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In 2024, mobile fraud is a top concern for consumers. With AI-based scams on the rise, 58% named fraud their #1 worry, the highest ever. Consumers prefer anti-fraud solutions that prevent fraud rather than those that reimburse them after the fraud occurs. This preference underscores the need for robust and comprehensive mobile app protection which includes proactive fraud prevention.
Over 40% of global consumers have experienced mobile fraud, malware, or a cyber attack directly. As mobile apps are now without question entrenched as consumers’ primary channel of engagement with brands, consumer skepticism is rising. With 24% believing developers don’t care about app security, a 258% increase since 2021, mobile brands must act on these concerns to build trust, boost user retention, and grow revenue.
Social engineering has become a top concern, with consumers increasingly aware of the diverse ways mobile fraud manifests itself, including location spoofing, social engineering, and account takeovers. Nearly half of this year’s respondents reported first- or second-hand personal experiences with fraud, social engineering scams, and other incidents. This growing awareness puts pressure on brands to enhance their security measures to maintain consumer trust and loyalty.
Consumers expect mobile app brands and developers to deliver the best protections in mobile apps. This year’s survey highlights a critical juncture for mobile brands, as they must heed these results and act on consumers’ concerns. Brands that prioritize protection will reap the rewards of consumer loyalty and growth, while those who ignore security demands will face user churn and increased customer acquisition costs.
