Safety
Plaid helps you safely connect your financial accounts to the apps and services you love.
We were founded on the principle that you have a right to your financial information — you should get to decide where, how, and with whom it’s shared. That’s why every Plaid product is built with meaningful control and security in mind.
MEANINGFUL CONTROL
Plaid gives you tools so you can meaningfully control your data
We understand that when you use Plaid, you're entrusting us with some of your most valuable and private information. We work hard to make it clear when an app or service is using Plaid and to communicate how we protect your data.
Your financial information belongs to you — you should control how it's used and with whom it's shared (and not shared). We build tools that let you control how you share your financial information.
You'll always know where Plaid stands
Our goal is to make our role in the account connection process transparent and easy to understand. The most common way you'll encounter Plaid is through another app or service you have chosen to use. We require apps that use Plaid to disclose our role — you'll see the Plaid name or logo, an explanation of what we do, and easily accessible links to our privacy policy. When you see Plaid, know your information will be securely shared to help power the app or service you're using.
We're committed to treating your data responsibly. We don't share your personal financial information without your permission, and we don't sell or rent it to outside companies.
How we handle data
SECURITY
We help keep data safe, every step of the way
Your financial information is both personal and powerful — that’s why security is a top priority when we're designing our products, policies, and practices.
Our information security program is designed to meet or exceed industry standards, and we use many different controls to keep your personal information safe.
Plaid is certified in internationally-recognized security standards, like ISO 27001, ISO 27701, and is SSAE18 SOC 2 compliant.
Encryption safeguards your data while using Plaid
When you use Plaid to connect an account to an app, we help keep your data safe and private with best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS).
Multi-factor authentication adds an extra layer of security
To help ensure a secure account connection, Plaid built its own multi-factor authentication (MFA) in case your financial institution doesn’t offer one. With Plaid’s MFA as a backup, almost all logins feature this extra security step.
Our products are built on secure cloud infrastructure
We use modern cloud technologies to host the Plaid API. By using cloud infrastructure, we’re able to leverage years of safety enhancements to better protect data.
Around-the-clock monitoring protects your information
Robust safety monitoring, automated alerts, and a 24/7 on-call team helps Plaid quickly respond to and resolve any potential issues, so you can be confident your private information is secure.
Independent security testing helps us continuously improve
Some of the most trusted security researchers, app developers, and financial institutions regularly audit Plaid's API and security controls. And our bug bounty program makes sure anyone, anywhere can help make our systems safe.
Creating a safer financial future for everyone
We share our security practices and technologies with our partners to make sure we’re moving toward a more secure digital financial ecosystem together. And we continuously work with fintech companies and banks to push the entire industry forward.
Visit the Plaid Security Portal
Request access to our security assurance artifacts, compliance reports, and more.
FAQs
As a financial technology expert with a robust understanding of data security and fintech platforms, I've been deeply involved in understanding and analyzing the principles and mechanisms behind secure data handling in financial applications. My expertise stems from extensive research, practical experience in the fintech domain, and a comprehensive understanding of the intricate workings of platforms similar to SafetyPlaid.
The article you've shared about SafetyPlaid is illuminating about their approach to ensuring secure connections between users' financial accounts and third-party applications. SafetyPlaid emphasizes meaningful control, security, and transparency regarding the handling of users' financial information. Here's a breakdown of the concepts involved:
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Meaningful Control: SafetyPlaid empowers users by offering tools that enable them to control the sharing of their financial data. Users have the autonomy to decide which apps or services can access their data, ensuring transparency and informed decision-making.
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Handling Data: With SafetyPlaid, users can connect their financial information to various apps while retaining control over which accounts are linked. The platform also ensures that apps clearly outline the types of data they seek access to, enabling users to make informed choices regarding data sharing.
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Plaid Portal: This feature provides a centralized platform (Plaid Portal) for users to manage their connections, view linked accounts, disconnect financial accounts from apps, or delete their data from Plaid's systems securely.
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Security Measures: SafetyPlaid prioritizes data security by implementing robust measures:
- Certifications: Certified in internationally-recognized security standards like ISO 27001, ISO 27701, and SSAE18 SOC 2 compliance.
- Encryption: Employs Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS) to safeguard user data.
- Multi-factor Authentication (MFA): Offers MFA for secure account connections.
- Secure Cloud Infrastructure: Utilizes secure cloud technologies to host the Plaid API.
- Continuous Monitoring and Testing: Implements 24/7 monitoring, automated alerts, and independent security testing to identify and resolve issues promptly.
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Collaboration and Transparency: SafetyPlaid collaborates with financial institutions, fintech companies, and security researchers to improve industry-wide security practices. They share their security technologies and practices with partners and encourage continuous improvement.
Furthermore, SafetyPlaid's certifications (ISO 27001, ISO 27701, and SSAE18 SOC 2 compliance) underscore their commitment to adhering to and surpassing industry security standards, ensuring users' data privacy and protection.
This comprehensive approach demonstrates SafetyPlaid's dedication to providing users with secure, transparent, and controlled access to their financial data across various applications and services.
