UK consumers concerned as mobile fraud & attacks rise

Research by Appdome has highlighted the growing concern among UK consumers regarding mobile fraud and cyber attacks.

The research indicates that 41% of consumers have experienced mobile fraud, malware, or a cyber attack either first-hand or second-hand. This statistic signals potential challenges across various industries such as banking, healthcare, gaming, and eCommerce, which rely heavily on mobile applications.

The Payment Systems Regulator has mandated UK retail banks to reimburse customers for losses sustained from Automated Push Payments scams, providing up to GBP £85,000 per case. This underscores the need for banks to proactively prevent payment scams rather than respond after incidents occur.

Chris Roeckl, Chief Product Officer at Appdome, expressed that existing technology could mitigate the rise in mobile fraud, noting, "Not having automated app protections is like herding sheep without a sheepdog—leaving consumers vulnerable as mobile fraud surges."

The report also notes an increase in app usage, with 56% of UK consumers preferring mobile apps for purchases, marking a 14% increase since 2022.

Changing consumer expectations are apparent, with 63% likely to cease using an app that fails to protect their data. Moreover, 62% of UK consumers now consider fraud their top concern, a rise of nearly 10% compared to 2022.

The survey reveals that 71% of people are inclined to abandon a brand following a security breach, and 85% of consumers believe security and privacy are as important, or more so, than functionality in mobile apps.

"Mobile is dominant in everything we do—shopping, gaming, dating, and more," Roeckl remarked. "Consumer awareness and fear of fraud are at their highest levels in our four years of research, and UK consumers tell us they will vote with their wallets and shop elsewhere if they are not protected."

The research involved responses from over 120,000 participants across 12 countries, providing a substantial dataset on mobile app security concerns and preferences.

Tom Tovar, co-creator and CEO of Appdome, commented on the ongoing efforts of cyber professionals, stating, "UK consumers continue their march upward in recognising the importance of this work, and it's clear that they overwhelmingly support broadening cyber and anti-fraud measures inside brand and enterprise mobile apps everywhere."

Additional insights from the survey include the significant increase in the use of mobile apps over the last year, with 65% of respondents indicating heightened app usage. Additionally, nearly all UK consumers, around 97%, now view protecting their privacy when using mobile apps as essential.

The perception that developers neglect app protection has increased sharply, with one in four respondents expressing this concern, representing a 171% rise across the survey's duration.

Alan Bavosa, Vice President of Security Products at Appdome, remarked, "AI-based attacks will take mobile app risks to a new level, and mobile brands and enterprises need to change their cyber delivery models to meet the accelerating threat head-on and maintain user trust and engagement on mobile platforms."

Reportedly, consumers are willing to advocate for brands demonstrating strong security measures, with 92% willing to promote secure brands actively.