How to prevent five common fintech security mistakes

The fintech (financial technology) industry in India has seen exponential growth, especially in the post-pandemic years. In 2019, Ernst & Young’s Fintech Adoption Index stated that fintech has improved and expanded its offerings around the world, spurring change across the financial services industry. The size of the global fintech market was estimated at $110.59 billion in 2020 and is expected to increase at a CAGR of 20.5% to reach $699.50 billion by 2030. Increasing technological penetration into the Indian market is expected to foster financial inclusion and improve customer experiences but it has also triggered fears about cyber security risks. This is why it is crucial that fintech firms address five common security mistakes and prevent them: