ESET, a global leader in the cybersecurity market, revealed that 42% of customers globally use a free FinTech application or platform. Of these, 50% do not know if the Apps resell their data. ESET analyzed the topic of data security in the consumer segment as part of its global FinTech research, which involved a sample of over 10,000 consumers in the UK, US, Australia, Japan and Brazil. Interviewees were asked a series of questions on the topics of FinTech and cybersecurity. The research revealed interesting results on how consumers protect their sensitive information when using FinTech apps. The sample was asked to rate their technological competence (basic, intermediate, advanced) to provide further information.
Research shows that, in addition to the large number of customers who don't know if their data is being sold, only 31% of people say they read the terms and conditions of use of a FinTech App before downloading it, and only 29% read the privacy policy. These findings show the actions consumers around the world are taking – or not taking – to protect themselves and their finances, and consequently their vulnerability to cyber threats.
Almost half (48%) of the total do not use a VPN and 42% access their FinTech Apps from public Wi-Fi. Even among consumers who define themselves as technologically advanced (1 in 5), 31% do not use a password management system. Interestingly, of the 22% of respondents who fall into the “FinTech user” classification, (those who use 4 or more financial apps), 93% have security software installed on some devices. At the same time, for those who do not fall into this classification (i.e. those who use one to three FinTech Apps), the percentage drops to 85%. This could indicate that consumers who make extensive use of financial apps are also more aware and attentive to cybersecurity when it comes to their assets.
In commenting on the results of the investigation, Ignacio Sbampato, Chief Business Officer of ESET said: "Protecting consumers' sensitive and financial data has never been more important. Financial sector technologies play a vital role in the path to individual and social economic recovery, and it is crucial that this segment's solutions and their users are adequately protected. The results of our research into user habits towards security reveal that many people may be vulnerable to cyber risks and it is our job to ensure that users' most valuable information is protected with cutting-edge security software."
Learn more about ESET and research his https://www.eset.com/int/about/newsroom/
