Why Smartphone Users Are Reluctant To Use Bank Apps?

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Really, it’s the matter of concern that users’ trust are deteriorating from their Smartphone day-by-days. Increasing online activities of hackers and unprecedented growth of malware have threatened the platform to use. At present, users are always annoyed with secured data accessing and sharing on their mobile device and really it’s the big challenge for them. Recently, a report has revealed that Android reported 3,325% malware growth in the last year compare to the prior year. You might think how pathetic to use Android platform ? According to another report, about 7.12 million Smartphones devices were affected with malicious attacks in the last year, and indeed, it’s a matter of consideration.

Presently, hackers are more targeting to platforms which have higher number of users such as Android and iOS. However, iOS platform is somewhat secure but it’s on the hackers’ cardinal target. In addition to these, these hackers are also more emphasizing on ‘Small Businesses’ due to their ignorance or less consciousness towards security concern. However, large businesses are quite sincere towards security that’s why, they are reluctant to use of Smartphone by their employees at the workplace.

Executive director of the San Francisco nonprofit Identity Theft Council– O’Farrell– said, “I don’t use banking apps for my phone. Eight out of ten mobile banking apps have security flaws, but Apple and the banks don’t want you to know that. I’ll wait another 20 years to stick my toe in that pond.”

You might have heard about numbers of horror stories related to small business (those were hacked). O’Farrell explained how a small escrow company lost its half a million dollars (drained from the company’s account by hackers ) after clicking on a bogus UPS email notification by its two employees. Undoubtedly, for a little fault of the employees, the company had to pay such a huge amount.

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An increasing number of hackers and malwares have sparked out a serious discussion on the mobile device security. Currently, Google Play is going to take some effective measures to reduce malware attacks. At present, number of directives are available in the market, which suggest users to download the apps from some trusted sources.

Security risk increases when users access their device online especially for responding their emails and downloading the apps.  Installing an updated anti-virus software on device is a smart idea, but it has not yet received a desire attention from manufacturers. At present, 8 out of 10 mobile bank apps are vulnerable in the security concern and really, it’s tough for users to trust on these mobile apps.

Recently, we have discussed that 49% Smartphone users (respondents during survey in four countries) are reluctant to use their mobile device for banking purpose due to security concern. There’s a demand of strong laws–which are currently very liberal–against these hackers. Lots of legal maneuvers are around, which help the hackers to escape out from legal cavity. Really, the matter should be discussed globally and a rigorous law should be framed in order to reduce security risk on mobile devices.

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