's possible to have both; you'll just need to take the time to do a bit of investigation before you hand over your info.

Comments

  1. this is a headsup for all the users and i am glad you warned us with this post. now they will be careful with their work. thanks for posting

    ReplyDelete

Post a Comment

Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!

3 HOME IMPROVEMENT TO MAKE BEFORE MOVING IN

While shifting to your dream house, you may face a mountain of pre-move work, including downsizing, packing, hiring moving trucks, and other help. When you already have a list full of tasks, home improvements for the new house might be the last thing. However, handling the new house renovation before moving in is convenient for you in many ways. Planning home improvement is exciting and stressful both. If you are moving to a house that is not entirely ready, you have massive things to do. To make things smooth, create a list based on priorities. If you are shifting to a freshly build house, you do not need to make a lot of renovation, though you can add a little personal touch to it. When you make house changes before moving in, you can save your floor and furniture from paint spills. You will have an open space to plan the house interior. You can protect yourself and your family from hazardous odors and dust. There are several home improvements like removing popcorn ceil