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Cyber Security

Should I Be Concerned About My Security When Using Financial Apps?

 June 22, 2020

By  Anton Kiorolgo

When exploring any new apps, especially a financial app which could collect confidential information, applications must maintain encryption on the data, both at rest and in transit.

Break It Down for Me

Popular apps, such as Quickbooks from Intuit, certainly do that. However, these are apps built by large companies, which often times aren’t as creative as newcomers and leave some features to be desired.   

Encryption:

All apps should feature dual encryption. This means that ingoing and outgoing information is sealed and locked, allowing access only at the desired endpoint. Using an unencrypted app is like allowing strangers to review the statements you receive from your financial institution. Not a good idea.  

Are new apps safe?

They can be. It is up to the user to do their due diligence to research the app’s security features before downloading it or entering any personal information. Should a user come across an insecure app, it is important to leave a review warning other users and report them to the appropriate app store if applicable.  

So what if some basic information is stolen?

This attitude could not be more dangerous. Data breaches are becoming common across the board – everything from video streaming apps to banks and insurance companies have all experienced some form of data breach within the past ten years, and increasingly so. With this fact, risk becomes a simple mathematic equation.

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We’ll insert a few example variables:

Netflix leak – password is stolen.
Credit card tracking app leak – credit card number is stolen.
Credit score app leak – social security number is stolen.  

These three leaks could provide criminals just the right combination of information to hijack a victim’s bank or credit account.

Information stolen during breaches is readily (and cheaply, in some cases) on the dark web, inaccessible from the typical route of a chrome browser and regular home connection. Criminals operating there are intelligent – and able to piece the stolen puzzle together, to disastrous results.

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