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Nooch Blog: Money Made Simple

How to Stop Endangering Your Personal Financial Details Online

How to Stop Endangering Your Personal Financial Details Online

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We’re sure that, by now, you’ve probably heard about the website Vicemo. For those unfamiliar with the concept, Vicemo lets visitors, “See who’s buying drugs, booze, and sex on Venmo.” So far, Vicemo was not actively tracking rock n’ roll… yet.

Most Venmo users are probably aware that their transactions are, by default, displayed across the global newsfeed for the world to see. But these records include only the user’s first name and last initial.

However, with a few clicks, you can find both users’ full names.

Venmo users are exposed

Not exactly the type of information you’d like your boss, prospective employer, or in-law to see.

Less obviously dangerous is handing your routing number over to a social network whose security protocols were found to have serious holes by a team at MIT, and whose customer-support capabilities (for reporting a breach) also have well- documented flaws.

And this got us thinking: there are probably a lot of other easily avoidable mistakes that young people are making everyday with their (very) private financial details – without realizing it.

We believe financial details should be closely guarded, so we wanted to provide people with a few tips they can take to make sure their information is secure.

Make Sure All Financial Transactions Are Conducted Over HTTPS

That little padlock icon displayed next to URL in your browser? Without getting too nerdy, this symbol indicates that connection is secure. You should NEVER turn over your financial details to a digital service that is not secured and encrypted.
Nooch uses SSL encryption for all communication

With Nooch, we let you know up front that a secure connection with your bank is in place, BEFORE you begin the transaction. Peace of mind is a beautiful thing, so we try to make this detail obvious.

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Use Different Passwords and Pin Codes

You wouldn’t use the same key for your house or apartment, your office, your car, etc., so why would you use the same password you use for social media and other apps for your bank information? It’s pretty clear that firms who don’t handle sensitive financial data don’t protect it to the same extent that banks do.

And if your password is the same across all your accounts, it’s easy for a hacker to break into your bank account once they have it.

At Nooch, we take this principle one step further, and allow our users to create a separate pin-code for the app – the same security you’d expect from an ATM.

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Use Only Wireless Networks You Trust

This one might not be so obvious. But if you’re connecting to the web using a public Wi- Fi network (like the one at your favorite coffee shop), you could be exposing your data to malicious hackers.

When conducting financial digital transactions, make sure you only do so at home or with a connection that you know and trust. A good rule of thumb is that if you didn’t have to enter a password to login, it’s probably not sufficiently secure to conduct financial transactions.

Hopefully, these tips will start you on the road to keeping your financial details secure in the digital world.

Nooch endeavors to help as much as we can. Our service links your bank account directly to your mobile phone, and we never store or see any critical financial details like routing number or social security number.

And because we believe exchanging money between friends should stay between friends, none of your transactions are ever made public for the world (and your boss) to see.

You can download Nooch in the App Store today, and take one more step towards protecting your financial information online!

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