[al3x]

Hi, cofounder of Simple here.

We're in the same position that your current bank is in when it comes to fraud and theft: we're insured for it, and we follow industry-standard practices when something bad happens.

Most likely, what would happen is:

1. You realize that your account has been compromised. 2. You call us up. 3. We investigate your claims with our partners. 4. You get reimbursed. 5. If there was a security flaw on our side that we can fix to prevent this from happening in the future, we do so.

We have a comprehensive security review process and participate in internal and external (third-party) security audits. We're also taking steps to make it more difficult for attackers to compromise your account through multi-factor authentication and other mechanisms.

If you have any other questions about our security practices, please contact us: [e-mail] or [e-mail].

[ohyes]

Thanks for responding,

So when you say you aren't a bank, you really do follow many standard banking industry practices (at least in terms of security/insurance).

I think it is important that you show this when advertising a service like this to possible customers.

I appreciate the importance of keeping the pitch simple, but for me, I act a little more cautiously with my money than I would signing up for a new social network or something of that nature.

I want to be able to read all of the fine print and know exactly what recourse/assurance I have, before I fill out an application. Having it spelled out somewhere is important. Perhaps I simply couldn't find that part of the site, (but even if that is the case), any security guarantees might be worth putting front and center.