Could these ‘free’ financial apps be stealing your data? Autonomous finance
Fintech app users may be getting into more trouble than they expected by using free services that sell on their data, a new report has revealed.
Research from security firm ESET found that fintech apps were more likely to sell on user information than services from other sectors, with 50% of consumers saying they did not know what the app did with their data.
This is despite nearly half (42%) of 10,000 global consumers surveyed by ESET saying they used a free fintech application or platform.
Security risk
The report also found a worrying lack of oversight from consumers when using such apps, with only 31% of people say they read the terms and conditions of a fintech application before downloading it, and only 29% reading the privacy policy.
ESET notes that this is symptomatic of the wider fintech app user base, as it found almost half (48%) of all consumers do not use a VPN, and 42% of consumers said they would log in to their financial applications using a public Wi-Fi network.
Even the users who claimed to be adept at such services (so-called “Fintech adopters” – those who were use four or more FinTech applications) showed a number of shocking security lapses, with 7% not having any security software installed on their devices.
“Protecting consumers’ sensitive and financial data has never been more important,” noted Ignacio Sbampato, chief business officer at ESET.
“Financial technology has a role to play on the journey to personal and societal economic recovery, and it is vital that FinTech solutions and their users are adequately protected. Our findings about consumers and their attitudes to data security reveal that many people may be vulnerable to cyber risks, and it is our mission to ensure that technology users’ most valuable information is protected with cutting-edge security software.”
Fintech app users may be getting into more trouble than they expected by using free services that sell on their data, a new report has revealed. Research from security firm ESET found that fintech apps were more likely to sell on user information than services from other sectors, with 50%…
Recent Posts
- NYT Strands today — hints, answers and spangram for Wednesday, May 15 (game #73)
- Android apps will soon let you use your face to control your cursor
- Meta will shut down its Teams competitor Workplace next year
- Watch the Google I/O 2024 Developer keynote live
- Google might’ve just teased its new Smart Glass project but don’t call it Google Glass
Archives
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- December 2011