JP Morgan CEO Jamie Dimon dedicated an entire page of his latest shareholder letter to warn customers about their risks with mobile financial apps such as Mint and others. Specifically, he tells customers how their financial data at risk can be used years by third parties.
“When we all readily click “I agree” on our mobile devices, allowing third party access to our bank accounts and financial information, it is fairly clear that most of us have no idea what we are agreeing to or how that information might be used by a third party. We have analyzed many of the contracts of these third parties and have come to the following conclusions:
* Far more information is taken than the third party needs in order to do its job.
* Many third parties sell or trade information in a way customers may not understand, and the third parties, quite often, are doing it for their own economic benefit – not for the customer’s benefit. Often this is being done on a daily basis for years after the customer signed up for the services, which they may no longer be using.” Jamie Dimon.
While Mr. Dimon did not name specific apps with data at risk, Bloomberg News reported one example as Mint, a popular app that allows you to pay your bills and track your credit score.
The full letter can be found here.