How Secure & Safe are Mobile Finance Apps?

Mobile apps have made our life faster and easier. The whole credit goes to the mobile apps developers who use their proven technical skills and come up with many different types of mobile apps, which provide you with all relevant information at just your fingertips, and that too based on your needs. Whether you use mobile phones, tablets, or other mobile devices, you can get all the information anywhere, anytime.

Fully compatible with multiple mobile application platforms, all these apps are easy to use and operate. Just as they are best fit to provide you with all relevant information likewise they also work best for any business today. It helps almost all types and sizes of businesses in getting and retaining their customers. In today’s web-friendly world, when any customer starts searching for any service or product, he/she simply goes to the World Wide Web where he/she can find your online presence and can download the available app on your website to his/her devices.

Today, if you want to sustain, survive and last long in the business world, it is important for you to have a mobile finance app so that your customers can access you anywhere, anytime.

Some of the key benefits that a mobile finance app provides you are that it helps in:

  1. Increasing exposure across mobile devices
  2. Connecting you with on-the-go consumers
  3. Increasing your accessibility
  4. Increasing your visibility
  5. Reinforcing your brand
  6. Increasing sell-through
  7. Building loyalty

A general perception says that almost 80% of finance app users believe that the mobile finance apps like banking apps or Google wallet, level up, wallet apps on iPhone are safe. However, according to a survey, which was carried out by the Consumer Research Section of the Federal Reserve Board’s Division of Consumer and Community Affairs (DDCA) , it was found that 38% of people who took part in the survey were concerned about the safety of mobile payment and out of the 2,291 respondents, only 9.4 people found mobile finance apps safe and secure.

The question is palpable enough because as per the popular belief, using a mobile finance app is like welcoming hackers to rob you off effortlessly.

On the other hand, the 5th Annual State of Application Security Reports by Arxan say that the majority of health and finance apps are vulnerable in the context of critical security. The research was conducted in 4 countries like the US, UK, Germany, and Japan) and the result of this study was so horrifying that it led the mobile finance app to think if they should use these types of finance apps or not. The report says that:

  • Most people are unaware of the security and safety of their mobile finance apps.
  • The consumer believes that their apps are safe against the real picture.
  • The safety risk is real and the impact is significant.

The wide disparity between the consumers’ confidence and the exposed risk of mobile finance apps are perturbing.

The horrendous data

  1. 90 percent of mobile health and finance apps tested by Arxan, as a minimum, had 2 out of Open Web Application Security Project Mobile Top 10 Risk.
  2. 59 percent of the tested Android mobile finance apps had no less than 3 OWASP Mobile Top 10 Risks while the data of the iOS apps are entirely atrocious. It says almost all financial apps of iOS that were tested by Arxan had in any case 3 risks.
  3. The percentage of apps, having a lack of binary protection, was up to 98 percent.
  4. 83 percent of apps had unsatisfactory transport layer protection.

Binding Up

While the safety of mobile finance apps is a matter of concern, yet it is quite clear from the recently developed mobile apps that app developers don’t take much pain when it comes to providing security for the mobile financial apps. The organizations today make use of apps to attract customers, but the dire consequences of these apps are completely ignored.

Although banking in the robust mobile app security is a smart technology, but security threat has opened doors for the hackers. The result is depressing, but consumer awareness is the only key to force app developers to come up with a secure gateway for the finance apps or decline such finance apps that are popular, but cheating consumers through their false claims of safety and security of these apps.


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