63 per cent of UK consumers use a free FinTech app or platform, yet a further 63 per cent are unsure if the platform they use sells their personal data, according to research by ESET.

This number is 13 per cent higher than the global average, according to ESET's survey of over 10,000 consumers across the UK, US, Australia, Japan and Brazil.

The research also found that although the percentage of consumers in the UK who use a free FinTech app is higher than the global average of 42 per cent, the proportion of these consumers who are unsure if their data is being sold is also above the worldwide average of 50 per cent.

In addition, the report found only 26 per cent of people in the UK read the terms and conditions of a FinTech application before downloading it, and just 24 per cent read the privacy policy.

When seeking information about new financial services, 22 per cent of consumers said they rely on search engines as their first port of call for information instead of traditional sources of financial information.

The report said only nine per cent look at sources such as their bank’s web page first, while eight per cent and three per cent respectively look towards dedicated financial news sites or FinTech providers websites.

In addition, 60 per cent of UK consumers do not use a VPN, and 31 per cent of consumers log in to their financial applications on public Wi-Fi - even among the 18 per cent of consumers worldwide who rate themselves as advanced in tech proficiency.

The report also covered the actions consumers are taking to protect themselves from cyber threats.

22 per cent of global respondents classified as “FinTech adopters,” those who use at least four or FinTech applications, 93 per cent have security software installed on at least some of their devices.

However, for “FinTech non-adopters,” those who use one to three apps, this percentage goes down to 85 per cent.

ESET said this may indicate that the consumers who are more interested in utilising FinTech applications are also more conscious of cybersecurity precautions when managing their personal finances.

“Protecting consumers’ sensitive and financial data has never been more important,” said Ignacio Sbampato, chief business officer at ESET. “Financial technology has a role to play on the journey to personal and societal economic recovery, and it is vital that FinTech solutions and their users are adequately protected.”

He added: “Our findings about consumers and their attitudes to data security reveal that many people may be vulnerable to cyber risks, and it is our mission to ensure that technology users’ most valuable information is protected with cutting-edge security software.”

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