Security is a characteristic that is much discussed about today and many of us find important. With so many instances of people getting hacked and having their data privacy stolen, it is only right that we talk about this topic and share more about this question that we get the most. This answer is directly from our product team.
Here at Seedly, we feel just the same about security as you (and probably more). We understand your concerns with having your banking data on the app. Hence, in this post, we aim to summarise Seedly’s multiple levels of security so that users with no technical background can understand where their information and data is being stored.
A Quick Primer – Focusing On The User’s Needs
Firstly, Seedly is definitely not the first to venture into the financial data aggregation industry. In fact, we are learning and working off a well-worn path in the United States & Canada where such services are known to have existed for the past 7 or 8 years with Mint, Credit Karma and budgeting tools alike where they import financial data on behalf of users to help them get better at their money. In fact, there is a rapid rise of such services in the recent years all across the globe as companies just like ours tend to focus on huge financial literacy problems to help users solve. We aim to do this in South-East Asia.
Q: How do I protect my app on my phone?
A: 4-Digit code lock and Touch ID
The most basic level of security – your phone’s passcode/thumbprint. With your 4-digit code, only you can view your own account. If your mobile device is lost or stolen, let us know, and we can do a full delete of all your data from your account from our end. Do note, that there is no data that is stored on your device itself and instead, largely it is processed on our end.
Q: How is my data passed or stored?
A: Asymmetric Encryption
This method ensures the security of the data you send over the Internet through our service. How this works is that algorithms allow us to hide sensitive data so that outside sources are not able to visualise or manipulate it. Asymmetric encryption algorithms are fundamental security ingredients in banking systems, web-applications and protocols.
Fact: Your banking credentials are never stored on our servers and all sensitive data is encrypted. We’re also verified by McAfee, the web security experts, leaders when it comes to peace of mind and security on the internet.
Q: What processes do you take to protect my data?
A: 24/7 Bank Level Security
We employ advanced SSL encryption and security practices, to match the worlds leading banks. “Bank–level” security means that Seedly and our provider adheres to the same security encryption standards as your bank. We routinely run security audits to ensure meeting these standards at all times. Seedly protects your data 24 hours 7 days a week.
Q: Are you able to manipulate all my personal financial data?
A: We offer only an anonymised Read-Only Service
Seedly uses a provider, SaltEdge, that is designed for Financial Management Apps. We only have read-only access to your accounts, and as such, our system cannot manipulate any of the financial information in your accounts. It has been designed only to parse and automatically import financial data. We encrypt and anonymise your personal information to ensure your privacy and we will never sell your data.
The SaltEdge team works with over 40 of the world’s largest banks, following bank, and industry, levels of security. They are compliant with PCI DSS requirements. Regarding privacy, we do not access users data on an individual level. We anonymise and aggregate it in order to better learn the categorisation on behalf of our users.
Conclusion – Your Security, Our Priority
We take it seriously, especially more so as users ourselves. If you have any doubts regarding the safety of your data, feel free to reach out to us, and we’ll be more than happy to answer any questions you may have. We want you to enjoy your Seedly experience thoroughly without any reservations. 🙂
Well, ultimately, don’t take it from us, head on over to the app store and play store to get the latest reviews from our users today, or view the coverage that we have been getting here.