Today Consumer Action launched a new project, Share Financial Data with Care, to expand consumer awareness about how financial services applications (“apps”) access, collect, store, use and share customers’ personal information. The project includes tips, videos and webinars, offering actionable details about how to control and protect your financial information when using apps that aggregate bank and other financial services accounts.

Financial apps often store users’ bank account, credit union and brokerage login credentials, but subject users to “terms and conditions” that limit the app company’s liability in the event of a data breach. When app logins piggyback on customer-supplied usernames and passwords, it can be difficult for financial services companies to distinguish between screen-scraping “bots,” malicious hackers and actual customers. In fact, some financial institutions estimate that up to 50% of online banking logins come from screen-scraping bots.

Many users are not aware that once they provide their financial account login credentials, the app provider often gains access to all transactional and even personal information. App users might also be unaware they are accepting terms that give app providers permission to sell and share their data for marketing purposes. A lack of awareness about the types of data third parties can access and what they can do with it could mean that consumers might lose control of their data.

Being security savvy is the best way to keep your financial data safe—so check out our new project page to see what you need to know!

Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A non-profit 501(c)(3) organization, Consumer Action focuses on consumer education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change. On the web at www.consumer-action.org.

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