UK customers were surveyed on their smartphone usage for the UK financial startup Nuke From Orbit's report, Evolving Smartphone Usage and the Growing Threat to customers.

According to its research, 78% of smartphone users use them for mobile banking, 85% for email access, 71% for social network management, and 51% for other purposes. This shows that personal data can be easily accessed by hackers from a single mobile device, especially since 45% of respondents admit to using the same PIN to access various bank cards, apps, and services in addition to their phone.



Four out of five people have had their digital wallet stolen, and one in five have had their personal bank accounts compromised by unauthorized access using mobile apps. In six2% of cases of smartphone theft, there are significant financial and cybersecurity implications for enterprises. In spite of organizational efforts, open apps on pilfered devices and careless PIN management present major risks, such as ransomware attacks and account takeover.

"Biometrics were introduced to make cellphones more secure because the frequency with which you need to input a PIN is substantially reduced,” stated James O'Sullivan, CEO and founder of Nuke From Orbit. However, his research indicates that this has led to some complacency.

Criminals are reverting to the antiquated practice of shoulder surfing, which rendered ATMs unfeasible, in order to obtain phones that they subsequently pilfer in order to perpetrate more crimes.
 

Combating deception
The study found that in addition to having their email and social media accounts accessed, one in four respondents also experienced financial losses due to digital wallet theft. According to the survey, one in five participants had their personal bank accounts hacked by unauthorized users of mobile banking apps.

According to Nuke From Orbit, the industry must provide smartphone consumers with the best safety possible by utilizing technology to provide instantaneous data security in the event that a device is compromised.
 

With effect from April 29, 2022, the UK Product Security and Telecommunications Infrastructure Act 2022 imposes security requirements on consumer technology products in an effort to counteract cyber threats. It also holds companies, including banks, responsible for protecting consumer data by implementing measures like mandatory reporting protocols and minimum password requirements.

According to Sullivan, "the Act is relevant for all businesses in the mobile ecosystem, including online service providers, banks, and fintechs." It is the duty of service providers to make sure they take all reasonable precautions to safeguard customers in the event of an emergency. According to our analysis, they aren't doing enough right now.
 

In the event that a smartphone is stolen, Nuke From Orbit actively assists service providers in protecting people's digital identities and quickly returning control over data. It has a digital panic button that allows users to stop access to several accounts and services at once in the event that their smartphone is stolen.