I don’t use those financial budgeting/management sites. And here’s why.
I wrote in depth why I don’t use places these sites (like Mint, Personal Capital, You Need A Budget, Every Dollar, etc.) here.
And I stand by my decision.
A recent report report by Brian Krebs, celebrated security researcher, details how thieves are attempting to hack these kinds of sites so that they can get access to customers data and money. It starts with reused and weak passwords, but there are plenty of other pitfalls.
While some money management sites try to downplay their risk (“Oh, we only use read-only access…”), that does not deter thieves. Do you want thieves to know where your accounts are, what your account numbers are, and what you account balances are? These are all steps in a process to get your money.
Weak passwords are the initial weak link. Make your passwords strong and long, no matter what!
Reuse of passwords is another weak link. Don’t reuse passwords, no matter what!
Enable Two-Factor or Multi-Factor Authentication if your financial institution supports it! If you are not sure what that is or how to use it, ask!
You can read Brian Krebs’ report in detail here.
The illustration of the Mammillaria Dolichocentra cactus is from “Iconographie descriptive des cactées, ou, Essais systématiques et raisonnés sur l’histoire naturelle, la classification et la culture des plantes de cette famille” by French botanist Charles Lemaire, published in 1841. Courtesy Missouri Botanical Garden.
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