I received a comment from my post about Geezeo and Wesabe which inquired about security of both finance sites.Yesterday, I read Financial Editor Jean Chatzky’s column and she deftly addressed the issue of security with using new online sites, Geezeo and Wesabe. Here is what she found:
Wesabe and Geezeo say that they
are extremely proactive about maintaining a high level of security.
Wesabe works by downloading a program on to your computer that then
pulls information from your bank. The company doesn’t store your
personal information and passwords; instead, they’re all on your very
own hard drive. “If someone hacked us, what they would get is a ton of
data, but absolutely none of it is personally identifiable,” explains
Jason Knight, co-founder and CEO of Wesabe.
with a third-party company that works with your bank directly, meaning
no stored passwords or account numbers on their site, either. (That
being said, it’s always important to be cautious, so use good
judgment.) With identity-theft scams one of the fastest-growing crimes
in the United States, you should never share your personal information
with others. If the whole thing still sounds a little too sketchy to
you, both sites will let you manually upload your transactions, taking
their connection to your bank out of the equation.