The Various Reasons Why Mobile App Fraud Is On The Rise In Australia
Application and software fraud is rising among smartphone users in Australia, and several reasons exist. Mobile apps are more popular now than ever, and there are more of them than ever before. There is also a growing demand for payments made through apps, and mobile app fraud occurs when customers get duped into paying more than the expected amount or getting malicious software into their phones through app downloads. That said, look at the various reasons mobile app fraud is on the rise in the country.
1. Increased Use Of Mobile Devices
The increased use of mobile devices is one reason mobile application and software fraud is rising in Australia. The number of smartphone users in the country, which was 19.9 million as of 2017, will reach about 23.6 million by 2026. Of course, with the rise in smartphones, there will be a growing rate of application downloads and in-app payments in Australia as more people are using their phones and tablets to access apps and websites. There are also more apps on the market for them to choose from. With many Australians using their devices for banking, shopping, and other financial services, this means that there is a growing demand for smartphone-based payments.
2. More Apps On The Market
The number of apps available in the market is ever-growing, with the top 200 apps increasing by more than 50% over the past 3 years. The same can be said for the top 100 and 50 apps.
3. More App Features
The more features an app has, the more code it will have. And with more code comes a host of possible bugs that criminals could exploit to create malicious apps or even entire apps that hackers have taken over. The increased complexity of apps makes them more challenging for developers to keep secure, and the increasing number of vulnerabilities in code means there are more avenues for hackers to use their skills to make some quick cash from unsuspecting users.
4. Demand For More Payments Through Apps
As the popularity of mobile phones increases, so does the demand for more payments through apps. The use of smartphones is growing at a rapid rate, and people are increasingly using their mobile devices to pay for things on the go. Apps are easy to use, and customers in Australia don’t need coins or credit cards, and they can be used in a variety of situations. The convenience of paying with an app is one reason why fraudsters have become interested in this area.
There is a growing need to be aware of the threat of malicious apps. The statistics show that more mobile users are becoming victims of fraud, with criminals using the latest technology to steal their money. This is a serious issue that needs to be addressed by both the Australian government and business owners in the country. How can companies combat this situation to keep their money safe while still enjoying the convenience of using apps? One option would be for banks or businesses to offer secure methods of payment through apps such as Apple Pay or Google Wallet, which require users to enter an additional code before approving transactions from their devices. Another strategy may be leveraging third-party solutions which use pattern recognition algorithms and AI technology powered by machine learning models trained over thousands of real-world examples so they can detect suspicious activity on either desktop or mobile devices.