International Finance

UK consumers using online banking are vulnerable to security breaches

UK consumers Kaspersky_IF_Image
A Kaspersky study found that 47 percent of smartphone owners who use a banking app do not protect their device with a security software

New research has revealed that UK consumers will carry out online banking on smartphones and devices that are potentially vulnerable to a security breach. A study commissioned by Kaspersky found that 47 percent of smartphone owners who use a banking app do not protect their device with antivirus or security software. 

More than half of UK smartphone owners who access bank accounts with their mobile device are concerned about their banking app being hacked in case of theft. Figures from 2019 show that 73% of the population uses mobile banking, accessing daily accounts as well as saving pots and house funds. However, while the majority of UK consumers protect their desktop or laptop from cyberattacks, nearly one third have never considered protecting their phone with antivirus protection. 

According to the research,  UK consumers are taking extra care to protect their computers from cyberattacks, while leaving their mobile devices open to threats. Although 79 percent of laptop owners and 80 percent of desktop users have installed antivirus and security software on these devices, only 53 percent of smartphone and 57 percent of tablet owners have followed suit. 

David Emm, principal security researcher at Kaspersky, said in a statement, “It’s almost second nature to think of installing antivirus software on a laptop or desktop people use for online banking, but this research shows that the same isn’t true of smartphones or tablets. With more than half of us choosing to use mobile banking, it’s important to ask: why aren’t consumers protecting these devices in the same way as they would their desktops or laptops? As mobile malware becomes more advanced, simply taking individual precautions to avoid being hacked is no longer enough. When protected with antivirus software, consumers can better defend their devices from potential attacks.”

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