Big Issue Regarding User Privacy: People use banking apps for their convenience so that their work can be done without going to the bank. With the help of these apps, people’s time is saved but privacy is not saved. We are saying this because a report has revealed that more than 70% of fintech and banking apps in India have access to the personal information of their users. Which is not good news.
Whenever users download an app on their mobile, the app asks for permission for several accesses, which the user has to give. After getting the permission, these apps access the private details of the users. This includes the user’s contacts, location, photos-videos, microphone, SMS etc.
There is a big issue regarding user privacy
This has come to light in RBI’s analysis regarding users’ privacy. According to RBI, 339 fintech and banking apps are listed on Google Play Store. In the report released on currency and finance for the financial year 2023-24, these have been described as the most sensitive permissions. According to the report, 73% of the apps track the location of users, while more than three-fourths of the apps have asked users for data permissions for photos, media, files, storage.
Apart from gaining access, these apps also track the user’s location. This means that wherever the user goes, the app will keep tracking him. This means that wherever the user has returned from, the app has all the information. The report states that mobile wallets are known to request the most sensitive permissions. After this report comes out, people will always be worried about their privacy.
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