Learn how financial applications can help you manage your money and access financial products and services online. Learn how these apps work and how to protect your information before you use them.
Understanding financial applications
Financial applications, also called fintech apps, may help you manage your finances online.
They may offer tools to compare products, track budgets or view accounts in one place. Some apps may also let you access financial products and services.
Fintech apps offer many benefits like:
faster approval for online loans, insurance and other products easier access to transactions using a smartphone or tablet lower costs for some products, like insurance premiums You may also use these apps on your computer.
Financial application providers and services
Financial institutions and third-party providers offer fintech apps.
Third-party providers usually offer services separate from your financial institution.
Fintech apps may offer services like:
managing your bills tracking your budget exchanging currencies investing in the stock market buying or selling crypto assets Information sharing with financial applications
To access an app, you usually need to share personal or financial information.
This may include your:
debit or credit card numbers username, personal identification number (PIN) or passwords you use to access your accounts online personal information You’re responsible for keeping your banking and credit card information safe. This helps protect your information if fraud or a data breach happens.
Sharing your banking or credit card details with a fintech app may break your account agreement. Your financial institution may hold you responsible for unauthorized transactions.
Protecting yourself when using financial applications
Using a fintech app may involve risks, like fraud or data breaches involving usernames and passwords. Read the app’s privacy and security policies before you sign up.
Before you use a fintech app, understand how it may collect, use and share your information. If you’re unsure about sharing banking details, contact your financial institution. If you still have doubts, don’t share it.
When you use a financial application, you’re responsible for:
reviewing purchases, withdrawals or transfers you didn’t make checking your financial institution’s policy on fraud protections contacting your financial institution if you notice suspicious activity on your bank account or credit card statement Fraud and suspicious activity
If you become a victim of fraud, contact your financial institution right away.
You may also contact Equifax and TransUnion, Canada’s 2 main credit bureaus. Ask them to add a fraud alert on your credit report.
Learn how to add a fraud alert on your TransUnion credit report.
Learn how to add a fraud alert on your Equifax credit report.
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