How Does Bloom Protect My Data?
When it comes to your money, security is everything. It’s important that you know which safety measures your finance apps are using, so you can be confident in how they protect your money.
Bloom is built on transparency, trust, and tradition. So we’re sharing the ways we protect your data to ensure your money and identity stay secure.
6 ways Bloom keeps your data safe
Here are the money safety promises we make to all our Bloom Money users.
1. Fraud prevention
The Bloom app is protected by leading fraud prevention software. It monitors every single transaction for signs of suspicious or fraudulent activity, blocking those that come from untrustworthy or unverified sources.
2. ID verification
We use the same identity verification partners as some of the world’s biggest banks. They perform ID checks to make sure you’re the only one who can access your Bloom funds.
3. Secure payments
All payments are made securely through the Bloom app. You’ll never be asked to make payments or receive money outside the app, so you can easily detect scams or fake users.
4. Invite-only groups
Every Bloom Circle is only accessible by members you’ve invited. Whoever you want to save money with — friends, family, colleagues — you can invite up to ten people to join your Bloom Circle.
5. FCA regulation
Bloom Money, operating under Bloom Group Holding Ltd., is registered in England and Wales with its registered office at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ.
Bloom Money is not a regulated entity, however, our financial operations are conducted through [our subsidiary company,] Finance for All Limited (Company No. 13175384) and we partner with AF Payments Limited, an authorised Electronic Money Institution.
AF Payments Limited (AF Payments) is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (EMRs) with Firm Reference Number 900440 for issuing electronic money and payment instruments.
As an Electronic Money Institution, AF Payments is required to adhere to the regulatory standards set by the FCA, ensuring that customer funds are safeguarded, although they are not protected by the Financial Services Compensation Scheme (FSCS).
The FCA is designed to make sure financial products and markets are fair, honest, and competitive.
6. GDPR compliance
We’re committed to complying with all the requirements set out in the UK GDPR. That means we have systems in place to protect your personal data as well as your money, and we’ll never share your personal data with any other party unless you give us permission.
Why are these safety measures important?
These money app safety measures are essential. Here’s why:
- Avoid becoming a victim of identity theft or fraud. As well as being a serious headache to sort out, fraud can damage your UK credit score and cause problems when you come to borrow money or open a savings account.
- Don’t lose money. Falling victim to fraudulent activity can result in lost money if scammers are successful. Strong anti-fraud measures can help protect your money.
- Keep your traditions safe. Bloom is all about promoting traditional finance methods. With these safety measures, you can move your rotating savings club online without worrying about carrying cash or tracking payments.
- Protect your privacy. Nobody wants their private information to end up in the wrong hands. Keep your information secure by using an app that takes care of your data.
More ways to protect your money
While we do everything we can to keep your Bloom funds safe, there are ways you can protect yourself from fraud and theft, too:
- Create strong, unique passwords. If you find it tricky to remember complex passwords, consider using a reliable password manager.
- Use multifactor authentication wherever possible. That means you need to use at least two sign-in verification methods (e.g. password and email or phone verification).
- Keep an eye out for suspicious activity. Automated systems can help with this, but to be on the safe side, it’s a good idea to check your accounts regularly for any transactions you don’t recognise.
- Learn to recognise phishing scams. Phishing scams aim to make you reveal sensitive information, such as passwords or PIN codes. Learn how to recognise phishing emails and texts.
- Use secure WiFi networks. Sometimes people can steal information over unsecured networks. Don’t share or access sensitive data on public WiFi.
- Check your UK credit report. Fraudulent activity will show up on your credit report, which can help you establish if you’ve been the victim of fraud.
Keep your money secure with Bloom
Using Bloom is a great way to keep your money club secure while you keep your financial traditions alive. Use Bloom to manage your money cluband make your circle a safe, supportive place to be.
Learn how Bloom works to find out more.