Columbus, Ohio, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Personal finance and money management apps, such as Venmo, PayPal, Mint and WalletHub, offer a wide range of services, from private money transfers to checking account balances to tracking your household expenditures. As Americans settle into a new age of money management, attorneys at the law firm Fesenmyer Cousino Weinzimmer say it is important for consumers to do their research and choose their tools wisely.
“There are so many options available, each offering their own set of benefits,” said Danielle R. Weinzimmer. “In many cases, people are asked to grant access to sensitive information, including credit or debit card information. Consumers should always do their homework before signing up and limit their transactions to reputable and well-known institutions and individuals.”
The firm said that apps can be a powerful tool to keep track of expenditures and create a manageable budget. They can also offer simple ways for people to make transactions and transfer funds to businesses and other individuals.
“These tools are offering much-needed assistance to people on multiple fronts,” Weinzimmer said. “They can simplify processes and make life easier in many ways, though caution is always important when disclosing personal financial information.”
As personal finance and money management software has increasingly become a part of many people’s lives, so has concern over data security. Notably, the crediting reporting company Equifax experienced a massive data breach in 2017 that has reportedly affected 147.9 million Americans. Facebook, while not directly a finance-related website, has also faced scrutiny for their handling of users' data in relation to third-parties, such as consulting firm Cambridge Analytica.
“What these data breaches represent is the challenge facing companies that handle personal and, in some cases, highly sensitive financial information of customers,” said Courtney A. Cousino at Fesenmyer Cousino Weinzimmer law firm. “Consumers are accepting a certain degree of risk whenever they allow a company to access their information. When you sign up for an app and allow information, you have to ask whether it is an institution you trust.”
When considering finance-related apps, read what reputable news organizations and consumer advocates have to say about the institutions that offer them, the firm said. The attorneys also recommended reviewing the safety and security of these apps regularly and paying attention to consumer alerts concerning data breaches.
“Consumers ultimately have to decide for themselves if they are willing to accept the risk of sharing their financial information with the providers of a software,” said Thomas M. Fesenmyer. “Unfortunately, people are made aware of security breaches only when their data has been compromised.”