I've been reading about apps for helping to give quick overviews of my finances. Many people use Mint, and now it seems there is a more advanced and useful product called Personal Capital. The thing that has me stumped is security. If I am giving all of my bank account details for every account I own to some provider, what happens when (not if) they are hacked? Is there a way to grant "read only" access to my accounts? Can anyone explain what is in place to keep my money mine if I were to use an awesomely useful app like one of these?
I use mint and as far I know it is "read only" access. I can't transfer funds or use credit cards from my Mint account as far as I know. My concern would be their system getting hacked and all my log ins and passwords being compromised.
This is just my personal opinion. I try to go with the big players than the new ones in the market. Ive been using mint for the past 5 years and happy with it for personal finance.
Would like to hear from others on what softwares they use to manage 10+ properties. Just started with quickbooks and the interface is not really catchy, but i am getting used to it now.:)
I am more concerned with the security of my accounts. If Mint is hacked, then it seems that the hackers would then have everything they need to conduct transfers from every single one of my accounts.
Is there some method that these companies use to keep that from being possible? The app itself is irrelevant unless that company is doing something different with their security model.
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