Finextra reports that a huge 62.1% of respondents named mobile app fraud as their top concern, with 50% also expressing concerns about hacking. The results highlight the increasing need for preventative anti-fraud strategies to improve user confidence and security in mobile apps.

Appdome's chief product officer, Chris Roeckl, draws attention to the concern that mobile app fraud places on financial institutions as well as consumers—both in terms of potential regulatory consequences and monetary losses. Approximately 26.9% of the 2,500 UK participants in the poll reported falling victim to social engineering schemes, while over 41.3% have either personally experienced or knew someone who has been the victim of cyberattacks or mobile fraud.

Of those questioned, 55.1% now consider "vishing"—a type of voice phishing in which con artists trick victims into disclosing personal information—to be a major concern. This suggests that people are becoming more conscious of and have a growing comprehension of the many types of digital fraud.

Furthermore, a mobile app's integrity has a big influence on user loyalty: 70.6% of users are prepared to stop using and discourage others from using an app if they find out it has been hacked. The fact that 25.2% of users—a significant increase from 9.3% in 2021—think developers are ignoring the essential safeguards against fraud only serves to reinforce this attitude.

Roeckl emphasizes how complex and intelligent mechanisms must be included into mobile apps in order to prevent and identify fraud. He contends that fraudulent activity may be successfully predicted and stopped by utilizing data from user interactions within the app. The goal is to make mobile apps secure and able to actively mitigate fraud threats without waiting for legislative restrictions, thanks to developing technology and smarter systems.

According to Appdome's chief product officer Chris Roeckl, "consumers and financial institutions alike are deeply concerned about the potential repercussions of mobile app fraud." He continued by stressing that applications must "have the right security capabilities built into them, with the ability to do proactive fraud reduction elimination," underscoring the importance of technology taking the lead in resolving problems that could otherwise call for governmental involvement.