Personal finance and mobile banking apps are among the highest used mobile apps. Yet, despite high adoption and use, consumers remain wary.
New research by Norton, Symantec’s consumer security business, looked at consumer perceptions of mobile security finding that consumers would be drastically more upset if a stranger were to obtain access to a mobile banking app than an app-controlled connected device (even a baby monitor or home entry system).
In January 2016, Norton scanned the approximately 25 million Android apps in our database. 40 percent of the 94 app stores we scanned exhibited malicious behaviour. They identified more than 9 million malicious apps and found more than 16 million apps with potential privacy or intrusive behaviours. These apps can send sensitive information from your phone, including your account and device details, browser history, location and call logs from the device without encryption. The intrusive behaviours include adding browser favourites, putting up big banner ads, or changing desktop images or ringtones.
- 36% of UK consumers use personal finance/banking apps
- 52% of people in the UK would be most upset about having their financial information compromised, compared to just 2% who are worried about connected home appliances
- This means that nearly half of UK consumers don’t seem to care about their personal banking information being hacked, or they are less concerned about financial hacks than other information being compromised.
- However, for nearly 10% of UK smartphone users there is not a single thing a hacker could take from their phone that would upset them
- This includes text and voice messages, pictures and videos, even health and location tracker data
Kevin Haley, Director of Security Response, Norton said: “Consumers see smartphones as devices they talk to friends with and check on social media. They use it to easily manage their money. They don’t think anything bad could happen on a smartphone. The point is not to panic, nor is it to stop using these devices. Mobile apps and IoT devices aren’t going away. We want the people who are not concerned about hacking to understand the risk.”
Further details about the research and top tips on how consumer can stay safe online could be found here: http://uk.norton.com/norton-blog/2016/02/mobile_apps_and_iot.html