The explosive growth of mobile applications has inspired financial firms to create tools that aim to make it easier for customers to save, budget, pay bills and send money to friends and family. But the rise of the app has also opened up financial firms to a host of security issues and privacy concerns.

The mobile payments app Venmo emerged as a symbol of the tension among innovation, convenience and security at American Banker's Digital Banking Summit in Austin, Texas, earlier this month. The app's most distinctive feature — a social news feed on which users describe the details of their recent transactions — tends to send shivers down the spines of privacy advocates. But while Venmo's success among millennials might appear to suggest that today's young people have a laissez-faire attitude toward privacy, experts at a peer-to-peer payments panel suggested that the truth is more complicated.

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