GokulRamalingam
TF Buzz
Have anyone explored CRED Money feature inside CRED app?
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Cred Money Launched!
- Thread starter GokulRamalingam
- Start date
-
- Tags
- cred
not shown in ios bro
i am in queue then
Is CRED money different to CRED cash??
so someone to invite us?
superstar@123
TF Premier
While Cred Money is only available on mobile, fold money is available for desktop as well.
Further, the UI of Fold is much much better than of Cred.
Further, with fold you can track investments as well which is not possible with Cred !
(I am not associated with Cred or Fold and the above are my personal experience)
In the world of Data Breach is it advisable to link bank accounts to these apps.My gmail password was found in data leak few days after i linked it with cred.
This might be a coincidence but i don't wanna take chance again.thats why i have not linked it yet to cred despite having the access.
This might be a coincidence but i don't wanna take chance again.thats why i have not linked it yet to cred despite having the access.
yes we too fall for small CBs
but all these are security threats
mobikwik asks mail access to see our cc bills
superstar@123
TF Premier
Before jumping in the data breach part, lets understand how it works! (Both Cred Money and Fold works on the same principle)
Account Aggregator:
Account aggregators are digital platforms that securely collect and share your financial data (like bank accounts, investments) from multiple sources with your explicit permission. Think of them as financial data managers. This consolidated view empowers you to make informed financial decisions and allows businesses to offer tailored products. Safety is paramount; these platforms are regulated by the RBI and employ robust security measures. Your data is encrypted, and you maintain complete control over what information is shared and with whom.
These entities DO NOT work on username/passwords and you are not required to enter any password during the whole process! So the question of password leaking out is ruled out completely!
Last edited:
well for cred to access statements username/passwords are required.
now coming to Account aggregator if they don't require username/password how do they fetch data from various accounts?is it based on accounts link to the mobile number?
superstar@123
TF Premier
Cred Money DOES NOT need username/pass. It works on the same accounts aggregator platform.
I have set it up yesterday and there is no need to enter any username password.
Refer below:
And yes, its based on mobile number where the bank transfer the data to accounts aggegator (there are many entities which are registered as Accounts Aggregator with RBI) and then the data is transferred to apps like CRED or FOLD which provides the UI to the end users like us.
The data is ENCRYPTED and you can revoke access anytime.
I have bid adieu to CRED , have no trust.
Permission they have taken for Gmail to fetch statement is pretty intrusive and open ended.
Permission they have taken for Gmail to fetch statement is pretty intrusive and open ended.
superstar@123
TF Premier
Great, its a user choice and should remain like that!
(On a side note, Gmail is by Google and if you are using Gmail that means you trust Google
)
superstar@123
TF Premier
Further, this is for CRED and not for CRED Money. CRED Money is not asking for Gmail permission.
All these apps are tracking only from the Savings Account. But many of us here use Credit cards and wallets as well. No app tracks all bank + Credit card + wallet spends in one single view. That will be the real need among the consumers. But I believe these apps like cred, just use the fintech arm and at the end of the day - are only interested to get consumer data & financials.
Similar threads
- Question
