Security Experts Warn Android’s Financial Apps Pose Increased Risks To Privacy By Demanding Excessive Permissions

Security researchers are raising the alarm against Android’s financial apps and how they pose a huge security and privacy risk to users.

The news is not too shocking as we’re all well aware of the fact that such platforms need bucketloads of permissions, more than any other app out there. Moreover, the fact that they’re actually engaging in this behavior means entering dangerous realms.

Thanks to insights generated from researchers at Cybernews regarding 50 applications, we witnessed how Android is the frontrunner in terms of posing a stronghold of the world’s mobile OS. To be more specific, think along the lines of holding a whopping 70.5% share of the general market as per data taken from Statista.

While this famous operating system does give developers plenty of flexibility for producing more apps, the whole matter is truly a double-edged sword in terms of ensuring users’ data and privacy are kept safe at all times.

The authors of this study have proven how intrusive Android can be in terms of such apps linked to personal finance. Be it those providing payments, crypto, and whatnot- it’s shocking to see how much data they ask for.

Moreover, the goal seems to be linked to attaining a balance in terms of keeping sensitive data safe and ensuring privacy remains protected at all times.

And the fact that such apps keep on requesting things like camera, location, contact, state of the device, and whatnot- you can only imagine how intrusive the situation is becoming. Moreover, one-third of such apps are also requesting permission to have audio recorded and the chance to gain entry into accounts linked to such a device.

As per this survey, close to 82% wish to make use of cameras while 78% are interested in the types of files being stored. Meanwhile, 60% request permission to have the precise location tracked. And then 54% are requesting access to contacts. And the list goes on. Hence, you can see how intrusive the general behavior is.

So many of these apps even took on combos of several threatening permissions and that only made matters worse. When you start it and run it on your device, you are seeing some crypto apps that are questionable and in the end, they turn out to be those who spy and users don’t even have a clue of what’s really going on.

This is exactly why experts are now warning users to proceed with caution before it’s too late and to think twice before generating permissions. They also want you to review all the instructions very carefully during the whole installation phase.

Furthermore, this is where the experts at Cybernews laid down a framework of what sort of app permissions need to be reviewed and which fall under the sensitive category.

The fact that 41 out of the 50 financial apps studied require access to things like the camera is shocking. That’s close to 82% of the majority and it’s an obvious concern. Moreover, permission is required to attain entry into hardware and even click images or make video content. And the reason why people raise eyebrows is because a financial app doesn’t really need such type of information, don’t you think?

Meanwhile, researchers also showed how 38% of the apps outlined would adore the chance to listen to their users. Again, it’s another invasive type of surveillance that many say yes to, despite knowing how dangerous of an act it can be.

Read next: e-Waste On The Rise As Close To Half A Billion Small Electricals Discarded Last Year In The UK Alone, New Study Claims
Previous Post Next Post