Don’t get hacked on your financial app. How to keep your data safe

Americans are increasingly using financial apps to manage their money, but they need to be careful about which ones they choose to share their most sensitive data and how they do it, experts say.
Nearly 3 in 4 of the financial apps examined by researcher Creditnews share at least some information with third parties. On average, the apps shared about six types of data, including device or other ID information, names, email addresses, app interactions, and phone numbers, Creditnews said. The most egregious apps shared about three times that amount of data.
Due to sensitive information used in financial apps, they’re prime targets for cybercriminals. Each time the app shares your data with a third party, your data footprint widens, creating more opportunities for your data to get stolen. Criminals can use stolen information to steal your money, identity, or reputation.
Data can also be used to create profiles on you that can be used for ad targeting or potentially, discrimination, Creditnews said. Some financial apps disclose data on race and ethnicity, health, web browsing, voice and sound recordings, contacts, and emails — all of which bad actors could twist to use against you in finding a job, a place to live and more
“Therefore, staying informed and thinking critically about how and with whom you share your data is essential,” Sam Bourgi, a Creditnews analyst wrote.
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 Some things experts say to check before signing up include:
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You also can take steps to protect yourself, experts say. These include:
Most financial institutions and credit bureaus can detect suspicious activity and alert you, but if you’re not sure, reach out to the company that runs your app. Report any suspicious messages and then immediately, block and delete that sender, Bernstein said.
If you’re not sure if your log in credentials were stolen, you can go to free sites like Have I Been Pwned that allow you to check if you may have been put at risk due to an online account having been compromised or “pwned” in a data breach.
You can also tell companies to stop sharing your information with a mobile app called Permission Slip from Consumer Reports. The app shows you what data companies collect, and with a simple tap, you can tell them to stop selling your data or to delete your data entirely, Consumer Reports said.
“Apps make life a lot easier, like credit monitoring and helping to create and understand and build wealth, but you have to weigh the benefits against the risks like getting compromised,” Bernstein said. “If anyone’s using these apps, consider that mobile banking apps are not always designed with security in mind and new exploits are coming online all the time.”
Having said that, Bernstein also said “I never coach people from going away from using them. Instead, just practice good digital hygiene.”
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.