What does this all mean for you? You can focus on your financial mindset and cash flow basics instead of cybersecurity. That’s the kind of swag I want to see from someone watching my money. Now that’s keeping a money mindset! Plaid encourages people to try to find flaws because they’re confident in their product. Any old Joe that finds a bug in the Plaid API (application programming interface) can turn in their findings for a bounty. My favorite part of all of this is the bug bounty system. 3rd party researchers, financial institutions, and app developers audit Plaid to ensure everything is on the up and up. Your bank username and password aren’t shared with the financial app! Because of this, no one can backdoor their way to your money if things go left. This way, no single place has ALL of your data, maintaining data privacy and security. Plaid acts as the bridge between Venmo and your bank account. Let’s say, for instance, you want to use Venmo for sending and receiving money. So, how exactly does this magical protection spell work? Plaid acts as a security shield between you and whatever financial app (Nav.it) you want to use. Plus, we’ll dig into how they handle your ever-precious data. I’ll show you what I’ve learned about how Plaid works and why they even need to exist.
If you’re like me, though, it’s probably a bit difficult to understand. Some stand-up individuals and companies work to protect us, mainly from the bad people and things lurking within the interwebs.īecause of this, companies like Plaid are crucial to banking in this digital age and upholding data privacy and security. Now, I understand that this “internet land” has many dangers. We’re all about ensuring a secure money app experience so our Navigators can stress less, master cash flow basics, and improve their financial mindsets. Attempting to understand it would keep me awake at night (and I LOVE my beauty sleep)! With that being said, let’s dive into Plaid’s role in banking security and data privacy. The idea that data is floating around my head 24/7 is a concept I can’t wrap my head around. I’ll be 100% honest with you modern technology is all witchcraft to me.
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