Is Open Banking safe?

Yes — measurably safer than the alternative. Here's what actually protects you, what to check, and where the honest risks are.

Read-only access, explicit and time-limited consent, bank-side authentication with 2FA, and encrypted transport. The app never sees your bank password.

The biggest risk is the app on top: what it does with the data once it arrives. A finance app storing your transactions on its own servers is a bigger target than the pipe itself.

Where does my data live? Who is the licensed provider? Can I revoke access instantly? Is the connection read-only? If any answer is vague, walk away.

Transactions arrive via SaltEdge (licensed AISP) and stay on your iPhone. No central copy on Krono's servers. Revoke consent and the pipe closes.

Can Open Banking move my money? AISP (what KRONO uses) is read-only. PISP requires separate consent per payment.

What if the app gets hacked? With local-first storage there's no central database of your data to hack. The connection itself can be revoked in seconds.

Is my bank liable? Fraud protections from your bank still apply — PSD2 does not remove them.