How Safe Are Budget Tracking Apps Software?

budget tracking

The next cybersecurity lapse appears to be constantly just around the corner these days. News reports about the data of innocent individuals being compromised abound budgeting apps, whether it’s the most recent Facebook password controversy or a company’s credit card database being compromised. Because of this, it’s wise to take great care to protect your personal information, especially your financial information.

Folks Budget

With the convenience of having all your financial information in one location, budgeting apps make it simple to keep track of your expenditures. But given the current state of data security, you might be unsure about whether it’s secure to give an app access to all of your financial information.

It’s a valid concern that needs to be taken into account before installing any budget monitoring program. The good news is that, as long as you utilize a reliable budget tracker, it’s not as risky as you would imagine. Let’s first examine the information you’re exchanging with the app and where it is stored.

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Budgeting Apps

In essence, you are disclosing information on your bank and credit card accounts. Some applications integrate with other revenue streams like equities and investment funds. To keep your budget current in the app, these services will occasionally sync with your internet transactions and other accounts.

The apps, however, only have “read-only” access, so they may view your financial behaviour but not alter it. Budgeting apps often save your information on their own corporate servers once they obtain it. This serves as a security precaution since even if someone stole your phone and opened the budgeting app, they would not have access to all of your data.

The program won’t display any of your bank login information but will display your budget (items like purchases, invoices, etc.). Therefore, even if someone were to get into your app, they couldn’t access your genuine bank account Here is a list of the top five apps in the US and Canada. Look them over and choose the one that suits you the best.

Mint

The most well-known budgeting tool has 20 million users worldwide and is still growing. It is owned by Intuit and notifies you when your spending exceeds your budget.

PocketGuard

In addition to being simple to set up, PocketGuard looks at your recurring monthly expenditures and suggests better bargains for your spending plan.

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YNAB

The acronym YNAB stands for “You Need A Budget.” This app ensures that every dollar is accounted for and makes you consider every dollar you spend.

Advice on how to use a budgeting app

Look over the privacy statement

Look over the privacy statement You should review the app’s privacy statement before choosing it. Searching for the words “sell” or “share” in the user agreement is a good idea because these can occasionally be lengthy and filled with legalese. Then you can quickly verify that the app won’t sell your personal information to outside parties for targeted advertising. Try an alternative app if the app has no privacy statement at all.

Verify the app’s level of security

These apps should be utilizing security procedures comparable to those used by financial institutions as they deal with your financial information. Check the app’s user data encryption standards (128-bit encryption is good; 256-bit encryption is better) and see if two-factor authentication is offered as a feature.

Find out the app’s owner

Find out the app’s owner Larger financial institutions, which are the owners of many budgeting apps, ought to have experience processing user data securely.

Protect your smartphone with a password

 To be sure that no one can peep at your funds, set up a password, PIN, or fingerprint to access the device’s home screen. Additionally, this is crucial for safeguarding your actual bank account.

Utilize a mobile antivirus program

Even if you don’t use a budgeting tool, you should still install a powerful antivirus because malware that targets bank accounts is on the rise.

Use caution while using a budgeting app over unprotected public Wi-Fi since it’s too simple for hackers to monitor everything you do. You should never check your bank account or use a budgeting app over unsecured public Wi-Fi. Use your phone data instead of connecting to a free public network if you need to use the app while away from home, or think about using a VPN to secure your connection.

Final words

Apps for tracking spending are generally thought to be very secure against online fraudsters. Don’t be concerned about what might happen if you use an app or budgeting software to help you budget better as long as you follow the safety advice provided above.