“For them to make a boo-boo would be a serious, serious bad thing,” Things considered,” he said, noting it was in line with the standard at financial institutions but the information could still be encrypted at a higher level on par with that of the military.Ībove all, however, he said what makes him trust the site is that it is owned by Intuit and has Intuit’s reputation behind it. “Their security level is pretty decent, all How does that system stack up? Jay Foley, co-founder of the Identity Theft Resource Center, said he would trust the site. Our system where any sensitive financial information would be stored.” Patzer, “no one has been able to break into the core of good hackers, to try and break into the system and so far, according to Mr. On a quarterly basis, also hires “white knights,” i.e.
To use an encryption key that is broken up on five different smart cards carried by senior executives, Mr. The only way to decrypt the user names and passwords from those servers, and to change the way the data is encrypted, is Inside, the servers are locked in a cage separated from other systems and constantly monitored.
Patzer said, one needs to scan his or her hand, passīy a guard and then go through a long hallway where you’ll be trapped if there are suspicions about you. Instead, the account information is encrypted and stored on ’s own servers, which are located in an unmarked building. Identifying information other than your e-mail is linked to your account, meaning someone who had your log-in couldn’t access your bank account information. Specifically, none of that information is accessible on the site and no personal So should you trust ? For answers, we turned to ’s founder, consulted with identity theft and data privacy experts and found out what is going to happen to the sensitive financial data that customersĪaron Patzer, from, said the site protects user names and passwords with the same level of security as a financial institution. In fact, partly in an effort to gain more users, recently introduced a service aimedĪt helping consumers reach their long-term goals that doesn’t require the entering of any financial account information. has recognized that not all consumers are comfortable entering all of their bank information into its site. Marc Hedlund, Wesabe chief executive officer, wrote to Bucks in an e-mail message. “We were able to keep the business going for seven months after exhausting our venture backing, but did not get to profitability and made the decision to stop pursuing the business,” There’s also the question of what would happen to that data if the site were ever to close, which is the fate of at least one rival site.Ī competitor, Wesabe, announced late last week that it was shutting down its similar budget tracking service as of July 31. Question of how safe sharing that data is and how easy it may be for someone to get that information from and then use it to log into your accounts and swipe out your money. To take advantage of ’s money tracking services, you need to enter your bank account user names and passwords so can keep track of how much you’re spending and saving. A friend recently mentioned to me that he was considering using but was worried whether he should trust the site with his bank account information.
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