US adults spend on average more than 4 hours a day on the mobile internet, with 88% of that time spent engaging with apps. In the first quarter of 2020, consumers spent over $23.4 billion via app stores, the highest quarter ever reported. Globally, over 42% of the population regularly utilize social media and apps.
Unfortunately, bad actors have been quick to recognize these trends and have adapted their tactics to take advantage of the popularity of mobile apps. Dark Reading reports that rogue mobile apps and brand abuse due to social media impersonation accounted for 37% of all fraudulent transactions recorded in Q1 2020 according to the most recent RSA Fraud and Risk Intelligence report. Underscoring the increasing role of mobile in online fraud, the same article reports that mobile app related fraud increased to 26% of all fraudulent transactions.
Ensuring the safety of your consumers and the authenticity of their experience with your mobile apps is critical. Rogue apps and misleading social media activity hiding behind your brand’s intellectual property not only put your customers’ safety and security at risk but can lead to long term repercussions for your brand.
With experts predicting that people will spend a total of 3.5 trillion hours on mobile apps by next year, generating revenue of over $6.3 trillion dollars, it is more important than ever to have a strong mobile apps component in your overall brand protection strategy.
For more information on how to plan an effective mobile app enforcement program to complement your overall mobile strategy, we’ve published an informative guide that you can download here.
