Robinhood has made buying stocks easy and commonplace. But is the app a threat to your online safety and privacy?
In 2020, the investment app, Robinhood, exploded in popularity. With a modern, easy-to-use interface, Robinhood has made investing in your favorite stocks simple and fun. As many users have put it, Robinhood makes investing feel like a game. But it may be a dangerous game. Because the app has certainly not been without its fair share of controversy.
Since it’s rise to popularity, Robinhood has been hit with a litany of lawsuits. The company has been sued for securities fraud, accused of misleading customers, and has even been implicated in the suicide of a user. Not to mention, it experienced a data breach which impacted over 7 million users. Apparently, making investing as simple as a mobile game can have serious consequences. So, is the Robinhood app a safe way for you to invest in stocks? And can you trust the investment app with your data?
As we alluded to, the widespread appeal of Robinhood is the simplicity of the app. With celebratory features like falling confetti and emoji usage, Robinhood makes trading stocks feel like Candy Crush. But here’s the thing, while an accessible app like Robinhood makes investing in stocks easy, it doesn’t necessarily make it safe. By reducing investing to one-click trading and addictive notifications, Robinhood seriously downplays the severity of investing.
After all, many of us don’t have expendable income to be reckless with. So by making investing feel like just another game on your phone, Robinhood is putting your financial security at risk. And on top of that, they’re clearly a threat to your data privacy as well. As mentioned earlier, Robinhood experienced a security threat which exposed the data of nearly a third of their user base.
So, let’s explore the breach further, and figure out if the Robinhood app is a safe way for you to enter the stock market.
Amongst its other issues, Robinhood has shown that it struggles to protect your data from hackers and scammers. Their 2021 data breach resulted in 5 million users having their email addresses compromised and 2 million users having their full names exposed. And as we’ve discussed, data breaches can have disastrous effects on your safety and finances.
Unfortunately, Robinhood seems more focused on expanding their reach rather than protecting their users. As the CEO of Robinhood mentioned in a recent interview, the company is very focused on long-term growth. However, their CEO failed to mention anything about protecting their users. Or their data.
Is the Robinhood App Safe?
In short, no. Robinhood has shown that they’re more concerned with profits than the safety of their users. And that they’re incapable of protecting user data. But, maybe you want to keep using the app anyway. So, what can you do to protect yourself while you invest?
Well, the easiest way to protect yourself and your data online is through Privacy Bee. Privacy Bee is the number one data privacy solution for consumers like you. Rather than hoarding your data like many companies, Privacy Bee helps you scrub your data from the unwanted corners of the internet. With their fleet of powerful features, Privacy Bee protects your data from falling into the wrong hands. They provide you with 24/7 vulnerability monitoring, data broker removal services, and extended family protection.
Let’s face it, the internet is a dangerous place. Even our favorite apps can open us up to a variety of security and privacy threats. And Robinhood is no exception to that. But thankfully, Privacy Bee is there to protect you, regardless of what site or app you’re using. So what are you waiting for? Get started today with a 100% free privacy evaluation!