best banking apps
In the era of digitization, there is a danger of personal data being leaked. Most smartphone users use banking or fintech apps on their phones. People’s work has become easier due to digital banking and financial services. They can enjoy many services ranging from quick money transfer. However, this has emerged as a big threat to their privacy. Many apps providing banking and financial services access the personal data of users and can also misuse it.
More than 70 percent of users affected
This has been revealed in a recent report. According to the report, the personal data of users using more than 70 percent of fintech and banking apps in India remains with those banks and fintech companies, which is a matter of concern.
Whenever users download any app on their phone, they are asked for permission for many things, which include access to contacts, photos, files, phone, SMS, location and microphone. If the user does not give access to any of these things to the app, then they are notified again and again to give access. Even the app does not work properly.
Big disclosure about privacy
This report of the Reserve Bank of India has revealed a big thing about user privacy. According to the report, 339 fintech and banking apps have been listed on the Google Play Store. It has been said that the permissions sought by these apps in the financial year 2023-24 are most sensitive. This report says that 73 percent of the apps keep tracking the location of users. At the same time, more than three-quarters of the apps ask for permission to users’ photos, media files and storage.
Tracking the user’s location through these apps means that these banks have information about where the user is going. Permission for the most sensitive information is sought from users who use fintech apps or mobile wallets.
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