Moneylab uses industry standard security technology, just like your bank, to protect your information and your money. When you connect your financial accounts and provide us with your login credentials these are passed directly, over a secure, encrypted connection, to a company called Yodlee. They are not stored or held by Moneylab. Yodlee stores these details using highly secure technology in separate databases using multi-layered hardware and software encryption.
Yodlee is a US listed company, is one of the leading providers of digital financial services to the international financial services industry and has over 70 million customers globally. Several Australian banks and other large businesses such as Xero and Reckon use Yodlee as a data provider. Yodlee is a Federal Financial Institutions Examination Council (FFIEC) supervised Technology Service Provider and is required to comply with a range of US and international legislative and regulatory requirements.
Moneylab does store some personal information – but as stated above, we don’t store details of your bank accounts and credentials. The information that Moneylab does store is encrypted and access to this information is controlled using multi-layered authentication security. Any access to your information requires both the encryption keys and security details.
To help keep your personal information secure we recommend that you set a strong password for your Moneylab account and that you change your password regularly.
It is important to remember that Moneylab is not a transactional service and it is not possible to transact on any of your accounts or move your money through the Moneylab service.
For your peace of mind though you might want to use the security features provided by your internet banking service including transaction authorisation by SMS. This ensures that all withdrawal transactions require a secret code that is sent to your mobile phone. Without that secret code withdrawal transactions cannot be processed. For more information about using this security feature please contact your internet banking provider.