Every day a new app shows up for download. To be exact, the Apple store adds about 30,000 new ones each month. And around 3,700 each day are added to the Google Play store. And because developers want to encourage use and monetize their investment, many offer options such as e-commerce capabilities – from in-app purchases to shopping and more. With increased functionality so widespread, it’s no surprise that global consumers spend an average of 4.2 hours per day using apps on their smartphones.
But there’s no rose without a thorn. Fast-growing apps can experience tremendous success. Meaning the growing popularity of mobile applications makes them a ripe target for fraudsters. However, expanding your business to include new features and products expands your attack surface and gives fraudsters more ways to target them. Remember when Uber was just a ride-hailing company? Now it offers food delivery, courier services and e-bike rentals to more than 75 million users. The more your app provides, the harder it is to secure, and if cybercriminals get access to an account, the damage can be devastating.