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 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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Want your kids to make better food choices? Check out how one family is using Greenlight to help!

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Kids are tough. Shopping for foods they’ll eat, making lunches, getting them to do their homework, getting them up and out the door on time, and getting them to put down their tech and go outside can be challenging. One of the biggest challenges we as parents face when it comes to kids is getting them to eat healthily.

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