Security risk and data breach: Dangers of the Bonify app for creditworthiness

Security risk and data breach: Dangers of the Bonify app for creditworthiness

According to a report by www.pcgameshardware.de, warns the North Rhine-Westphalia Consumer Center about the Schufa app Bonify, as the app may unintentionally feed Schufa with additional sensitive data. If consumers grant the app access to their account, they grant Schufa permanent insight into the sales of the last 90 days. Although Schufa is currently not allowed to use this data to assess creditworthiness, the data collected could still have an impact on the market and consumers.

Why is account viewing so dangerous?

The North Rhine-Westphalia Consumer Center sees account viewing as dangerous because the app allows permanent insight into sales over the last 90 days. This could create a comprehensive picture of the financial status and feed Schufa with sensitive data. The consumer advice center warns against granting access to the bank account through Bonify, as this could potentially lead to consumers no longer receiving contracts or loans.

Schufa score not compatible with EU law

A report makes it clear that Schufa has to change its processes because the automatically determined Schufa score is not compatible with EU law. If this remains the case, Schufa would have to adjust its score creation. In addition, Schufa must adapt the long-term storage of data to legal requirements. These changes could have an impact on the way Schufa works and thus also on the market.

Security concerns with the Bonify app

In addition to the consumer advice center's concerns, security researcher Lilith Wittmann also warns about the Bonify app. A critical security vulnerability in the app's identity verification was discovered, resulting in temporary inaccessibility of the app. Schufa confirmed the security gap and plans to carry out a security audit on the subsidiary. These security concerns could affect consumer trust in the app and Schufa as a whole.

Overall, the security concerns, legal adjustments and warnings about the Bonify app could have an impact on trust in Schufa and the use of Schufa apps by consumers. In addition, these factors could also influence the way Schufa works and possibly the market for loans and contracts. It is important that consumers continue to be informed about possible risks and that Schufa adapts its processes to legal requirements.