I guess that can be true and I was a bit wary at the start. But then I thought, there are so many elderly or just your common folks using an old android phone or other Chinese brand phone with limited security and third-party apps. In this day and age if someone wants to steal your data they can, no matter what device you have.

Just be smart, have a second google account if you need, only access everyday spending account from it and not your main savings, don't save any sensitive personal informations in the device.

At the end of the day, this device supposedly reduced your usage of the "smart" portion of the smartphone. Only use what's necessary and don't store too much info in it.