Trusting Fintech: Four Critical Moves to Protect Yourself

A few relatively easy steps can help you safeguard your money when using bank and budgeting apps and other financial technology.

A woman looks at her phone against the backdrop of nighttime city lights.
(Image credit: Getty Images)

There are many ways to use fintech — financial technology — to streamline your life and finances, with the technology continuing to improve all the time. You may be utilizing your bank’s mobile app on your cellphone, taking advantage of a high-tech budgeting app or investing online with a platform like Robinhood.

With changes happening at such a rapid pace and new companies popping up overnight, some savers and investors may not feel totally secure using these technologies. With all types of financial scams and cybercrimes running rampant globally, it’s important to question the safety of an app or a company you’re investing with.

So how do we get comfortable trusting fintech?

Without the need to be an expert, here are four basic guidelines you can follow to help keep yourself safe with the use of fintech.

Shane W. Cummings, CFP®, AIF®
Wealth Adviser and Director of Technology/Cybersecurity, Halbert Hargrove

Shane W. Cummings is based in Halbert Hargrove’s Denver office and holds multiple roles with Halbert Hargrove.  As Director of Technology/Cybersecurity, Shane’s overriding objective is to enable Halbert Hargrove associates to work efficiently and effectively, while safeguarding client data.  As wealth adviser, he works with clients in helping them determine goals and identify financial risks, creating an allocation strategy for their investments.