67% of Millennials used mobile banking in 2015, compared to 18% for those consumers aged 60 or over. 40% of the unbanked had access to a smartphone; 70% of those underbanked were smartphone owners. 73% of non-users of mobile banking cited security concerns as a common reason for not using mobile banking. Mobile banking app developers should be aware of the most prominent fraud risks including: Mobile Malware and Phishing. Fraudsters can steal sensitive information including login credentials, device IDs, and payment information from mobile devices.”]
Source: https://www.csoonline.com/article/3112616/fraud-follows-mobile-banking-adoption.html