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Although fintech has changed the way users transact finance, several fintech companies have been subject to several cybersecurity attacks. According to a study by The Clark School at the University of Maryland, a hacker attack takes place every 39 seconds on average. So, data breaches and user privacy are significant concerns for fintech companies, primarily given the sensitive nature of the data shared.
Analysts have recently downgraded fintech stocks Equifax Inc . (NYSE:EFX), PagSeguro Digital Ltd. (PAGS), and StoneCo Ltd. (STNE) in the wake of concerns that include security and poor growth prospects. So, we think it could be wise to avoid these stocks now.
