Cyber fraud is rising with our screen time. As payments, loans, and investments move to apps, criminals chase not just your wallet but your personal data. It is easier to copy a life than crack a vault. Government data shows India’s 1930 cyber fraud helpline and CFCFRMS safeguarded over ₹7,130 crore across 23 lakh complaints as of Oct 2025, even as national cyber incident volumes have climbed steadily in recent years.
Most people guard their money and forget that their data is often worth more. Your name, phone number, PAN, address, contacts, location, and device details can be combined to unlock accounts, profile your habits, and target you with scams that feel personal. Criminals do not always need to steal funds directly. They can trade your data, use it to open new accounts in your name, or trick you into approving a payment. If you use fintech apps for payments, investing, or credit, treating your data like cash is the smartest habit you can build in 2026.
Why your personal data is valuable
Data gives criminals leverage. With a full profile, they can pass basic checks, answer security questions, and reset passwords more easily. A verified phone number plus a bit of financial context lets them craft believable calls that push you to share a one-time code. Location and device info help them time their attacks when you are busy or traveling. Even small pieces matter. An email and date of birth can be enough to try credential stuffing on multiple services. Your data also has resale value. Lists of active users with high balances or preapproved credit are traded in private groups. In many cases, the data brings a higher and safer return for criminals than a risky one-shot theft.
How fake apps misuse your information
Not every risky app looks fake. Some copy a popular brand name or buy ads to look legitimate. Once installed, they harvest more than they need and use dark patterns to keep access. Common misuse includes silent contact scraping, which helps fraudsters impersonate people you trust. SMS reading is used to grab OTPs and link your phone to rogue services. Accessibility access can overlay fake screens on top of real banking apps to capture taps and PINs. Screen recording or screenshot access can capture balances and account numbers.
Some apps build detailed shadow profiles. They track when and where you open a finance app, how often you receive salary alerts, and which cards you use. That insight helps them target the perfect moment to nudge you with a believable pop-up or a call that “knows” your routine. Others push updates from outside official stores to keep control even after you uninstall the visible app.
Permissions that deserve a second look
Every permission should match a clear purpose. If you cannot explain why an app needs permission, do not grant it.
Be careful with SMS access. A genuine fintech app may ask to autofill OTPs, but you can deny and enter codes yourself. Screen capture and screen recording are rarely needed for finance. If a money app asks for it, treat that as a red flag. Accessibility is powerful and should be reserved for clear accessibility needs. It can allow full control of your screen. Contacts and call logs are rarely required for payments or investing. Location should be set to “only while using the app” unless the benefit is clear, such as locating nearby ATMs. File and media access should be limited. Many tasks work without giving a money app full access to your storage.
Also, watch for notification access. It can reveal OTPs and bank alerts. If you grant it, review which notifications are visible and turn off sensitive previews on the lock screen.
Ways to limit exposure without making life hard
Install apps only from official stores and ignore links in messages or “special builds.” Give the least permissions possible, approving access only when a feature needs it, and review permissions regularly to revoke anything unnecessary. Keep money apps separate from experimental ones, avoid rooted or jailbroken phones, and use a second device or a separate user profile if you can. Protect your login with a password manager, unique passwords, app-level PIN, or biometrics, and turn on two-factor authentication inside the fintech app while hiding OTP previews on the lock screen. Always verify before acting: never share OTPs, hang up on unsolicited “bank” calls and dial the official number yourself, and reopen apps from your home screen instead of tapping pop-ups. Stay updated by installing system and app updates, removing apps you do not use, running built-in scans, and keeping backups with the ability to remotely sign out of bank, wallet, and email sessions if a device is lost.
Also Read: IDfy Raises $53 Million, Strengthening India’s Digital Identity and Trust Infrastructure
If something feels rushed or confusing, pause and check it using a number or app you trust. The best fintech makes life simpler without demanding all your personal details. Treat your data like cash, and you’ll get the ease of digital finance without unexpected costs later.
Views expressed by: Sunil Kumar Dinodiya, Chief Information Security Officer, FincFriends
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