A common question we get asked, and with the utmost respect, “Is how safe is most financial related apps these days?” The answer is typical for most if not all of the apps we publish about. They are fairly safe. Most apps are backed by large budgets delegated to the safety and privacy of financial records.
AskTrim, the cable bill negotiating robot, for example, uses Plaid a company that specializes in the protection of transferring information from banks, credit cards, and other critical financial services.
Let’s take a look at a few apps we talk about often, and we’ll tell you just how safe they are from a novice outsider perspective. (1 Being Unsafe and 10 Being Secure)
Apps That Are Safe (Examples)
AskTrim – 9
While we love the app and what it does, which is help you negotiate cable bills and expenses, AskTrim is a very secure app that will keep you safe from potential hackers and such. Why did we deduct 1 point?
Any time you give any information, whether that be email or other is subject to hacking, no matter how safe it is. Still, we recommend this service if you haven’t tried it yet. The slight risk here is worth it, as you’ll be saving money every single month! (Related app: BillShark)
Earny – 9
Like AskTrim, Earny operates securely with a highly encrypted code. However, you will be giving away your email address. For that, we can deduct a single point off.
The risk is small here again, and we recommend Earny as well. If you haven’t heard, Earny will send you money for every purchase you made that had a price drop…yeah we like this one! (Related app: Paribus)
DOSH – 8
We recommend DOSH for everyone who visits MoneyHax, but that doesn’t mean it has its faults. For the two-point deduction, we noticed that the app does NEED and email and Credit Card for it to be working functionally.
Many people are hesitant to link their apps and cards together for a few reasons: cards are the direct relation to their wallet, and it’s asking to be a part of that. The risk is minimal with DOSH, and the reward is high. (Related apps: SPENT, Drop, Groupon, Yelp, Shop Your Way)
The Technology That Keeps You Safe
Sure we can write about fancy words and technical stuff, but let’s explain them in lamens terms:
What is 256-Bit Encryption?
Remember Indiana Jones and other adventure movies that likely requires a translator of some sort? Think of it this way, if your business uses 128-bit encryption it’s an Ancient Alien language that only a rare person can decrypt. Then there’s 192-bit encryption which is harder…and then 256-bit. Just technology can decrypt the code, and it’s specialized and very tough to crack.
What is PCI – Compliant?
Banks don’t often partner up with businesses that deal with data transfers. You’d either have to have a team in the government or you’d have to prove to the banking world that your business can safely handle any sort transaction within banking confines. Companies like Empyr and Plaid have attained PCI- Compliant status by a providing incredibly safe service…plus it costs tons of cash to do this.
Plaid- Connects banking accounts to an app (you’ve seen them on Venmo, Robinhood, Acorns, and hundreds more!)
Empyr- Link your card to online and offline cash back offers (DOSH, Freebird Rides, many more!)
Have a concern about another Money Hacking app? Let us know below with a comment, and we’ll look into it! For the most part, you should NOT worry about your privacy. No, your information will not be sold to the Mexican Cartel, nor will any hacker care about cash back on dining.
The apps we publish here are known to have increased security and privacy-related tasks. We wouldn’t publish it if we didn’t think it was safe!