Is Wealthica safe to use?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
Wealthica uses AWS, AES-256 encryption and TLS 1.2 technology to secure the data of its users. It applies two factor authentication on log in and can only read the data in your accounts. Hence, it is safe to use.
Detailed Answer
About Wealthica
Wealthica is a money management app and an investment aggregation platform in Canada. You can track both your networth and cash flows with this account. There are a number of tools within Wealthica that are as follows:
- Passiv Light tracks your investment portfolio, calculates risk tolerance, set a target portfolio and re-balances your investments in line with your target.
- Wealthscope reads your portfolio and gives a report on its performance, fees, and earnings.
- The profit and Loss timeline tracker tracks your portfolio to find out unrealized gains and losses.
- CoinTracking helps you track the performance of your crypto currencies.
Is Wealthica safe to use?
- In order to track your cash flows and networth, you give Wealthica access to your bank account and investment accounts. However, it is a read-only app and it cannot make any changes to your account, such as fund transfers, buy, sell, withdrawals etc,
- It uses Amazon Web Services, which is a cloud computing platform to secure data. AWS is ISO 27001, SOC 2 (Type II), PCI DSS (Level 1), FISMA certified. Its activities are audited on a timely basis.
- Wealthica safeguards client data with AES-256 encryption. This encryption system is used by banks.
- The in-transit data is encrypted by TLS 1.2.
- Only you can access your financial information stored in Wealthica and it is secured by two factor authentication.
- Wealthica abides in compliance with the Canadian Personal Information Protection and Electronic Documents Act (PIPEDA) and the European General Data Protection Regulation (GDPR).
- When you use Wealhica on your mobile during public transport, you can turn on the privacy mode that only shows percentages and hides all the figures. This will prevent people peeking into your details.
Security Partners of Wealthica
- Fdata
- Amazon Web Services
- Detectify
- Secure SSL Encryption
- Raymond Chabot Grant Thornton
- BCF
Safety of Wealthica
Based on its encryption and data policies we have listed above, we believe that it is safe to use Wealthica money management app. You can directly contact Wealthica’s security team at security@wealthica.com for more questions.
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Discussion (0)
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