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Money Sharing Platforms

Is My Personal Data Safe?

Portrait of a young man shopping online in his living room

Is my personal data safe?

Money sharing platforms make it fast and convenient to send money to friends and family. Rather than asking your server to split the bill four ways, one person can put the bill on their card, and others can send them money through the cloud. Download a money sharing app on your smartphone, and you'll likely find yourself using it more and more, rather than relying on cash. However, you might also find yourself wondering—is your data safe with these platforms? Should you be worried about someone nefarious getting a hold of your account numbers, address, and other personal information? Take a look.

Safety Protocols Taken by Money Sharing Platforms

You are wise to be hesitant before sharing your financial information. Surely you never want to share your info with a fly-by-night company that has not put the time and effort into securing its data and preventing hacking efforts. But here's the thing: the big money sharing platforms have invested countless dollars and hours into security, so signing up is as safe as can reasonably be expected.

That is not to say there is zero risk of a data breach. Nothing is 100% safe or guaranteed when it comes to online data safety. However, in the case of money sharing platforms, the small risk is outweighed by the convenience these platforms provide.

One way money sharing apps protect your data is via encryption. In other words, they convert your data into code before storing it, so even if someone were to come across it, they would likely not be able to decode it. These companies also store their data on very secure servers, and they require users to go through complex sign-in procedures. For instance, you might have to scan your thumbprint into your smartphone to access the app, which means someone who steals your phone would not be able to access your financial information.

Steps You Can Take for Safety

Money sharing apps are doing their part to protect your data, but there are a few steps you should also take for maximum safety. Start by enabling any and all sign-in protocols that the app allows for. If you have the option to add a secondary log-in verification that texts you a code to enter upon each log-in, do so. If thumbprint identification is offered, enable it. You may spend a few more seconds logging into your account, but you'll also be certain nobody else can log into your account.

Also make sure you are using a secure Wi-Fi connection whenever you log into a money sharing platform. Do not log in over a non-password-protected network. A scammer could be monitoring the network and gathering data.

Be very careful when responding to any communications from your money sharing platform. Scammers may sometimes imitate the money sharing platform in an attempt to get you to send them your information. This tactic is known as phishing. The actual money sharing company will never ask you to send your account numbers or other sensitive information via email. 

Finally, do not share the password for your money sharing app with friends or acquaintances. Regardless of how much you trust someone, the fewer people have this information, the safer it is. 

Money sharing platforms have made it exceedingly simple to send and receive money between family members and friends. As long as you sign up with a reputable platform and follow the safety tips above, your financial and personal data should be secure.

 

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