GAUGING THE MARKET fact , with 7 % more people using mobile banking in the last 12 months ( 60 % up from 53 %) this could likely translate to millions more people using banking apps with their finances . However , this convenience comes with a price – cybercriminals are drawn to the lucrative potential .
“ A rise in popularity highlights the need for robust mobile app security with consumers are increasingly aware of the risks . For example , nearly all consumers surveyed ( 99.5 %) demand comprehensive protection across mobile apps – from secure logins to safe data storage and transit , along with robust anti-fraud measures . The financial institutions that prioritise proactive security will be the ones that come out on top . To do so , financial institutions must focus on proactive mobile app protection . For instance , all banking apps should gather real-time data to help mitigate social engineering attacks , intervening within the app to prevent fraudulent transfers . Similarly , constant location data monitoring can identify spoofing tactics . These are the types of proactive measures to safeguard user data and prevent financial losses .
“ Banking and payment apps need to lead with their front foot and implement robust protections to ensure they meet standards , like the FCA ’ s Business Plan . By implementing these robust protections , banking and payment apps not only meet regulatory standards but also foster trust , leading to safer banking and loyal customers .” � www . intelligentfin . tech
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