The cyber threat to mobile banking

News Today 29.08.2022

As cash transactions become a thing of the past, an increasing number of people’s interactions with their bank or bank accounts happen through their smartphones. According to a 2020 Statista survey of five thousand odd households across 25 States in India, two-third respondents said they had a smartphone. Of these, half said they sent and received money digitally, and about 31% said they had a mobile app for banking. Nearly 14% said they used their mobile phones for banking-related purposes. This number further jumped as the COVID-19 pandemic made a lot more people switch to digital modes of payment instead of transacting with cash. Convenience and quickness in completing payments via mobile applications also played a key role in accelerating this trend. (Read More)


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