Is It Safe To Connect Financial Accounts to App? Interview with Plaid's John Pitts

Today I'm joined by John Pitts of Plaid to discuss the security of connecting your financial accounts to apps such as Monarch, Kubera or Empower. It was a great discussion with lots of details on how the security works and steps you can take to secure your own accounts.

0:00 - Intro
2:17 - Open Banking
3:42 - Does Plaid Save Login Credentials
5:30 - Screen Scraping/APIs
12:42 - Small Businesses
14:16 - Token Security/Hacked
15:36 - Transaction Cleaning
18:18 - Does Plaid store data
22:14 - Tokenized Account Routing Numbers
23:37 - NACHA rules/Fraud
26:45 - Selling/Sharing Data
27:06 - Protecting Your Account
29:38 - Red Flags
30:53 - Recap
35:04 - Poll
38:11 - Two-factor Authentication/Monitoring

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While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. I've since sold my websites, bought them back, and started a new website and this YouTube channel.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

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