How Safe is it to Use FinTech Applications?
How Safe is it to Use FinTech Applications?

How Safe is it to Use FinTech Applications?

Neobank
E-wallet
Crypto bank
Personal
Debit card
Virtual Card
Prepaid Card
Mobile Apps

Most of the space in the FinTech industry is occupied by the providers of digital banking and money transfer services. According to a report by the Business Research Company, the global financial services market, which includes banks and payment solution providers, will be worth US$26.5 trillion by 2023.

Meanwhile, the use of mobile banking apps has surpassed that of internet banking platforms across different parts of the world. For example, Forrester found that in Europe, the shares of online adults who frequently do their banking on a smartphone in 2021 were 40%, 54%, and 54% in France, Italy, and the United Kingdom, respectively. In a study published on June 7, 2022, Statista revealed a similar growth in mobile banking in the United States and East Asia. The Statista Research Department wrote thus: “The adoption of online banking has been growing in recent years and is forecast to grow even more. The usage is particularly large in East Asia and Europe, while the figures for the United States are expected to grow steadily as well.”

The rapid growth of the FinTech industry since the COVID-19 pandemic has been a source of excitement and prosperity for millions of people. On the other hand, it causes worry and financial loss for many individuals and businesses due to privacy and cybersecurity challenges. Whatever the case might be for you or your company, it is important to know how to use FinTech apps safely to stay on top of the game. We will guide you through all that you need to know regarding this matter in this article.

Ibrahim Busari
Ese Precious
Ese Precious