How To

Protecting Your Financial Privacy: Automating Transactions Import Without Linking Your Bank

Apr 2, 2024

In the digital age, managing personal finances has become increasingly streamlined, with many applications promising to simplify budgeting, expense tracking, and financial planning. However, privacy and security concerns loom large amidst these platforms' convenience, particularly when linking bank accounts.

At Skwad, we take a firm stance against requiring users to link their bank accounts to our platform. Instead, we prioritize the privacy and security of our users' financial information by offering a bank-linking-free experience. Explore why this approach matters and how it sets us apart in personal finance management.

The Risks of Bank Linking

Many financial apps today rely on users linking their bank accounts directly to the platform. While this may seem convenient, it comes with inherent risks. By providing your bank login credentials to third-party apps, you effectively grant them access to sensitive financial data, including account balances, transaction history, and even the ability to initiate transfers.

This practice raises significant security concerns. Every additional intermediary through which your bank credentials pass presents a potential vulnerability. Even with stringent security measures, the risk of data breaches or unauthorized access remains ever-present. Moreover, the more apps you link to your bank account, the greater the potential exposure of your sensitive information.

Skwad's Bank-Linking-Free Approach

Skwad offers a refreshing alternative: a bank-linking-free platform prioritizing user privacy and security. Rather than requiring users to divulge their bank login credentials, we empower them to take control of their financial data while still enjoying the benefits of automated transaction import and expense tracking.

Automated Transaction Import without Bank Linking

With Skwad, users can effortlessly import transactions without exposing their bank passwords. By leveraging their Skwad scan email address, users can set up spending alerts with their bank and designate their Skwad scan address as the recipient.

Here's how it works: whenever a transaction in your bank account meets the criteria specified in your spending alerts (such as a purchase exceeding a certain amount like $0.01), your bank will automatically send a notification to your Skwad scan address. Skwad will then process this notification and import the transaction details into your account, keeping your financial records up-to-date without bank linking.

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Examples

Setting up Spending Alerts from Chase to Skwad

Step 1: Add your Skwad scan email address to Chase

Chase Spending Alert to Skwad

Make sure you limit it to Account Alerts only

Chase Spending Alert to Skwad

Step 2: Set up a spending alert from Chase to your Skwad scan email address

Chase Spending Alert to Skwad

Setting up Spending Alerts from Capital One to Skwad

Capital One Spending Alert to Skwad

Setting up Spending Alerts from your Bank to Skwad

The process is similar for other banks and credit cards. Set up a spending alert to your Skwad scan email address to see your transactions pop up immediately after you swipe your card.

NOTE: Many banks offer the option to add specific email addresses to receive spending alerts. If your bank doesn't have this feature, you can opt for a double-hop method. First, set up your bank to send the alerts to your primary email address. Then, you can forward those emails from your primary email address to your Skwad scan email address. Follow this guide to automatically forward transaction alerts from your email to Skwad.

Privacy and Security First

We at Skwad believe privacy and security should never be compromised. Our bank-linking-free approach ensures that your sensitive financial information remains safeguarded, giving you peace of mind as you manage your finances.

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