How Greenlight Keeps Your Private Data Secure

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You care about your financial security, and so do we. It’s even more important to make sure your private data is protected when you’re handing control over to your child. That’s why Greenlight goes above and beyond to offer the best possible security, starting with encryption.

What’s Encryption and How Does Greenlight Use It?

You’ve probably heard of encryption before. Apple uses encryption to keep your text messages secure by encrypting them, and WhatsApp does the same thing. But what does it actually mean?

Essentially, encryption is the practice of transforming data into a non-decipherable language to hide its meaning. The only way to translate it back is with a special key unique to your data. So the only way for someone to crack your encrypted data is to crack the key, which is designed to be as unique and unpredictable as possible.

So what does that have to do with Greenlight? Well, we encrypt our entire database. Your private data will stay private even if hackers somehow make it into our system. Don’t worry, though, we’ve got plenty of other security measures in place to make sure that never happens in the first place.

How Hashing Keeps You Even More Secure

Encryption is one of the best ways to keep your online data secure, but it’s not always the best. After all, it is possible that your key could be cracked, but thanks to hashing you don’t have to worry about that either.

Hashing is similar to encryption, only it can’t be reversed. Instead, it uses an algorithm to scramble your data permanently. The trick is to hash multiple bits of data (like a password) through the same algorithm and then see if they match up afterward. If they do, it’s the right password. Greenlight uses hashing to keep your most important data totally protected no matter what.

Even More Greenlight Security Features

You might think encryption and hashing are more than enough, but when it comes to your financial data we’re just getting started. All of our card processing is done through companies that are totally compliant with Payment Card Industry Data Security Standard, established by a council of major credit card companies like American Express, Discover, MasterCard and Visa. So your money will be treated the same as it would be with companies you already trust to control your finances.

On top of that, Greenlight uses everything from firewalls (special software designed to keep unwanted visitors out of our system) to virtual private networks (which lets you create a secure connection on a public network) to keep your financial data safe and secure. All combined, that means your financial data (and your children’s) is always safe and secure with Greenlight.

 

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Greenlight 2.0 – Jam-Packed With The Features YOU’VE Been Asking For

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Hi everyone, Tim Sheehan, Greenlight Co-Founder & CEO here with some exciting news – Greenlight 2.0 is HERE! That’s right, if you haven’t already heard, the brand new version of Greenlight has just made its way onto the scene.

When we started mapping out what we wanted to include in Greenlight 2.0, we reviewed all of the amazing comments, suggestions, ideas, etc. we’ve received from our Greenlight families. All of that feedback helped us create this updated version of Greenlight that we hope you’ll love!

What’s new in 2.0?

 

New Look
You’ll notice immediately when you open the updated version of Greenlight that there is a new look and feel to the app. Our goal with this version was to make the app even easier to use while incorporating some great new features and functionality. I think the app looks fantastic especially when you add pictures of your kids.

ATM Access
Now, when your child needs cash (e.g., to buy something from a place that only accepts cash), you can add money to the “Any ATM” greenlight to set a specific amount that your child can withdraw from any ATM. (i.e., only the amount of money that the parent specifies in the “Any ATM” greenlight may be withdrawn from an ATM.)

Savings Goals
Also brand new in 2.0 is Savings Goals! This feature allows your child to set aside money for a specific purpose – like a new bike, cell phone, game, or trip – and visually see how they are making progress toward reaching that goal! Also, Greenlight kids will receive Parent-paid Interest on the money they save in their specific Savings Goals accounts.

Giving
Greenlight’s brand new Giving feature allows Greenlight families to allocate a certain portion of a child’s funds to be set aside for donations to charities and purchases from non-profit organizations. This is something that hits very close to home for many of us on the Greenlight Team. We have seen numerous Greenlight families express this same sentiment and request a feature that would make it easier to allow their kids to dedicate a portion of their money for charities that they are passionate about.

These are just a few of the many new and improved features within Greenlight 2.0. Don’t just take my word for it though, take a look for yourself! 🙂

Check out the new Greenlight app!

Don’t have Greenlight yet? Sign up now!

Have you already played around with the latest version of Greenlight? Does 2.0 get the Greenlight from you and your family? Please let us know by sending us an email or by messaging us directly within the Greenlight app (go to Settings > Help > Contact Us).

All of us at Greenlight are focused on 1 goal: to help parents raise financially-smart kids. We’ll continue to work hard toward that goal.

THANK YOU for being a Greenlight family! 🙂

Tim

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Greenlight Kids Save 3 Times More than the Average U.S. Household

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As the average U.S. household debt continues to rise, Greenlight families are seeing a different trend. We’re thrilled to announce today that Greenlight kids have saved more than $1 million dollars using Greenlight Savings, The Educational Savings Account for Kids. Official story here. With the average U.S. household savings rate at 2.8%, Greenlight kids are saving a whopping 8.4% of their money on average. That’s triple the national average!  

The Educational Savings Account for Kids allows kids to see real growth in their savings account, how interest works over time, and the impact of spending versus saving, which helps them understand the importance of saving for the future. Not only that, but parents can set their own interest rate and pay the interest automatically within the child’s Greenlight Savings. The national average interest rate for bank savings accounts is 0.08%, making it difficult to educate kids on the value of savings. The average interest rate set by Greenlight parents is 19.84% enabling kids to see the benefits and importance of savings almost immediately.

Since April, Greenlight kids have more than quadrupled the amount of money in their savings accounts. We are proud to continue offering new features like the Educational Savings Account for Kids as an option that is convenient for families and offers flexibility for each family and each child’s unique needs. We are helping parents teach their kids to be smart about money and set them up for success financially, and are hopeful that impact can change the financial course for a new generation.

We’re on a mission to help parents raise financially-smart kids and are thrilled to see so many families using Greenlight Savings to teach their kids the importance of saving. But, we’re not done just yet. We have several new features that we’re excited to release in the near future. Stay tuned!

 

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