A GUIDE TO MANAGE FINANCES USING AN EXPENSE TRACKING SOFTWARE WITH SOME KEY SAFETY TIPS

February 26, 2020

Expense tracking softwares are the next big thing, and we are all for it. Expense tracking softwares are growing more familiar with passing the time because they are yielding clear and robust results. But what do you say to the naysayers who think that the apps are dangerous?

In a world of hacking and Russian hackers, how are we to now that our small savings in free apps are safe from a bulk hack some ner conducts in his basement?

We tackle this question today with you, what are the actual dangers of using an expense tracking app and how to make sure that you do not fall into some danger zone.

How do they work?

There is the million-dollar question, how does a budget app work?

The practical result of the expense tracking app is in front of us, the app takes into account all possible revenue streams available to the user and then assess all the immediate and long term needs of the user.

Now, putting the data through an algorithm, they decide how to distribute the available finances between the expenses and provides the best financial advice to the user.

Card Usage:

Almost all of the modern apps working on expense tracking ask for credit card information. Now you are giving the app access to your bank account, and that may not turn out to be too safe.

But that is not the case, according to MasterCard spokesperson, Becky Kitchener; “Our zero liability protection applies whenever a MasterCard branded card is used; app use has no impact on card protections.”

That means that the credit card service providers are taking responsibility for the security of your bank account details when you are using these apps. If they are so safe, then what is the need for safety precautions?

There is a need and let us list a few points that will explain to you you can save yourself from any dangerous form of financial fraud.

Know the Law:

The law helps you if you let it. So it is essential to understand the rules that are here to protect you from liability in any fraudulent activity. The Fair Credit Billing Act is focused on reducing consumer liability for any unauthorized charges on the credit card. As long as the credit card is reported stolen before any activity occurs, the credit card charges will not affect the user.

The Electronic Fund Transfer Act will have similar implications for debit card users and will focus on protecting their interest. You will have to notify the fraudulent activity on debit cards in 2 business days, or there is a $500 penalty.

If the operation is not reported in 60 days, then the user has to pay the full amount that the debit card has been charged. But two months is an excellent long time to know if your debit card is stolen.

Privacy Statement:

In these circumstances, how to know what apps are the right fit? Take a careful look at the privacy statements shared in the application. Search for the words market, sell, liable, and other terms that come to your mind in the privacy statement. It will help you know if the app is allowed to sell the information or if it is a breach in their confidentiality clause. 

Ask your Bank:

That is a thing; when you are giving your information to an expense tracking app, you can call up your bank and ask if it’s ok. They are obligated to look into the app and advise you about whether the app is safe or not. Most banks already have an opinion on all the significant apps listed in the system.

Two Factor Login:

App security can be verified by checking its encryption standard. If the app’s encryption standard for user data is 126- bit or 256- bit, then they are pretty secure. Giving My EasyFi Expense Tracker your credit card details is the same as providing Amazon or any other company your details. They are using the same set of protection.

Secure Your Phone:

Believe it or not, your phone is a more significant liability in these cases, then the external possibility of hacking. Put an extra measure of security on this app and place a fingerprint scan to make sure that no one can open your app just because your phone is lying around.

The phone also has your bank account, so the phone can also be used to breach through your ID.

Anti-virus:

Again, hacking through your phone is much easier for every hacker than hacking an entire app. So make sure you have malware protection and anti-virus protection enabled on your phone. Use a VPN to encrypt your phone and make sure that your phone is not sitting duck against simple hacking tricks.

All in all, there are many ways to make sure that your account is safe when using a tracking app. When you provide your private information to Kindle, Amazon, and other major outlets, they are also not as safe as we think.

From food delivery apps to your favorite retailers for electronic gadgets, you need to understand that you are operating in a system where you are giving your credit card information out with little incentive.

The solution to the issues is that you keep a close eye on the transaction history of your credit or debit card and get regular notifications. That will ensure that you are the only person who is using your credit cards. You will be able to make sure that the moment something goes wrong, you are the first one to know.

Safety is usually closely linked with vigilance, so make sure that you are vigilant about your transactions and make a good not of every payment.

The apps can also be used without the connection from your bank account, so that s also an option for you to explore. Share your thoughts on the matter in the comments section.

 

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