Security News > 2021 > February > How consumers protect sensitive information when using FinTech apps

42% of global consumers use a free FinTech app or platform.

The research reveals interesting findings about how consumers protect their sensitive information when using financial technology applications.

These results shed light on the actions consumers around the world are taking - or are not taking - to protect themselves and their finances, and that many may be vulnerable to cyberthreats as a result.

48% of all consumers do not use a VPN, and 42% of consumers log in to their financial applications on public Wi-Fi. Even among the 1 in 5 consumers worldwide who rate themselves as advanced in tech proficiency, 31% do not use a password manager.

At the same time, for "FinTech non-adopters", this percentage goes down to 85%. This could indicate that the consumers who are more interested in utilizing FinTech applications are more conscious of taking cybersecurity precautions when it comes to their personal finances.

Commenting on the results, Ignacio Sbampato, chief business officer at ESET, said, "Protecting consumers' sensitive and financial data has never been more important. Financial technology has a role to play on the journey to personal and societal economic recovery, and it is vital that FinTech solutions and their users are adequately protected."

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