Learn about the risks associated with financial applications

Technology helps us manage our finances, but it’s important to know the risks associated with new digital banking services. Learn about the risks associated with financial applications.

“Fintech” (for “financial technology”) is a term for the technological innovations used to support or provide financial services. These innovations bring about significant changes in the financial sector, and give birth to a range of new business models, applications, processes and products.

While these financial applications allow you easy access to your personal finances, they may also pose risks, such as theft of your banking information (for example, your debit or credit card number, your user name, and your personal identification number).

This is why it is important to be very careful when sharing your personal and banking information online. Did you know that by providing your bank or credit card information to a financial application, you could breach the contract of use of your financial institution?

This means that regardless of the security features of a financial application, your financial institution can hold you responsible if your data is stolen and used without your knowledge or without your approval.

Learn about the risks associated with financial applications

Protect your personal, banking or credit card information

Here are some tips to help you protect your personal, banking or credit card information when using financial applications:

Check your bank’s user agreement before sharing your personal, banking or credit card information.

Consult your financial institution’s fraud protection policy to find out who is responsible for unauthorized transactions.

Make sure you understand the security measures in place and how your personal information might be used.

Check your credit history regularly to see if there are any credit requests you have not made or transactions you have not made.

If you suspect that your information has been compromised, immediately change your passwords. Examine your account and credit card statements for any anomalies, and report suspicious transactions to your financial institution.

For more information, visit Canada.ca/money.