Homebanking and virtual wallets: Argentines look for more security when transferring their money

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Argentines use their cell phones on average 9 hours and 39 minutes a day. This trend is growing, especially with the appearance of new applications that put all kinds of functions at your fingertips. So much so that, according to a survey, 70% of Argentines use between 6 and 20 applications a day, which is 15% more than the rest of the world. And in that scenario, what users are looking for most is to have greater security, especially in the apps where their money is moved.

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Electronic wallets and other payment and money transfer applications are the ones that require more security and trust, according to the point of view of Argentine users. So they let it be known 35% of respondents in the report Consumer Expectations for Security in Mobile Applications of the Appdome Platform.

In second place, 25% have localized home banking applications, usage of which increased by 50% over the previous year. Social networking applications are in third place in terms of usage in Argentina and expectations of User safety grew by 8.05%. The list is completed by applications for the job, which according to 11.7% of Argentines should have the highest levels of security. This is 23% higher than the global standard.

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Especially when money is at stake, the study reveals that the main fear is fraud. For example, someone or something using your identity to create fake accounts or apply for credits in your name. they are also afraid receive charges and transactions they have not made.

Other risks highlighted by local users are hacking into the apps they use on a daily basis and the appearance of viruses on their mobile phones. In Argentina, virtual scam complaints saw a close to 200% increase in 2022 in relation to the previous year, according to a report prepared by the Austral University Observatory on Cybercrime and Digital Evidence in Criminal Investigations (OCEDIC). Among the most common crimes, it is the identity theft technique known as “Phishing”.

According to the AppDome report, 23.2% believe that security is more important than features. Only 16% of Argentines think otherwise.

In line with global dynamics, 61% of Argentinian consumers responded that protecting themselves from security threats, fraud and viruses is just as important as the new features the app can offer.

For Argentinian consumers, in-app protection is a central part of the experience. They are even willing to use more and recommend an app that meets their expectations,” explains Tom Tovar, cybersecurity specialist and CEO of Appdome.

Argentina is one of the countries with the highest internet penetration rate in Latin America. According to INDEC data, 88 out of 100 Argentines use a mobile phone and 87 out of 100 use the Internet.

Isolation measures during the coronavirus pandemic accelerated the adoption of apps to perform various tasks that required face to face, such as banking operations.

“The popularity of apps in Argentina after the pandemic is impressive. Users prefer them over other digital platforms; they download them, spend more time with them, and make more purchases. While they’re a great tool for solving day-to-day tasks, they also need more cybersecurity protection to order a burger,” notes Tovar.

Appdome’s global report conducted among 25,000 users in 13 countries highlights this Argentines are strict in terms of application security on their mobile phones.

Today, Argentines prefer mobile apps to the web to transact, buy, sell, create content, meet people, and even work.

Beyond functionality, there is a strong correlation between increased mobile app usage and security expectations. For example, while the use of home banking applications grew in Argentina by 50.7% since 2021, the security requests increased by 25%.

virtual scams

The protection of personal data is an issue to pay close attention to, especially since there are currently new ways to steal confidential data through technological means and one of the best known is phishing.

Phishing, the best known

“It is a form of computer fraud with the aim of obtaining personal information, such as passwords, PINs, bank or credit card account numbers, full name and other identity data in order to misuse them”, specify from the web from BBVA.

This term comes from the English “peach” which literally translates as fishingsince the scammer is looking for you to fall for his bait to steal your confidential data.

The way these cybercriminals, known as phishers, operate varies by medium. They typically do this via email, where they pose as companies (especially banks) or trusted, legitimate people, asking with a sense of urgency that some type of information be validated or updated, that a link to a page fake website or download a file that usually contains a virus (malware).

“By itself, the message sent by the phisher tries to get the victim to click on a fake link and redirect them to an apparently real online site, including logos, images and colors of the official public body,” the bank explains. And they add: “While on the page, the user enters all the data requested of him without having the slightest suspicion that he is actually providing them to a fraudster”.

However, it could happen another way of phishing using a virus in the message, that steals your information to demand amount of money as ransom. It can also be done via mobile text messages, internet pop-ups, phone calls and even social network messages.

suspected fraud

  • unknown sender: The e-mail address has some irregularities. For example, if you claim to belong to “Un Banco” and your address does not show any indication such as “xxxxx@unbanco”, then you may be a victim of fraud.
  • Fake URL: verify that the URL is for the company or person it claims to be. In general, these fake URLs don’t start with https://.
  • Spelling mistakes or generic greetings: It is common for phishing messages to contain spelling and grammar errors, have a generic greeting at the beginning, or not include contact information.
  • Threatening message: They are characterized as being emails with urgent matters such as “Your card will be blocked”, “Someone has attempted to access your account” or “Change your passwords instantly”.
  • Request personal data: password or bank numbers are required in the mail. Please note that banking institutions do not ask for this type of information for any reason.
  • Attached files: A document is attached inside the email asking you to download it immediately. It shouldn’t be clicked.
  • congratulatory mail: If a message with the title “You have won” or “Congratulations!” and you have no idea why you received a prize, it is absolutely certain that it is a scam email.


Source: Clarin

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