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The bank’s app may be selling your data, says study

The ESET security agency reported, through a press release, that despite the security solutions home banking as bank applications that you may already have on your Android or iOS smartphone are becoming increasingly popular, a good portion of users do not know whether these apps sell their data or not. At stake are the small pieces of information, or date.

The new study by this organization shows that a total of 42% of users of computers and mobile devices worldwide already use a free FinTech application. A home banking, credit card management, etc. app, but half do not know if this app sells their data.

Banking applications are increasingly popular on Android and iOS


According to ESET, the study was global in scope, based on the survey format and involved more than 10,000 users in the United Kingdom, USA, Australia, Japan and Brazil. It is, therefore, a very significant sample.

The responses to the study showed interesting data on how consumers protect their sensitive information when using these types of applications. At stake are the bank’s apps for mobile devices.

The study shows that, in addition to high number of consumers who do not know if their data is being sold, only 31% admitted to having read the “terms and conditions” of a FinTech app before installing it. Furthermore, an even smaller percentage (29%) read the “privacy policy” of the bank’s application.

Fintech covers mobile homebanking apps and solutions

These results show what actions users around the world are taking (or not taking) to protect themselves and their finances – and that, as a result, many of them may be vulnerable to cyber threats.

Thus, almost half of all respondents (48%) do not use a VPN. Even more serious, 42% log into their financial applications on public Wi-Fi access points. And, even among the 20% of those who consider having an “advanced” digital proficiency level, about one third (31%) do not use a password manager.

Also interesting is the fact that, among the 22% of respondents classified as “FinTech adopters” (those who use four or more apps of this type), 93% have security software installed on at least some of their devices. However, among so-called “FinTech non-adopters” (those using only between one and three apps), this percentage drops to 85%.

This fact may indicate that consumers who are most interested in using FinTech apps are also the ones who are most aware of the dangers and take cybersecurity precautions with regard to their personal finances.

4gnews editors recommend:

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