Since then, the negative noise has died down, and Mint, which comes from Intuit, the same company behind Quickbooks and Turbotax, has become one of the most popular budgeting apps, with over 10 million users.
But have these apps become more secure, or did people simply become more comfortable with them? Should consumers be worried? Apps like Mint ask you to plug in your banking information so the program can keep track of your expenses and overall balance to make a budgeting plan.
The main concern with this is that giving these apps access to this sensitive information can make you vulnerable to fraud because of the risk of a data breach, or an outside party somehow gaining access to your banking passwords.
Look for apps that use end-to-end encryption, which guards third-party users from accessing your information. Mint, for example, is encrypted with bit SSL, which protects digital data files in transit. He recommends that users set up a two-step authenticator to log in, which mitigates the risk of someone guessing your password.
PocketGuard uses this form of double protection by asking users to plug in a randomly produced pin code and password combination every time they want to access their account. But neither was aware of any cases related to theft of information from services like Mint.
Stephens said. You may also want to keep in mind that there may be issues of who is liable if someone somehow gets a hold of your account data from a site like Mint. Foley, meanwhile, said he thought a site like Mint. Finally, besides security issues, there are also privacy issues associated with using such sites. The sites are sitting on financial behavior information that would be extremely valuable in aggregate to marketers and others if they chose to sell it, an option Mr.
Patzer of Mint. Plus, even if a site promises now not to sell aggregate data about customers, it could change the agreement at any time and go ahead and sell the data. Hedlund said in an e-mail that the site had created its own hosting apparatus to store customer account user names and passwords. Hedlund wrote. In addition, customers have until July 31 to download any data they want to keep from Wesabe instructions on how to do that are here and then the site will delete all data and passwords, including backups.
In addition, Mr. I also only have one bank account since you use YNAB to allocate the money, not different accounts. Mint is simpler, buy YNAB is safer and better for budgeting. Free opensource software. Runs on Linux, Mac, and Windows. So, I never jumped on the Mint bandwagon. I can see and understand your reasons. Security is huge. We pay virtually everything by credit card and pay this off at the end of the month and everything there seems to balance.
Do you have any insight you could offer as to why our budget says we have money that is not in the bank even at the end of the month? Also and this is really presumptuous — would you be willing to share your spreadsheet sans your transactions of course? Hi, I was a big fan of mint until recently.
I read the security policy and found out that their servers keep some of your records even after you delete your account. But I should also mention that mint notified me, way before I could notice it in my bank account, when my credit was fraudulently used.
My husband and I had a huge fight over using mint, I did not want to sign up for it for the exact reason you described, I just didnt think it was worth the risk. I add our paychecks and the few transactions that come from our bank account manually.
Maya- That sounds reasonable. I am reconsidering this Mint. Having everything laid out in detail online in one spot just waiting for a hacker hankering for a challenge? That makes me nervous to say the least. I get that some people like it, but its not for me. I asked my bank about that a while back and never connected my Mint Canada account to my bank because of that.
Also, where are the servers located? Canada or the US? Never mind hackers!!! Although the fact their servers are US-based does concern me somewhat. What gives you that idea? The same logic can be applied to pretty much anything — digital privacy and security concerns have always been there and will continue to always be there. Using Quicken to download your account transaction data, online tax preparation software to file your taxes, or making any online purchase is just as risky as using Mint.
What if the PFM tool was offered through and secured by your financial institution? Would that make a difference? I stopped using Mint. I really liked having all my purchases automagically sorted. And that security breach is just there, waiting to happen.
I now resort to an homemade Excel sheets with a few bells and whistles to track my net worth and my investments. I canceled because both of my credit cards were hacked within days of starting the use of Mint.
Thank goodness my banks are great and took care of everything right away. Its more likely you have malware on your computer siphoning off your keyboard strokes, or shopped at some online website with poor security. In that case, deleting your mint account would have little effect. We may receive compensation when you click on links to those products or services. Personal Finance. Why I Cancelled Mint. Written by Lisa Jackson. Editors note: Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site.
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