Sri Lanka, March 24 -- Cybersecurity has become an afterthought for most fintech apps in Sri Lanka, while banks also show reluctance to leverage available technology to protect their consumers from fraudsters, according to Mastercard.

There are around 29 to 30 mobile applications offering various financial services, including those from banks in Sri Lanka. However, Mastercard's Sri Lanka and Maldives Country Manager Sandun Hapugoda revealed that many of these applications only consider cybersecurity towards the latter stages of development or just before launching to the public, primarily to meet baseline security standards and regulatory requirements.

"This should not be the case. If you are coming up with a mobile platform or a digita...