Your Money: Financial apps do make life simple but click with caution

financialexpress.com:

These days, many of us use mobile banking and financial apps to make transactions for regular expenses. We give and receive money through apps and compare financial products and even borrow money. However, is it imperative to be aware of the suspicious players in the market who are there to deceive you and steal your information.

Downloading financial apps and sharing your personal information can be convenient, but it’s crucial to take precautions to protect your sensitive financial data. It is also important to know that financial data is highly sensitive, and the consequences of a breach can be severe.

Here are some precautions you must take before downloading financial apps and sharing your info.

Before downloading any financial app, do some research on it. Check for user reviews, ratings, and the developer’s reputation. Stick to well-known and trusted apps from reputable financial institutions. Though most of the mobile apps seek every information related to your device, this information should not go to companies who may misuse it. Therefore, review the permissions the app requests. Ensure they are relevant to the app’s functionality. Be cautious if an app asks for excessive access to your device’s data and features.

Download financial apps only from official sources such as Google Play Store for Android or the Apple App Store for iOS. Avoid third-party app stores or sideloading apps. Adhil Shetty, CEO, Bankbazaar.com, says, “Do not download financial apps from third-party websites, forums, or unofficial app stores. These sources may offer compromised or fake apps that could compromise your security. As a best practice, visit the official website of the financial institution or service provider. Look for a link to