We think Money Toolkit is more secure than banking systems.

Banks actually shouldn't necessarily be regarded as the most secure system in the world, at least not with respect to storing your data (see the list at the end of this article for a few banking blunders :) ).

To give banks some credit, or at least the companies banks use to transfer money, there have not been any large scale fraudulent transfers involving individual consumer accounts, where the bank transfer systems have been compromised.  There have been a few one off events normally involving bank staff.

There is of course millions of pounds lost each year to fraud at the point of sale - credit card fraud, atm fraud, and browser phishing etc..

Money Toolkit is read only, we can not transfer money - though we are looking into the safest ways that we might be able to move money between your own accounts - but that is a long way off.

We use some of the most secure systems in the world. Some of our data is hosted at Google. Google has by far the best safety and security record of ANY data hosting company, they have never had a major security breach ...

Watch this video to see the extraordinary lengths that Google go to.... it would be hard to imagine even a big bank doing as well as this...

 

All of our data is encrypted (using your own password as the key - we heavily salt and hash that too - all best practice) - so even if our data was ever to make its way out of our data centres - it would take roughly 5 million years to dencrypt it! So our system is considerably better than Sony's PSN! (http://goo.gl/kYlUr)