Advertising
Advertising

Trustworthy Sites Are Worth A Mint

Trustworthy Sites Are Worth A Mint

Mint\'s login screen

    The internet is full of lies. Without plenty of effort, you can’t even prove my name is Thursday Bram. So why should you hand over your bank account numbers, passwords and other financial data to me?

    That’s essentially what Mint and other money management sites are asking you to do. These companies have many benefits for those of us focused on productivity and, for some of us, those benefits have outweighed our healthy senses of paranoia. I’m not saying that money management companies are all out to get us (and some of them are actually very good), but it’s worth taking a very close look at what sites you trust.

    Advertising

    I realize it may not seem fair to be so suspicious — after all, these sites never did anything to me. But pretty much everything on the internet is a matter of trust. Consider Mint’s “Privacy & Security” page: in 20 minutes I could have an identical page up on my site. Merely posting a page isn’t enough to win my trust — although the information Mint has posted is very convincing.

    What is enough to win my trust?

    I think a video of Bruce Schneier pronouncing a site’s trustworthiness would be enough to convince me — but only because I already trust Schneier as an expert on security.

    Beyond that, it’s a matter of finding some very specific facts that will help me to decide on whether to trust a given site.

    Advertising

    Where is a company based?

    Most folks running websites have the best of intentions. The country they’ve set up their servers in, though, can have some extensive effects on who gets to see your information simply by asking. In the U.S., there are certain laws meant to prevent companies from passing around your private information. But in more controlled societies — think China — certain government officials can access secure information with no intermediary steps.

    Knowing location is also important in case something goes wrong. I know I’d rather use a money management site based in my own country in the event that they did distribute it to someone with nefarious plans. At least, in that case, I could take the company to court.

    What does the privacy policy say — and is it enforceable?

    Who reads all those user agreements and terms of use anyhow? Isn’t that just a box to click through so you can start playing with the nice shiny web application? Mint devoted a major chunk of its terms of use to discussing a comprehensive privacy policy.

    Advertising

    Reading this policy is a fairly good indicator of Mint’s trustworthiness — and therefore its success as a money management application. The key is the inclusion of a way to address security issues through a third party organization with a reputation for trustworthiness. It’s easy to scoff at using such third party organizations, and listing links to their sites on your own, but those seals are actually a good indicator, if you can confirm that they are correctly displayed.

    Mint’s partnership with TRUSTe is a great example. TRUSTe has been around since 1997 and was founded by, among others, the Electronic Frontier Foundation. That sort of history and such well-known associates make for a good indicator of trust.

    What are other people saying about the company in question?

    Beyond fancy logos, though, a real indicator of whether a website is worth trusting is the buzz around the web. Just Googling a site’s name can get you a whole load of information, though you might consider adding words like ‘security’ in your search. A surprising number of people don’t do even this basic level of research before handing over details like the password to their email — I can name a half dozen social networking sites that ask for exactly that in order to import your contacts. It’s nice that we have such an environment of trust online, but we’re just asking for problems when we give away such information willy-nilly.

    Advertising

    Such due diligence can be enough to warn you off of releasing your information, though. At the very least, it can give you a head’s up of security issues that might make you want to wait before signing up for a service.

    Unfortunately, buzz doesn’t always help early adopters. If you’re always the first person into the private beta, you may not have heard about any bugs or problems that a company has experienced, let alone if other people have some questions about trust.

    How much time should I spend on research?

    I don’t necessarily delve into the technical security specs of every site I sign up for, and I wouldn’t even argue that there is a need to. But before handing over information like your bank account numbers — or the password to the email account where you’ve saved those numbers — it’s worth spending 15 or 30 minutes to make sure that your sensitive information isn’t going to take a walk after you’ve entered it.

    After this sort of review, Mint has all the elements of a reliable site. They’re able to earn trust, rather than rely on people looking for a quick fix and ignoring a few warning signs. Yes, Mint solves some significant productivity and money management questions, but it does so in such a way as to reassure users.

    I do still have a few concerns, of course. Any site known to save financial information on numerous people is going to be a target of all sorts of malicious attacks. And no site is going to take users on a walk through of the exact protections and vulnerabilities of their system. Aaron Patzer, Mint’s CEO, has discussed the site’s security on several occasions, and in general, it seems like information submitted to the site is fairly secure. I’m willing to roll the dice and take a chance on Mint — especially since none of the early adopters have gotten burned yet.

    More by this author

    50 Businesses You Can Start In Your Spare Time 8 Replacements for Google Notebook 5 Sites Where You Can Sell Your Photos 7 Tools to Find Someone Online 19 Entrepreneurship Websites Worth Checking Out

    Trending in Featured

    1 The Science of Setting Goals (And How It Affects Your Brain) 2 How to Stay Motivated and Reach Your Big Goals in Life 3 How to Take Notes Effectively: Powerful Note-Taking Techniques 4 How to Stop Procrastinating: 11 Practical Ways for Procrastinators 5 50 Businesses You Can Start In Your Spare Time

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on July 17, 2019

    The Science of Setting Goals (And How It Affects Your Brain)

    The Science of Setting Goals (And How It Affects Your Brain)

    What happens in our heads when we set goals?

    Apparently a lot more than you’d think.

    Goal setting isn’t quite so simple as deciding on the things you’d like to accomplish and working towards them.

    According to the research of psychologists, neurologists, and other scientists, setting a goal invests ourselves into the target as if we’d already accomplished it. That is, by setting something as a goal, however small or large, however near or far in the future, a part of our brain believes that desired outcome is an essential part of who we are – setting up the conditions that drive us to work towards the goals to fulfill the brain’s self-image.

    Apparently, the brain cannot distinguish between things we want and things we have. Neurologically, then, our brains treat the failure to achieve our goal the same way as it treats the loss of a valued possession. And up until the moment, the goal is achieved, we have failed to achieve it, setting up a constant tension that the brain seeks to resolve.

    Advertising

    Ideally, this tension is resolved by driving us towards accomplishment. In many cases, though, the brain simply responds to the loss, causing us to feel fear, anxiety, even anguish, depending on the value of the as-yet-unattained goal.

    Love, Loss, Dopamine, and Our Dreams

    The brains functions are carried out by a stew of chemicals called neurotransmitters. You’ve probably heard of serotonin, which plays a key role in our emotional life – most of the effective anti-depressant medications on the market are serotonin reuptake inhibitors, meaning they regulate serotonin levels in the brain leading to more stable moods.

    Somewhat less well-known is another neurotransmitter, dopamine. Among other things, dopamine acts as a motivator, creating a sensation of pleasure when the brain is stimulated by achievement. Dopamine is also involved in maintaining attention – some forms of ADHD are linked to irregular responses to dopamine.[1]

    So dopamine plays a key role in keeping us focused on our goals and motivating us to attain them, rewarding our attention and achievement by elevating our mood. That is, we feel good when we work towards our goals.

    Dopamine is related to wanting – to desire. The attainment of the object of our desire releases dopamine into our brains and we feel good. Conversely, the frustration of our desires starves us of dopamine, causing anxiety and fear.

    Advertising

    One of the greatest desires is romantic love – the long-lasting, “till death do us part” kind. It’s no surprise, then, that romantic love is sustained, at least in part, through the constant flow of dopamine released in the presence – real or imagined – of our true love. Loss of romantic love cuts off that supply of dopamine, which is why it feels like you’re dying – your brain responds by triggering all sorts of anxiety-related responses.

    Herein lies obsession, as we go to ever-increasing lengths in search of that dopamine reward. Stalking specialists warn against any kind of contact with a stalker, positive or negative, because any response at all triggers that reward mechanism. If you let the phone ring 50 times and finally pick up on the 51st ring to tell your stalker off, your stalker gets his or her reward, and learns that all s/he has to do is wait for the phone to ring 51 times.

    Romantic love isn’t the only kind of desire that can create this kind of dopamine addiction, though – as Captain Ahab (from Moby Dick) knew well, any suitably important goal can become an obsession once the mind has established ownership.

    The Neurology of Ownership

    Ownership turns out to be about a lot more than just legal rights. When we own something, we invest a part of ourselves into it – it becomes an extension of ourselves.

    In a famous experiment at Cornell University, researchers gave students school logo coffee mugs, and then offered to trade them chocolate bars for the mugs. Very few were willing to make the trade, no matter how much they professed to like chocolate. Big deal, right? Maybe they just really liked those mugs![2]

    Advertising

    But when they reversed the experiment, handing out chocolate and then offering to trade mugs for the candy, they found that now, few students were all that interested in the mugs. Apparently the key thing about the mugs or the chocolate wasn’t whether students valued whatever they had in their possession, but simply that they had it in their possession.

    This phenomenon is called the “endowment effect”. In a nutshell, the endowment effect occurs when we take ownership of an object (or idea, or person); in becoming “ours” it becomes integrated with our sense of identity, making us reluctant to part with it (losing it is seen as a loss, which triggers that dopamine shut-off I discussed above).

    Interestingly, researchers have found that the endowment effect doesn’t require actual ownership or even possession to come into play. In fact, it’s enough to have a reasonable expectation of future possession for us to start thinking of something as a part of us – as jilted lovers, gambling losers, and 7-year olds denied a toy at the store have all experienced.

    The Upshot for Goal-Setters

    So what does all this mean for would-be achievers?

    On one hand, it’s a warning against setting unreasonable goals. The bigger the potential for positive growth a goal has, the more anxiety and stress your brain is going to create around it’s non-achievement.

    Advertising

    It also suggests that the common wisdom to limit your goals to a small number of reasonable, attainable objectives is good advice. The more goals you have, the more ends your brain thinks it “owns” and therefore the more grief and fear the absence of those ends is going to cause you.

    On a more positive note, the fact that the brain rewards our attentiveness by releasing dopamine means that our brain is working with us to direct us to achievement. Paying attention to your goals feels good, encouraging us to spend more time doing it. This may be why outcome visualization — a favorite technique of self-help gurus involving imagining yourself having completed your objectives — has such a poor track record in clinical studies. It effectively tricks our brain into rewarding us for achieving our goals even though we haven’t done it yet!

    But ultimately, our brain wants us to achieve our goals, so that it’s a sense of who we are that can be fulfilled. And that’s pretty good news!

    More About Goals Setting

    Featured photo credit: Alexa Williams via unsplash.com

    Reference

    Read Next