31.9 MILLION CONSUMERS PUTTING FINANCES AT RISK BY BANKING ON UNPROTECTED SMARTPHONES

Despite more than half (52%) worrying about banking apps being hacked if their phone is lost or stolen

Millions of us are actually putting ourselves at risk by carrying out our online banking on smartphones and devices that are potentially vulnerable to a security breach.

47% of smartphone owners who use a banking app admit they don’t protect their mobile device with antivirus or security software, while 21% believe their phone can’t be hacked – despite the level of mobile malware attacks increasing over the past 12 months, according to a new report from cyber security experts Kaspersky.

Figures from 2019 show that 73% of the population uses mobile banking, accessing their day-to-day banking accounts as well as saving pots and house funds. Only 31% have never thought about protecting their phone with antivirus protection. Interestingly, however, the majority of consumers who own a desktop (80%) have protected these devices by installing antivirus and security software. So why doesn’t it extend to our smartphones?

More than 2,500 incidents of COVID-19-related online fraud totaling £7 million in losses have been reported since June alone, and with cybercriminals constantly conjuring up new ways to make money, these figures paint a worrying picture.