"Wave presents a moderate-to-high privacy risk score of 56, primarily due to collection of extensive financial data (income, expenses, bank/credit card information) and sharing with multiple third-party processors under separate terms. The addition of Facebook pixel tracking for behavioral analysis and unclear data retention/opt-out policies further elevates risk. While not as aggressive as ad-tech platforms, Wave's handling of sensitive financial information warrants careful user attention."
waveapps Privacy Concerns & Scorecard
Wave collects extensive financial data including income records, expenses, receipts, invoices, payment information, payroll data, employee/contractor information, bank payment details, and credit card information. This represents multiple sensitive financial data types that could enable identity theft or financial fraud if compromised.
Wave shares sensitive financial data with multiple third-party payment processors (Stripe, Adyen) and payroll service provider (CheckHQ). Each processor operates under separate terms of service, fragmenting privacy responsibility and creating multiple points of vulnerability for sensitive financial data.
Wave implements Facebook pixel tracking on its platform for conversion tracking and behavioral analysis. This enables cross-site tracking of user behavior and targeting based on financial activity patterns.
Wave's data retention policy is not clearly specified in the available policy segments. The policy references an external PDF document for complete details, creating uncertainty about how long sensitive financial data is retained and whether users can request deletion.
The privacy policy is incomplete and segments are referenced in external documents. Opt-out mechanisms for advertising tracking are not specified in the reviewed portion. Users must contact Wave directly for privacy practice clarification, indicating limited transparent control options.
No recommended actions at this time.
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Why We Analyzed waveapps
TrueTerms automatically audits privacy policies and data practices using advanced machine learning to keep you informed and protected. This scorecard is based on the latest available public terms of service and privacy policies as of 2026.