A new study by Norton claims that most mWallet users think the security of their wallets is being threatened by e-commerce and social networking apps. The firm conducted a survey to uncover usage patterns among Indians when it comes to smartphone applications.
As per the Norton Mobile Survey, 52% of the total participants think social networking (27%), online shopping (24%), and messaging (19%) represent the greatest amount of threats. These risks have also been ranked, with virus/malware attacks coming in first at 34%. It’s followed by fraudulent access or misuse of credit card or bank account details at 21% and hacking or leaking of personal information at 19%.
Interestingly, Symantec’s Norton Mobile Insights report for 2015 revealed that out of 10.8 million apps, 3.3 million were malware. The number marks a whopping 230% increase from 2014. This poses a real threat to an individual’s security, especially since only 1 in 3 consumers are aware of the fact that applications collect data about them.
Even worse, 1 in 5 stated that they would download any app which looked cool, without giving any regard to its origin or reputation. Furthermore, 36% of the respondents said that they either always sign off on permission or have no idea what these permissions exactly entail. This has lead to only 8% of participants saying they would reject requests in light of the risks involved.
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Norton went on to state that Indians are willing to give up their personal information such as their contacts and location if they get a free mobile app out of it. This practice exposes them to major privacy risks. Even so, 60% of consumers worryingly dismiss these risks as fairly minimal.