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ChatGPT recently introduced a new personal finance feature on its platform, which allows users to connect their bank accounts and financial data to AI. The company claims that this feature will help users understand spending, saving, investing and budgeting better.

However, as soon as the feature was launched, questions started being raised regarding data security and privacy. Many tech experts and cyber security analysts believe that linking such sensitive banking data to an AI platform could prove risky.

How will AI track users’ money?
Under the new update, ChatGPT will connect to the user’s bank and financial accounts and analyze information like expenses, savings, investments and loans. After this, AI will give personalized suggestions and reports to the users.

A new finance dashboard has also been provided with this feature, where users will be able to see a real-time view of their expenses and financial activity.

Fear of data leak and cyber attack
Although OpenAI has claimed that user data will remain safe and the data will be deleted within 30 days of disconnecting the account, but cyber experts do not consider it completely safe.

According to experts, when a user connects information like his bank accounts, transaction history and investments to an AI system, the risk of data leaks, hacking and cyber attacks may increase.

Additionally, the feature is currently doing banking integration through third-party platforms like plaid, further increasing concerns about data sharing.

What should users keep in mind?
Tech experts say that users should be careful while using any AI-based finance tool.

• Connect only trusted accounts
• Keep two-factor authentication on
• Understand the risks before sharing sensitive banking information
• Check connected apps and permissions from time to time

Currently available in America
This new finance feature of ChatGPT is currently made available to Pro subscribers in the US. The company says that it can be extended to more users in the coming time.

However, amid the increasing use of AI, the debate has now intensified as to how much risk users are putting their privacy and financial data in exchange for convenience.