Financial apps can be useful for managing money, but they often collect a considerable amount of sensitive data and, in some cases, share this information with third parties. To understand the impact these apps can have on privacy and security, we conducted an examination of the data security practices of the 60 most downloaded financial apps for Android in six different categories. In particular, it focused on what user data these apps reveal to other companies or organizations.
The study revealed that nearly 3 out of 4 financial apps examined share at least some information with third parties. On average, each financial app shares more than 6 types of data. Cryptocurrency apps disclose the most information to third parties, with an average of 8 types of data per app.
Here are the 10 biggest culprits when it comes to data sharing
Among financial applications, Crypto.com, Rocket Money and Kikoff are the ones that share the most data. The most commonly shared information includes device data or IDs, names, email addresses, app interactions, and phone numbers. Some financial apps also reveal data about race and ethnicity, health, web browsing, voice and sound recordings, contacts, and emails.
Below, we list the 10 financial apps that share the most data with third parties:
- Crypto.com: 19 types of data shared with third parties
- Rocket Money: 18
- Kickoff: 17
- One – Mobile Banking: 16
- SoFi: 16
- Lemonade Insurance: 16
- Main: 16
- BitGet: 15
- Possible: 15
- TradingView: 15
This analysis highlights the need to be cautious when using financial applications and to review their privacy policies. The amount of data shared with third parties can have serious implications for users’ privacy and security. As such, it’s essential for users to be informed and make conscious decisions about which apps to use to manage their finances.
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