Question 1

How is my data secured with YourOwn?

Accepted Answer

YourOwn is built on the foundational principles of data ownership, military-grade encryption, and user control, ensuring that your valuable financial information remains safe and protected.

Sensitive personal and financial data, including income, bank accounts, investments, tax documents, and other confidential records, are encrypted using cutting-edge cryptographic algorithms and your unique seed phrase. The seed phrase acts as a master key, ensuring that only you have the ability to decrypt and view your data in the wallet.

YourOwn does not have access to your seed phrase, backups, or the encrypted data within your profile. YourOwn cannot view any personally identifiable information, as it remains securely encrypted and under your exclusive control.

YourOwn does not access, share or sell your information without your explicit consent.

YourOwn employs industry-leading security practices, such as secure communication protocols, regular security audits, and rigorous access controls, to safeguard your data from unauthorized access or breaches.

Question 2

What is a seed phrase?

Accepted Answer

Think of a seed phrase as the master key for all your digital assets. It’s a series of words only you should know, acting as a vault for your financial data.

Why is it Critical?
Without your seed phrase, there's no way to access and view your data. If lost, you can't recover your accounts—you'd have to start over with a new wallet account.

Seed Phrase vs. Passwords:
Unlike usernames and passwords, which is used to authenticate into an application and can be reset, a seed phrase is permanent and offers full control over your account data. It is needed once when you setup a new account or to sign into an existing account on another device.

Steps to Secure Your Seed Phrase:
Write it Down: Jot down your seed phrase on paper. Keep it secret and safe from others.
Stay Offline: Avoid digital storage if you can e.g. password managers. Physical copies are less vulnerable.
Make Backups: Store multiple copies in different, secure places for extra safety.

Question 3

What if I lose my seed phrase?

Accepted Answer

Your Seed Phrase is the master key that encrypts and protects your personal and financial data within the wallet. It is the only way to decrypt and access your information. For your privacy and security, YourOwn does not have access to your seed phrase or backups.

The responsibility of securely backing up your seed phrase lies solely with you. We strongly recommend storing it in a safe and reliable location, such as a secure password manager or an offline storage device. Treat your seed phrase with the utmost care, just as you would protect valuable physical assets like cash or jewelry.

If you unfortunately lose your seed phrase and do not have a backup, YourOwn will have no way to recover access to your encrypted data. Your entire profile, including personal information, financial records, and documents, will become permanently inaccessible, even to our support team.

In the event that you lose your recovery seed phrase and don't have a secure backup, all is not lost. While you won't be able to recover your previous encrypted data, YourOwn provides you with the ability to set up a new wallet and begin adding your financial information again.

Creating a new wallet is a straightforward process that will generate a new recovery seed phrase for you to securely store. From there, you can start linking your bank accounts, income sources, investments, and uploading important documents once more.

Question 4

What data does YourOwn have access to?

Accepted Answer

YourOwn can see basic user information, such as email address and name, which is necessary for account management and communication purposes. Additionally, we collect anonymized data to understand and identify areas for improvement, enhancing the overall user experience.

However, YourOwn does not have access to any personally identifiable or sensitive data within your encrypted profile. This includes sensitive data such as your SSN, physical address, income, bank account details, investment portfolios, financial statements, tax documents, and any other confidential records you choose to store within the wallet.

The reason for this is that your profile data is encrypted using your unique seed phrase, which only you possess. YourOwn does not store or have access to your seed phrase or backups, ensuring that your sensitive information remains private and secure. As the sole owner of your seed phrase, you have exclusive control and access to data within the wallet.

Question 5

How Can I Identify Scams When Sharing Financial Information?

Accepted Answer

To identify scams when sharing financial information, always verify the legitimacy of the requestor. Look for official communication channels, avoid unsolicited requests, and never click on suspicious links. Use secure, encrypted websites (https://) for transactions. If in doubt, contact the institution directly using verified contact information. Stay informed about common scam tactics.

Question 6

How Can I Protect My Privacy When Sharing Financial Information?

Accepted Answer

To protect your privacy when sharing financial information, use secure, encrypted platforms for communication. Avoid public Wi-Fi; instead, opt for a VPN. Regularly update passwords, employing complex combinations, and enable two-factor authentication. Share information only with verified, trusted entities. Finally, monitor accounts for unauthorized access, promptly reporting any suspicious activity.

Question 7

What Steps Should I Take If My Financial Data Is Compromised?

Accepted Answer

If your financial data is compromised, immediately notify your bank and credit card issuers. Change all online passwords and PINs. Monitor your accounts closely for unauthorized transactions. Consider placing a fraud alert or credit freeze on your credit reports. Report the breach to the FTC and local law enforcement.

Question 8

What Should I Do If I Suspect Financial Identity Theft?

Accepted Answer

If you suspect financial identity theft, immediately contact your bank to report and freeze your accounts. Change online passwords and PINs. File a report with the Federal Trade Commission and local police. Check your credit reports for unauthorized activity and consider placing a fraud alert or credit freeze on your files.

Question 9

How Can I Use Encryption to Protect My Financial Data?

Accepted Answer

To protect your financial data using encryption, implement strong encryption protocols like AES or RSA for data at rest and TLS for data in transit. Use multi-factor authentication, regularly update encryption keys, and ensure compliance with security standards like PCI DSS. Encrypt backups and use secure cloud services.

Question 10

How Does Biometric Security Work with Financial Accounts?

Accepted Answer

Biometric security for financial accounts uses unique physical characteristics like fingerprints, facial recognition, or iris scans to verify identity. By comparing these biometric data points with stored templates, it ensures only authorized users access accounts, enhancing security by eliminating risks associated with stolen passwords or PINs.