How Safe Are Budget Tracking Apps? – Since budgeting apps have been aroundfor a while, the issue of whether they’re secure or not appears to be settled.
How to Create and Stick to a Budget
You may be thinking, “Of course, budgeting apps are healthy.” “There wouldn’t be as many of them if they weren’t.”
Many budgeting applications are so well-known that they are virtually household names. You’re already familiar with Mint.com and Quicken. Another common one is You Need a Budget (also known as YNAB). EveryDollar, PocketGuard, Clarity Money, Goodbudget, Mvelopes, CountAbout, and Personal Capital are among the others.
Budget monitoring apps are generally secure, but you can’t excuse yourself if you’re concerned, particularly when you consider the numerous department store chains that have been hacked over the years and how city governments have been victims of ransomware attacks.
So, if you’re worried about whether or not the budgeting app you’re using is secure, keep reading.
How Safe Are Budget Tracking Apps?
According to Pieter VanIperen, managing partner of PWV Consultants, a group of experts in the tech, defense, and design industries, the situation is relatively safe. VanIperen also teaches code protection as an adjunct professor at New York University.
But, before you get too comfortable, keep in mind that the person using the budget monitoring app may not be so trustworthy.
“The most important thing to keep in mind is that humans are easier to hack than computers,” says VanIperen. “Budget monitoring applications that have been vetted are just as secure as your financial institution’s app as long as you practice good cyber-hygiene, such as not reusing passwords and not clicking on random links that are texted or emailed to you.”
As a result, the budgeting software you’re using is probably perfect. Might a hacker, for example, infiltrate your computer or smartphone, discover your budget monitoring app’s password, and steal your financial information? Yes, indeed.
As a result, it’s essential to adhere to certain safety precautions.
Tips for Using Budget Tracking Apps Safely
If you’re worried about using a budget tracking app safely, we have a few suggestions.
Go with the trusted, reputable brands
“Although no system is entirely safe, dedicated budgeting apps provide an adequate level of protection. I recommend going with a well-known budgeting app that hasn’t had any data breaches or other security problems in the past. Since more common applications are scrutinized more closely, security flaws are discovered and fixed more efficiently, “Paul Bischoff, a privacy advocate with Comparitech.com, a customer platform that provides details on technology services, agrees.
Make sure your budget tracking app is up to date
In that vein, Bischoff advises allowing the app to perform a device update. It’s most likely attempting to make the app safer.
Be wary of scammers
As previously said, if anyone wants to break into your budget monitoring app, they’re more than likely to do so from your device rather than the company’s computer systems.
Read also: What To Know About The Kiddie Tax
As you’ve probably heard a million times, you should protect your device with antivirus and anti-malware applications, and you should avoid clicking on links sent to you by strangers, which is known as phishing.
“Phishing is more likely than breaching the app’s encryption to compromise your budget app,” Bischoff says. “Rather than exploiting machine vulnerabilities, phishing exploits human vulnerabilities.”
While many scam emails are reasonably obvious, we can become complacent and believe we are immune to falling victim to con artists due to this. Some will come from scammers posing as representatives from your budget app, according to Bischoff. Even anything that appears to be fully trustworthy would almost certainly require a second look before you blindly click on the link.
Have a unique password
This is probably something you’ve heard before, but it’s a timeless piece of advice that never seems to go out of style.
“At all times, use a special password or passcode to secure yourself. Make sure all passwords and passcodes are safe and special, whether it’s for a budget monitoring app or website, a password for your device, or a passcode for your smartphone or tablet “According to Chris Hauk, founder of PixelPrivacy.com, a consumer website dedicated to protecting your online privacy,
It’s even better, according to Hauk, if the app has two-factor authentication, which requires two different forms of verification. He also advises against using websites’ “remember me” boxes.
That’s because some hackers have exploited that feature to deceive websites into believing the user is on the site when, in fact, it’s the offender.
Don’t use budget tracking apps when you’re using public Wi-FiOf course, some of you might be saying to yourself, “But I like to work and do a little banking in a coffeehouse – or at least I did before the pandemic. Now you’re telling me I can’t handle my money using the Wi-Fi in a coffee shop or during a layover at the airport?”
If you agree, Hauk recommends investing in a virtual private network.
Many VPNs are available; some well-known names include NordVPN, Private Internet Access VPN, CyberGhost VPN, and Surfshark VPN, but there are many others. You should expect to pay about $10 a month on average, but there are certainly cheaper and more expensive alternatives.
“A VPN encrypts your link, making it impossible for third parties to spy on your online activities,” Hauk explains.
Nothing is assured, but budgeting apps are generally thought to be very healthy for cybercriminals. Now that you know that, you will hopefully relax. Don’t be worried about what could happen if you use a website to assist you in better budgeting. Be afraid of the consequences if you don’t.