How to Maintain Privacy and Security When Using Fintech Applications
October 13, 2022
It’s no secret that consumers are moving towards online transactions, and even more so since the start of the COVID-19 pandemic. Research published by the Swiss Finance Institute found that with more time spent at home the daily average rate of Fintech app downloads increased from 29.2% to 32.8%. In the past few years alone, we have seen digital banking platforms encouraging their customers to pull away from traditional banking firms and embrace new technology with better incentives like lower fees and improved customer experience.
According to the 2021 Fintech Report, Fintech has now reached mass adoption–with 88% of U.S. consumers now using digital apps and services to manage their finances. It’s also important to recognize that the driving force behind this historic growth and mass adoption is the implementation of new and emerging technologies. For example, the use of technologies like artificial intelligence and blockchain have vastly improved security, customer experience and much more.
Although Fintech has seen a surge in growth and adoption, it still comes with restraints. Customer privacy and security is a top concern for both the consumer and the FinTech company. Fintech companies collect a large amount of data that include bank credentials, credit card numbers, and other financial records. They also collect data on your digital footprint which, among other things, consists of your spending behavior and social media patterns. With the large amount of data Fintech companies collect, security is and should be a priority.
Mobile applications bring us convenience and access to all important aspects of our life – that includes financial management. Because of the very nature of Fintech apps and the personal information they access, it will always be a high priority target for cybercriminals. Proactively securing your mobile device, including applications against cybercriminals, can easily be done to protect consumers.
With much of our daily lives being online, FinTechs have seen increased fraud and cybersecurity risk. The industry is ever-evolving and although it may seem impossible to keep up, we are here to help give you the peace of mind you need and deserve when it comes to app security.
By incorporating new security technologies like Q-Scout from Quokka, financial institutions can continue to improve the risk score and security of their mobile apps and ward off malicious entities. Implementing a solution like Q-Scout helps protect you from major security issues that can result in data loss, data breaches, malware injection, hacking of accounts and abuse of cloud services.
At Quokka, we make it easy, with ahead-of-the-curve security that’s proactive, positive and built to find and fill security gaps in the work-and-live-anywhere world. Q-Scout is meant for both the consumer and enterprise, delivering results that discover vulnerabilities all the way to specific lines of code. Q-Scout gives you the confidence that comes when you know every base is covered.