Convenience vs. Risk in Fintech Apps

From instant payments to micro-loans, fintech apps have made money management incredibly convenient — especially in countries like India, Nigeria, and Ghana. But behind that convenience, there's a growing threat: many popular apps come with hidden security risks that most users never notice... until it's too late.

In 2023 alone, several apps were exposed for leaking customer data, using insecure APIs, and falling victim to hacks.

If you use fintech apps, or run one, this post will show you:

The common security risks

Real-world examples

How to spot a risky app before it hurts you

Why They Matter More Than Ever in 2021

As of 2021, the digital finance world is at a crossroads:

Scams are rising. In Nigeria alone, online fraud increased by over 50% in 2020, and similar trends are being reported in India and Ghana.
Regulators are tightening the noose. The Reserve Bank of India (RBI) has penalized several non-compliant fintech firms this year.
User expectations have changed. People now demand transparency before trusting their money with an app.

How to Spot a Risky Fintech App (Checklist)

Before trusting any app with your money or data, run this quick check:

Check their trust score on FinCheck

Review app permissions — avoid apps demanding unnecessary access

Look for data protection statements (mentioning GDPR, NDPR, etc.)

Search for recent news about hacks or security breaches

How FinCheck's Deep Security Scan Helps

API security hygiene
SSL/TLS encryption strength
Exposure to known vulnerabilities
Whether the app complies with data privacy laws

Our News

The Hidden Security Risks in Popular Fintech Apps (And How to Spot Them)

Stay safe with finances

Always check with FinCheck