Additionally, Mint uses bit encryption to protect files on the company's servers. The app also uses multi-factor authentication including security questions , passwords and Touch ID to provide customers with additional security.
Moreover, Mint reportedly hires hackers to test the system's security on a quarterly basis. Big banks are telling users that they are vulnerable when sharing their bank account passwords with third-party sites. JPMorgan Chase warns users , "If you give out your chase. But competition may be more of the bank's concerns than safety, according to commentary by Mark Ranta, a Mint user and head of digital payments at ACI Worldwide Inc.
Additionally, while Mint collects data about transaction history, it is not authorized to make transactions for users - relieving users' concerns that hackers could make transactions through the service. In the event a hacker gets access to a user's information, Mint is designed as a read-only format - meaning that even if as account and information are exposed, the hacker won't be able to do much with it given that full account information and usernames won't be displayed.
This is accomplished by Mint sending a token to the linked bank to receive user information in a read-only format when a user first signs up. The bottom line: Users should proceed at their own risk when sharing bank account information, but rest assured that there are a variety of banking-level security measures that are designed to keep information safe. Many of the risks of any kind of hacking - on apps or otherwise - center on old or weak passwords. Mint recommends keeping passwords private and switching them regularly - using a combination of capital letters and numbers.
In addition, if a user's phone is stolen and the Mint account is still activated, there are several different solutions to avoid risk of exposure. Mint uses a four-digit passcode that can be activated through "Settings" on the app that can provide additional security. And, because of Mint's online presence , users can deactivate, delete or switch off mobile in the event of a stolen device.
Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. I agree to TheMaven's Terms and Policy. When it comes to budgeting, you can never have too much help. What is Mint?
When I started using Mint in the past, I had debt and needed to know where my money was going. The budget feature was great at that. Granted, I had to create some of my own categories to fit my needs.
I buy a calculator and call it school supplies and the bank calls it electronics. Not a big deal except school supplies are tax deductible in the US and regular electronics are not. The investing portion of mint is not great.
I can get better information from the brokerage website. Not to mention tax reports. What I wish is for Mint to polish the existing program but offer Mint Pro for entrepreneurs, investors, and tax filers. I know there would be a fee but being able to convert withing the Mint arena would be a lot easier than starting from scratch. Most banks are now categorizing your expenditures for you Granted automatically and offering a way to browse those categories to see where you are spending your money.
Chase just quietly started to let you browse for debit card, but Credit cards have already been there. The only thing Mint seems to offer is that it lets you see all your assets in one place, but if you do your banking at one place, your app will show you this too. It also is more pro-active in warning you, that you are going over-budget.
I think Quicken was a better look for intuit in the long run, unless Mint. I disagree with your sentiments. If you dont think you have one, you are relying on your monthly psychological patterns for how much money you spend per day, and you are getting lucky.
In addition, if you are spending an hour a day reviewing mint, you are using it incorrectly. Mint should be checked at most once per week, and only to organize its mistakes you can set permanent rules to fix these mistakes automatically by the way. Mint has its issues, but it is the best free automated budgeting app I have used.
At the end of the day its just software, and the security of your account is up to you. Most security breaches happen because of bad internet use habits. I am definitely a fan of budgeting, and everyone should have one. I have just deleted Mint because of poor customer service in resolving my issue with connection issues they admit to having with many banks across the country. I am so grateful to them. I love the idea of Mint, however they should be using API keys. Accounts are only as secure as your password and by linking your account between Mint and the bank you are litterly handing over your full username and password to your bank web services.
You lost me here. If this was one way only as they say, you should have my login credentials to login into my bank account. That info gets out, you are fawked. Quickbook and Waveapps connect to the bank accounts and download transactions to perform accounting function. I found this out the hard way, and lost everything. FYI — the account I deleted was at the bottom of my list, and may have been the first account I set up. I would have expected an error message, telling me this would happen.
Mint only needs to read data from the bank account. They would do the same thing to import the transactions from the bank. Is it not? I think if you changed the login passwords for your bank accounts, it would have prevented Mint to access your accounts.
So I had to re-open my account and eliminate my bank account info, and close it again. Just keep putting all your finances online, just keep doing it and I lay money on the table — there will be a day it will be hacked. All your info that laid on that could server is gone, in the hands of someone in a foreign land. Let me keep my information on my computer, with the password stored safely inside my little head.
Spammers, and scammers, purport to represent all kinds of companies, from major banks or credit unions to companies like PayPal, eBay, and Mint. Just right after I registered my account with mint. After this happened, I deleted my account, changed passwords for my 2 banks. Same thing happened to me when I just subscribed to Netflix then few days later I received an email from fake Netflix to update my payment info.
I think these scammers are working in those companies even if contract working outside. Moreover, it would be nearly impossible for them to find this out. The problem is that if your bank account is hacked and they find you have a Mint. The bank would not reimburse him so he was just out the money. Can anyone give me an opinion on how safe they think this would be when linked solely to a credit card?
This is a non-issue with strong passwords. A mint breach would actually not be a big deal if my banks offered physical security token authentication for any withdraws that were not done via check or atm card. That way even if they were able to log into my account they could not transfer any money unless they someone broke the banks servers which kept my specific security token or physically stole my token.
I have been told this it normal practice for consumers in European banks. I believe that perhaps private information should remain private and not stored or viewed by anyone else than the actual owner of the information. Doug is right. Banks would rather you use their dashboard and import all of your other accounts to their convenient PFM software because they will use the information to market products to you. I know this because I work for a bank and just sat through a demo of software that would give that capability to our marketing department.
I feel you. Now that Mint. They went from the relative safety of read-only to murky land of read-write. On a side note, I have yet to find a local application that acts like Mint with regard to online accounts. I want a solution that simply shows my current balance from my bank and uses the transactions simply for budgeting.
This article applies only to Canada. In the US, under federal regulations, banks are liable for any unauthorized spending even if the user transmits the login information to a third party as long as the user did not authorize the third party to conduct transactions. Similarly, they also partner with SecureKey Concierge and the Government of Canada to use your online banking sign-in details to access Government of Canada services.
Crap software. Anyone using Wifi on their PC or other device can be hacked. Quicken needs some good competition.
I may try Mint, as others rated it pretty good. This should be a technical solution. OAuth2 is a mechanism that most tech services like Google, Microsoft, Facebook, etcetera utilize for a user to allow a third party to access content from their site. In this case, it would be the banks providing OAuth2 capabilities for integration with Mint.
Banks probably do not want to create this capability. They would blame OAuth2 for not being sufficiently secure. But, this is likely a red herring argument to disguise the real reason: banks want you visiting their sites so they can sell you new services.
Now you can sleep at night. The article makes no sense, whenever it was published. By a long shot. Easy fix, no advancements on that. Does merely closing the mint account resolve the issue with the banks so that you become protected for fraud again? Or are there any further steps you must take? Note that in the Privacy Statement mint. Just because you have nothing to hide does not make this violation of the 4th Amendment okay. Such 3rd parties will assume responsibility for the personal information collected by us in connection with our business operations or through our Sites and such third parties will assume the rights and obligations regarding such information as described in this Mint Privacy Statement.
Mint does not have your passwords. They have a unique, unencryptable hash key that was created by your bank account in order to connect Mint to your bank. That API key can only access certain bank info in a read only format. When I signed up to Mint a while back I tested this theory: 1.
Enter your bank details into Mint. Wait until Mint syncs your transactions to make sure everything is working. Go and change your banking password. The Mint sync is now broken because Mint is using your old password to try and connect. Dylan, I think the bank has to invalidate the token if you change your password. Otherwise, the company using the token would have access forever.
They offer a unique password that only allows read only access to your bank. This is the code you give Mint instead of your real password so your money is in no danger. Hang on a second. If they only got into your Mint account they would still be able to gather enough personal information to then call your bank and impersonate you.
Again thanks for the response. Where your bank will not cover you, your personal insurance may! I am not sure if they would have an issue with the banking passwords on third-party sites and deny you coverage however. I may have to look into that a little deeper as an article idea! What robmausser says just above. You are more likely to have your bank account compromised by malware you unknowingly download to your PC or by phone and internet scams than by Mint getting compromised.
This is because its a one way street. Mint is only allowed from the API that is what your bank uses to add their service to Mint to view the status of your funds and transactions. Thats it. Now, someone could hack Mint but all they would get would be your financial history, which may be unsettling to you. But they could never get your money.
I know you add your banks to Mint by logging into your bank information on that add account page, but that is being handled by your bank, not with Mint. Once you log in, your bank gives Mint a special access hash that is unique to you, your bank and Mint.
It would be much easier for them to do it straight from your online bank websites, which I am sure you now log into individually on your computer. If I was a hacker trying to take your money, I would much prefer this approach. You are actually making yourself more vulnerable by using each of your online banking websites rather than just Mint!
It is more likely that your computer will get infected while you are browsing the internet for whatever you browse for, and that your credentials will be stolen that way. Mint and all the other budgeting apps encrypt your passwords. So even if they were hacked, now the hackers have to crack encryption to get your password. So when you go to login, you have to use your password and another piece of information that is only good for one use.
Some banks give you a little device with numbers on it that change every few seconds, other banks text you a code to your phone. Other banks only allow access from a specific IP address or a specific computer. So even if mint.
I like the comments everyone has made, and Young, you bring up some great points, i just wanted to let everyone know that there are some things you can do to lower the likelyhood of getting hacked.
Also, protect your email account. I mean, you receive statements and account info in your email right? How many of us have gone paperless? Use multifactor for your password and tell your banks to enrypt and password protect your statements when they send them to you. My question to you is — what are you using now? Is there something you recommend? I read your concerns about mint. Maybe there is an app opportunity there for you?
Check out our website and let me know what you think! Absolutely valid concern, however there are banks that allow to create a read-only guest account which works great for third-party applications like Mint.
And if there are some destructive actions made through read-only guest account which functionality is provided by the bank , the bank is responsible for it. The really stupid thing is that there are lots of ways that something like Mint could be done without having to give it your banking password. The banks would have to get onboard with the idea that you should be able to give your info to third party websites via their website.
The problem is with the banks, not with Mint. For the record, I do use Mint, but just for my credit cards and one chequing account. If those were hacked, it could be a pain, but my financial loss would be quite limited. I originally had these same concerns. But since then, my financial institutions have added the third layer of protection to their website. The third layer requires you to enter a security key or secret question if you log on from an unrecognized computer. In consideration of UBS complying with your request to enroll in this service, by entering your OLS User Name and password and by clicking the box below, you agree to hold UBS harmless from any loss or damages that you may incur as a result of providing Intuit with your User Name and password, including mistaken identity, unauthorized access to your account, unauthorized use of Bill Pay, Funds Transfer and other means to transfer money and securities, unauthorized acquisition and use of your personal information by others who may access your accounts via OLS.
I work in information security. Even if a breach occurs at a third party, if money is stolen from you, your bank should replace it and run an investigation. Fraud is fraud no matter where it comes from. I use Mint for all my information and have no intention of stopping. Bobby, this is incorrect. If you give away your login details to a third party, you forfeit any protection the bank offers.
Is your information at risk of falling into the wrong hands? How exactly does Mint work? To help put your fears to rest, we got the inside scoop on the security and logistics of Mint.
Quick answer: Mint uses bank-level encryption and monitoring through various 3rd parties companies for read-only access to your financial accounts. Mint is a great tool to use if you're looking at ways to improve your financial management. How it works is you sign up for a free account and then link your bank and credit card accounts by entering your login credentials when prompted to do so. After you've linked your accounts, you can use Mint to track your budget, creating savings goals, and get alerts on your spending.
For someone who wants to stay plugged into their finances and goals with little daily effort, this tool is a great find. Every time you make a purchase, such as for a latte, you can stand in line waiting and plug the purchase into Mint manually before your latte is even handed to you. Finally, Mint offers a chance to plug in spending before you do it so you can see how it will work with your overall financial plan.
And, keeping you on the ball all the time, you can sign up for account alerts to find out if you're nearing budget limits or getting low on your account balances. All in all, Mint is like a financial coach in your pocket. Now, to understand the tips and tricks on how to use. While Mint seems basic on the surface, there are tons of ways you can use it to get a more complete picture of your finances.
Mint is designed to automatically record transactions made with your debit or credit card; anything else has to be entered manually. If you make regular ATM withdrawals or you rely on cash for everyday spending, it can make keeping tabs on what's going out a little confusing.
You could opt out of tracking the cash altogether by hiding ATM transactions from your budgets but that kind of defeats the purpose of Mint. If you want to be able to track your cash spending without having it wreak havoc on your budget set up, there's a pretty simple solution.
Then, you just alter the date of the ATM transaction to the last day of the month, so you'll always know how much cash you've got on hand. As you spend your cash, you can split up the transactions to reallocate the money to your various budget categories.
You'd go to the original withdrawal, click the "Split This Transaction" button and categorize the money you spent under "Groceries. This allows you to record your cash spending without having to worry about it showing up twice in your budget. One of the nice things about Mint is that it's an all-in-one financial tool, which means you can use it to monitor your spending, keep an eye on your credit card balances and see how your different investment accounts are doing.
For instance, you can see what your k or IRA is worth and even backtrack to gauge their performance over time. If you end up moving your investments to another brokerage or cashing out one of your accounts, you might be tempted to close it or delete it from Mint altogether, but you shouldn't be so hasty. Any time you delete an account, whether it's a mortgage , retirement fund or just a checking account , all of the transactions associated with it disappear.
If you ever need to verify a transaction down the road, you won't be able to access that history. A better option if you're changing your accounts around is to deactivate it instead of deleting it altogether.
You can do this by going to your Accounts at the top of the page, clicking on the one you want to deactivate and then changing the drop box option to "Closed. This will keep Mint from updating the account from that point on, but you won't lose any of your previous transaction information.
While Mint offers lots of features and tools to help you manage your money better, there are a few capabilities it lacks. That can be a real pain if you're trying to pinpoint a specific purchase or you want to be able to view all of your spending for a particular category over a set period of time.
To get information for a specific date range, all you have to do is alter the URL a little by adding a start date and end date. Once you change the URL, you just hit enter to refresh the page and display the transactions for the dates you've selected. While it would be nice to just be able to click a single button to see your spending by date, this is a fairly uncomplicated fix that works just as well.
Update : There's a new Chrome extension downloadable to Chrome users, which allows you to easily choose a date range for your Mint transactions list. You can download the extension and learn more about it here. Tagging transactions in Mint takes the guesswork out of things like keeping track of your goal progress or grouping expenses for tax purposes.
It also comes in handy if you need a way to verify transactions without having to sort through a stack of receipts. All you do is create a tag to identify those expenditures that have been verified, like "Accepted," "Noted," "Seen," whatever is easiest to remember. If you think you might have overlooked something, you can do a quick search for the tag name, which should highlight those transactions that haven't been tagged yet.
Using a tag for verification purposes makes record keeping easier but it's also a good idea if you're concerned about one of your accounts getting hacked. If you do a tag search and a charge shows up that you don't recognize, it could tip you off to possible identity theft before the crooks have had a chance to funnel any more money out of your account. Mint was created with your financial prosperity in mind.
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