Security First.
Passwords and bank details are sensitive data and, naturally, you may have reservations about storing them on the internet. Data security is at the forefront of Closure design, and we achieve this through thorough encryption and following industry best practices.
Encryption.
Encryption is the act of shuffling data in a way that it becomes unreadable, or inaccessible. Like a locked door, the only way to access the data is with a key.
Decryption is the opposite, the key is used to decrypt the data. Therefore, encrypted data can only be read if you have the key.
Upon setting up your Closure account, you provide the key which is then used to encrypt your data, and decrypt it only when necessary. With this system, Closure can only read your information if it has your secret key, so your data is only availabe to you when you want it.