What is Ripsaw®?
Ripsaw® is a place where you take control of the most important aspects of your financial life! Ripsaw is a user-friendly set of tools for do-it-yourself, efficient wealth management. It is also a device to monitor your investment advisor.
Why is it important that Ripsaw® is an independent platform?
Ripsaw® is not and never intends to be a financial advisor. Our fundamental premise is that you are the best person to be ultimately responsible for your wealth decisions. Our independence means we only seek to provide you with the software and tools and have no influence on or incentives to push anyone to any particular investments.
What is Do-It-Yourself (DIY) Investing?
According to investopedia.com Do-it-yourself (DIY) investing is a method and strategy in which retail or individual investors choose to build and manage their own portfolios. Do-it-yourself investors commonly utilize discount brokerages and investment account platforms as opposed to full-service brokerages or professional money managers. Ripsaw® Wealth Tools enables DIY investors with a suite of flexible wealth mangement tools.
Where is the Ripsaw® platform hosted?
Ripsaw® uses Amazon Web Services (AWS) for our Software as a Service (SaaS) subscription platform. With the industries best technology and security, AWS allows us to keep all data secure and quickly scale our resources as needed.
How is your data secured?
We employ encryption, through AWS key management system of your data through AWS security. AWS KMS is a managed service that enables you to easily encrypt your data. AWS KMS provides a highly available key storage, management, and auditing solution for you to encrypt data within your own applications and control the encryption of stored data across AWS services.
We do not store any passwords in plain text. All passwords are encrypted in our database. This makes it impossible for nefarious use of your password in the case of a breach.
Do you support Two-Step Authentication?
Ripsaw® supports two-step authentication via email which can be enabled in your profile's security settings.
How does Ripsaw protect my personal information protected and who has access to user data?
Only Ripsaw staff has access to a subset of your data (Data for manual accounts and user profiles which is stored in AWS) which does not include Credit Cards or account credentials for diagnostic purposes. See “How do we assure our users that their credentials are safe?” for how connect account credentials are managed. We do not sell any data to third parties.
Credit card payments for your Ripsaw subscription are processed through Stripe, an industry leading payments processing platform. We do not hold any credit card information.
How do we assure our users that their financial institution credentials are safe?
With strong partnerships for account data aggregation and connections and to keep your credentials safe, we use Envestnet | Yodlee who maintains bank level security and is audited like a bank. The credentials stored are hardware encrypted using FIPS 140-2 level 2 HSM and the keys used for encryption cannot be accessed by anyone, including Envestnet | Yodlee employees. However, customers have the ability to unregister/delete a user or delete a provider account (user’s provider credentials) via an API that deletes all sensitive information of the user.
What can the Ripsaw platform do with your financial accounts?
Our connections through our partners to your accounts are all read-only. Meaning in no circumstance can anyone touch your money. In the event that your Ripsaw account is ever compromised, our application design ensures that you are still safe. All account numbers are obfuscated. There is no way to move your money to or from any accounts you link to our platform. Neither can anyone else. After linking your accounts, your credentials are stored at Envestnet | Yodlee and are only ever sent directly to your financial institution. Ripsaw never sends your credentials to anyone besides Envestnet | Yodlee directly. Ripsaw never records the credentials anywhere.
How can you hide accounts?
In the “Manage Insitution Connections” tool you can choose which accounts at each insitution to include within Ripsaw®.
How do you delete accounts?
In the “Manage Insitution Connections” tool you can expand an institution and use the “Remove Connection” button to delete connected accounts. For manual accounts go to “Manage Manual Accounts” and in the account’s form there is a button to “Remove Account”.
How can you relabel account names?
In the “Manage Insitution Connections” tool you can change the dispaly name of accounts.
How can you change your password?
In the Profile under the User menu.
How can you enable and manage two-step authentication and devices?
In the Profile under the User menu.
Where can you find more information on how to use Ripsaw?
In the “Help” menu you can access the “Getting Started” center, Tutorials, Tour, FAQs, and contact support.