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Dangers of Personal Finance Apps

2012/08/06 by

I sang the praises of personal finance apps last week, and believe me I am still behind them. But it occurred to me this week that I might want to take a moment and highlight, for safety’s sake, some of the dangers of using a phone to handle your personal finances. If you haven’t already guessed it, security and fraudulent apps are a big concern. Business Insider featured an article last week that I think explains everything best, from the dangers to the solutions. Mostly it’s about being smart and password-protecting everything, but read on if you have personal finance apps or are considering getting some:

“The advent of mobile devices has enabled a host of conveniences that many people never before thought possible. You can transfer money, pay bills, record transactions and keep track of your personal finances, all from your smartphone.

However, with this technology comes hazards that can ruin your finances if you’re not careful and vigilant in protecting your personal information. Before you download any personal finance app, keep the following tips in mind.”

Click here to go to Business Insider’s website and learn how to identify fake apps, protect your information, and more.

I still stand by personal finance apps, and I wouldn’t dissuade anybody from using them–I’d only caution people to set up strong passwords, and make sure you can remotely delete all of your information in the event that your phone gets lost or stolen. A few years back, losing a phone meant scrambling to collect telephone numbers that you lost and now it means scrambling to delete your financial information. The times they are a’changin, and it’s good to keep up just as long as you proceed with caution.

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