London, UK – ESET, a global leader in cybersecurity, reveals that almost three-fifths (56%) of consumers in the UK use some form of FinTech app or platform. However, less than one in ten – just 8% – strongly feel that the quality of information available on the potential risks related to the usage of FinTech applications, such as digital wallets, budgeting apps or e-trading apps, is adequate.
ESET has explored the topic of FinTech app usage in the consumer segment of its global financial technology (FinTech) research, surveying 10,000 consumers across the UK, US, Australia, Japan and Brazil. The survey explores consumer habits and attitudes toward FinTech applications and their perceived risks, and the responses reveal the level of interest in FinTech platforms from consumers in light of the social changes propelled by COVID-19.
The research reveals that 57% of people worldwide are now using online or mobile banking more frequently, compared to 45% in the UK, where 89% of consumers now manage their bank accounts online. In fact, one in five 25-34 year olds in the UK (22%) has started using an exclusively online bank since the introduction of COVID-19 lockdowns. However, less than one in eight UK consumers are more interested in managing their finances now (12%), significantly lower than the global average of one in five (21%).
Nonetheless, use of FinTech applications has grown significantly due to the impact of coronavirus in the UK. One in ten 25-44 year olds (9.3%) has started using FinTech platforms more often or for the first time due to the lack of access to physical banks during COVID-19 lockdowns. Now, nearly two-fifths of consumers (39%) use between one and three FinTech apps or platforms – and a further 17% use four or more. When asked about the availability of information on the risks of these apps, consumers are not confident they have all the facts: just 8% strongly agree that the information available is adequate, and less than a third (29%) somewhat agree with this.
Despite this, it seems some Brits are not taking important steps to protect themselves while using FinTech applications. Fewer than one in three 18-24 year olds have antivirus software on all their personal devices, and over half (51%) log in and use financial accounts while connected to public WiFi. Although often viewed as less tech-savvy, older age groups appear to be more vigilant, with 64% of those aged 55 and older using antivirus software on all devices, and almost half of those both aged 35 to 44 (48%) and 45 to 54 (49%). Three quarters (75%) of 45-54 year olds never use financial accounts on public WiFi, rising to 89% of over-55s.
Commenting on the results, Jake Moore, Cybersecurity Specialist at ESET, said, “Patterns of tech usage and cybersecurity habits don’t always follow age-related stereotypes. During the COVID-19 pandemic, all of us – young and old – have had to live more of our lives online than ever before, and it is important that this is met with an increased awareness of internet risks. Having grown up with technology, younger generations may feel a degree of invincibility in the digital sphere, but this can lead individuals to take fewer precautions and make themselves more vulnerable to threat actors.”
“More Brits than ever are using FinTech apps, so the lack of adequate information available is a problem we desperately need to solve. Unfortunately, cybercrime is becoming increasingly sophisticated, and targeting a new or developing area has proved a popular tactic for threat actors. Widespread awareness is our best tool to combat any current or future threats, and we need to make sure that everyone – whether they are 18 or 80 – takes the message onboard.”
To learn more about ESET and its global financial technology research, please visit the ESET blog.
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