FinTech; Do you know if the application sells your data?
42% of consumers worldwide use a free FinTech app, but half of them do not know if the app sells their data, ESET survey reveals
ESET reveals that 42% of consumers worldwide use a free financial technology application or platform (FinTech). Of these, half (50%) do not know if the application they are using sells their data.
ESET investigated the issue of consumer data security in the Global Financial Technology Survey (FinTech), which involved 10.000 consumers in the United Kingdom, the United States, Australia, Japan and Brazil.
The research reveals interesting facts about how consumers protect their sensitive information when using FinTech applications.
The findings shed light on measures taken - or not taken - by consumers around the world to protect themselves and their finances, and that many of them may be vulnerable to cyber threats. According to the research:
• Almost half (48%) of consumers do not use VPN (Virtual Private Network) and 42% of consumers connect to applications via public Wi-Fi network.
• One in five consumers internationally estimate that they have advanced technology knowledge. Nevertheless, even of them, 31% do not use an application to manage passwords.
Interestingly, of the 22% of respondents who can be considered "FinTech adopters" (those who use four or more FinTech applications), 93% have security software installed on at least some of their devices.
At the same time, for "FinTech non-adopters" (those who use one to three applications), this percentage is reduced to 85%. This could mean that consumers who are more interested in using FinTech applications are taking more cyber security precautions when it comes to their personal financial data.
Commenting on the results, Ignacio Sbampato, ESET chief business officer, said:
"Protecting consumers' sensitive financial data has never been more important. Financial technology can play an important role in the path of personal and social economic recovery and it is vital that the FinTech solutions and their users are adequately protected. Our findings on consumers and their attitudes towards data security reveal that many people may be vulnerable to cyber threats and our mission is to ensure that the most valuable information of technology users is protected by advanced security software. "
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