1. Acknowledgment of Risks

The Client acknowledges that by opting not to update their iOS to the latest version, he/she understand and accept the following risks:

I. Security Risks

For users of the OwnBank app, this heightened risk means that personal banking information, transaction details, and other sensitive financial data could be exposed or intercepted. Furthermore, below IOS 14 and Android 11  versions often fail to support modern encryption standards, which are essential for protecting data transmitted through the OwnBank app, such as login credentials, account balances, and transaction records. This weakened encryption exposes your digital banking activities to potential interception and unauthorized access.

II. Data Breach Risks

Outdated iOS and Android OS versions significantly increase the likelihood of personal data being compromised. Sensitive information stored or accessed via the OwnBank app—including passwords, financial records, transaction histories, and personal identifiers—may be stolen or exposed due to the lack of adequate security measures on unsupported devices. Cybercriminals may exploit vulnerabilities in outdated iOS versions to gain unauthorized access to your OwnBank account, potentially leading to severe consequences such as unauthorized financial transactions, fraudulent account activity, or theft of funds.

These risks also heighten the possibility of identity theft, where attackers can use stolen information from the OwnBank app to impersonate the user, commit fraud, or access other personal or business accounts. The repercussions of such breaches can include financial losses, reputational harm, damage to credit scores, and the need for extensive recovery efforts to regain control of your accounts and secure your identity. As digital banking evolves, these risks grow exponentially for users of outdated systems, emphasizing the importance of maintaining an up-to-date iOS version to safeguard your OwnBank app usage.

III. Compatibility Issues

Using the OwnBank app on outdated iOS versions can result in significant application-related challenges that may impact the overall banking experience. The OwnBank app is optimized for the latest iOS versions, meaning unsupported devices may encounter functionality issues, frequent crashes, slower performance, and limited compatibility with the app’s essential features.

Key services within the OwnBank app—including but not limited to secure online banking, real-time fund transfers, wealth management—are particularly vulnerable to disruptions. Users may face errors during critical transactions, delays in processing, or restrictions on features like authentication.

Additionally, users of outdated iOS or Android OS versions may be unable to access newer functionalities introduced in the OwnBank app to enhance usability, security, and productivity. These include advanced fraud detection systems, enhanced privacy tools, and seamless integrations with other financial platforms or devices. These limitations not only degrade the banking experience but may also lead to broader challenges, such as inefficiencies in managing finances, compromised account security, and reliance on outdated workflows that lack modern safeguards.

IV. Performance and Usability Risks

Using the OwnBank app on an outdated iOS or Android OS version can significantly impact its performance and usability. Older systems often experience slow response times, frequent crashes, and freezes when running modern applications like OwnBank, which are designed to operate seamlessly on updated platforms. These performance issues can hinder essential banking activities, such as viewing account balances, making transactions, or accessing time-sensitive financial tools.

Moreover, outdated operating systems pose increased maintenance challenges. When technical issues arise, the limitations of an unsupported iOS version may prevent the OwnBank technical team from diagnosing and resolving problems efficiently. Compatibility issues, lack of access to modern diagnostic tools, and the inability to implement certain fixes on outdated systems can lead to prolonged downtimes or unresolved issues, further degrading the user experience.

V. Support Limitations

Devices running outdated iOS or Android OS versions are subject to reduced technical support from the OwnBank team. As these versions lack compatibility with modern tools and updates, the technical team may find it challenging or impossible to troubleshoot problems effectively. Key services such as restoring access to accounts, resolving login errors, or fixing app crashes may be hindered due to the inherent restrictions of outdated systems.

As technology advances, the resources allocated to supporting older systems diminish, leaving users of unsupported devices with limited options for assistance. This reduction in support capability could delay issue resolution, compromise the security of your financial activities, and reduce the overall reliability of the OwnBank app. To ensure continued access to timely and effective support, updating to the latest iOS version is strongly recommended.

VI. Client Responsibilities, Indemnification and Waiver

a. The Client agrees to take full responsibility for safeguarding their device, data, and accounts.

b. The Client agrees to indemnify and hold harmless the Bank, its employees, agents, and representatives from any claims, damages, losses, or liabilities resulting from their decision not to update their iOS.

VII. The Bank disclaims any liability for:

a. Data breaches, unauthorized access, or loss of personal information.

b. Malfunctioning or incompatible apps, services, or features.

c. Financial losses or damages caused by cyberattacks, fraud, or identity theft.

d. Device performance issues, including hardware or software malfunctions.

IV-B. While the Bank is not liable for issues caused by the Client's decision, it will:

a. Provide general guidance and recommendations for mitigating risks where possible.

b. Assist with troubleshooting within the limits of what is feasible on an outdated operating system.

VIII. Term

a. This Agreement remains in effect until the Client updates their device to the latest supported version of iOS or discontinues using the unsupported device

By Clicking this Agreement, the Client confirms that he/she:

1. Has read and understood this Agreement in its entirety.

2. Accept full responsibility for the risks associated with their decision not to update their iOS.

3. Release the Bank from liability for any issues arising as a consequence of their decision.

4. The Client acknowledges that by not updating the iOS or Android OS version, they are exposing themselves to heightened risks and reduced functionality when using the OwnBank app. To ensure the best possible banking experience and maintain the highest level of security for their financial data, the Client is strongly encouraged to update their device to the latest iOS or Android OS version supported by Apple.

5. The Client agrees that the Bank assumes no liability for issues arising from the use of the OwnBank app on an outdated iOS or Android OS version, including but not limited to data breaches, compromised account security, transaction errors, or app malfunctions. The Client accepts full responsibility for the risks outlined above and understands the critical importance of staying up to date with system updates to secure their digital banking experience.