Example Of Mint.Com Essay
Type of paper: Essay
Topic: Banking, Mint, Credit Card, Finance, Credit, Crime, White Collar Crime, Card
Mint’s revenue model is based on lead general referrals. In this case, the company makes money by connecting its customers to numerous financial institutions across USA and Canada. It is paid depending on the credit card offers, reporting, account brokerage, as well as insurance and mortgage. The company helps its customers to track the credit cards, loan transactions, bank transactions, and balance from single user interface. Acting as an intermediary in all these transactions necessitates a commission from the financial institutions payable to Mint.com. The more access is done through the company’s user interface, the more commissions it gets from the financial institutions
There are various risks of giving one’s credit card number, debit card number and even bank account numbers to mint.com. With the increasing fraud cases masterminded from the knowledge of one’s financial details, giving one’s details might put one at the risk of such fraud and identity theft. Criminals may impersonate one and make duplicates of the credit cards, debit card as well as ATMs that they can use to access the accounts. Such happens if the data falls into the wrong hands during transit, i.e. the time one is sending the data to mint.com, or someone may hack the detail stored in mint.com and, therefore, gain access to the detail. Identify theft is one of the common crisis across the world. Identity theft is done by accessing of personal details that one gives willful or inadvertently. One may lose money through direct withdrawals in case the ATMs are forged, or even have the debit and credit cards used in various shopping malls in the name and account numbers of the victim. In addition, some criminal may apply and get loans from financial the institutions using the name of the victim who would then be required to pay.