Are money managers safe to use?

Question

I wanted to use something like microsoft money to sort my finances out but I have seen some free ones on the internet such as (https://www.whostolemymoney.co.uk/user/signup). Are these kind of things safe to use? Iam just a little hesitant to have my bank account details on the internet. Regards, Sam

Steve B · Accepted Answer

There are many spreadsheet templates you can download and do your own budgets on your own PC ...

If you must use an on-line service, plainly it's only safe if you do not enter your 'real' identification details .. if they ask for your name, phone number, email addresses or Bank details, just make something up (after all, I'm sure Ms. S. Claus and Mr. M. Mouse must be watching their money too :-) )

After all, it is rather unlikely that a free service will have either the resources or desire to spend those resources, sufficient to ensure total (or even adequate) security.

Do you really know how secure their databases are (they are using the generic 'Go Daddy' SSL Certificate ,.. available to anyone for a few dollars a month) ? or what checks they do on they people they employ ? (their staff may be riddled with  fraudsters and ID thieves - indeed the whole site may be a 'front' for the New Zealand Mafia :-) )

At the very least you can assume they will sell your details to financial service organizations (after all, how else do they make enough to keep the site going ?) = you will be 'spammed' with 'special offers' .. and the FS org. may well 'sell on' your details to other companies .. 

You can be sure that anyone you pass on your details onto will be less careful with them than YOU are .. and if are prepared to post your Bank Details to some on-line site that has only existed for a year and is owned by someone in Auckland, NZ, what can you expect them to do (sell them on eBay perhaps :-) ) ???

PS NEVER EVER download and install some 'special software' from these sites .. for all you know, you may be downloading a Key Logger or Root Kit ..

Anonymous · Answer

I never trust sites that don't charge anything - how can they be in business? There's always a catch.

But I did have a look around http://ww.whostolemymoney.co.uk tho, and they charge for their services. They also seem to be affiliated with Massey University so I think you can trust they're legit. http://www.massey.ac.nz/massey/campus/auckland/about-the-campus/key-partnerships/key-partnerships.cfm

Besides Steve, I don't think NZ has any mafia :P

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Are money managers safe to use?

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