“You may not recognize it, but your digital nipping and tucking is putting you in harm’s way,” warns Josh Gordon, Geonode Technology Expert. Technology has revolutionized how we live, including how we handle our finances. Consequently, online banking applications or apps have become increasingly popular. However, as Gordon rightly points out, these seemingly harmless tools might seriously threaten your personal and social life.
Unveiling the Inner-workings of an Online Banking App
Online banking apps are digital platforms offered by various banks and financial institutions wherein users can conduct multiple financial transactions straight from their smart devices. Benefits include bill payment, fund transfer, personal finance management, and more right at the user’s fingertips.
However, Gordon notes that with convenience comes risk—“Just as your wealth can be managed digitally, it can be stolen digitally too.”
The Seven Culprits: Online Banking Apps That Threaten Your Social Life
Evidence suggests that several online banking apps have the potential to invade users’ privacy. Here are seven notable ones:
- Venmo
This popular payment app, while famously user-friendly, publicly displays your transactions by default, revealing your spending habits to the world. According to reviews from multiple Venmo users from a Reddit post, they consider the Venmo app the most horrible due to its unsafe features.
Gordon advises, “Always remember to make your transactions private on Venmo.”
- PayPal
The global payment giant does a deep dive into personal data and transaction details, which is a red flag for those concerned with their privacy. According to a Quora survey, many PayPal users stopped using the app because of privacy issues.
Gordon cautions us to monitor notification settings and payment activities constantly.
- HSBC Mobile Banking App
Despite HSBC’s status as a banking leader, its app users have voiced concerns about inaccurate account balances and erratic behavior. Based on data from Reviews.io, HSBC users love the bank, but according to them, the app is so terrible that they would rather walk to the nearest bank than use it.
Following the principle of ‘trust but verify’ is Gordon’s suggestion.
- Mobile Banking Apps by Wells Fargo
According to a report by Bank Info Security, this app has been plagued by multiple issues, including a data breach event in 2019, leading many to question its security measures.
“Ensure your data is secure,” advises Gordon, “and always use multi-factor authentication.”
- Revolut
Although a global fintech player, the Revolut app needs to receive better press regarding inadequate customer support and account freezes, raising concerns over trustworthiness. You can see many negative user reviews on Revolut’s official community page.
“Transparency with customers is key for any finance app,” reminds Gordon.
- Yono Lite SBI
User data privacy is a major worry with this app, with claims that it asks for unnecessary permissions on your device. In one Reddit post, users express concerns about the Yono Lite SBI app.
Gordon states, “App permissions should only be as extensive as they need to be.”
- Monzo
Despite its popularity, the Monzo app has been criticized for its lackadaisical approach to user data privacy and security. A report from Security Magazine states how the Monzo company admitted to a data breach that users did not know about, which led to a massive backlash against the company itself.
“Check your security settings regularly,” Gordon advises, “even if you trust the bank.”
According to a study by MetaCompliance, these negative experiences by users—from data breaches to financial losses, can heavily affect their social lives. This is also backed by a survey from Quora, where users experienced reputation harm due to the neglect of these online banking apps.
5 Safety Tips for Online Banking App Users
To ensure the safety and privacy of your data, consider these tips:
- Update your app regularly.
- Always use multi-factor authentication.
- Monitor your transaction history.
- Keep your financial information private.
- Only download bank apps from verified sources.