There are plenty of fraudsters out there who exploit weaknesses in mobile banking apps to steal money from legitimate users. It is essential that financial service institutions protect themselves and their customers from this since the impact can be catastrophic. Thanks to our mobile app security technology and our scoring system, banks can now easily identify suspicious and fraudulent transactions on their mobile banking app. With a scoring mechanism, audit log, and many more features, banks can simply reject those transactions or require additional authorization.
Mobile malware is a significant problem for all banking apps. Users are often unaware that their mobile devices have been compromised by malware, which is then used by cybercriminals to gain access to their bank accounts and steal money. Our mobile app security technology detects malware, rooted/jailbroken mobile devices, mobile banking tampering, and other potentially harmful situations, to warn users and their banks when it is not safe to use these mobile devices for financial operations.
The general public still perceive mobile banking to be unsafe. People are afraid, for example, that if they lose their phones, robbers will easily be able to steal money from their account using banking apps. Banks are therefore finding it hard to convince their customers to adopt their apps. However, when done properly, a mobile banking app is actually the safest, most efficient way for customers to access their money. Thanks to state-of-the-art mobile app security technology, banks can monitor transactions 24/7, quickly detect potentially harmful incidents, and take preventative measures, such as freezing someone’s account until further action is taken. By following these steps, banks show that they recognize the threats to mobile banking and are actively doing something about them, which in turn increases the public’s trust in using mobile banking apps.
When people access banking apps on public hotspots at coffee shops or airports, they put themselves at risk of attacks like Man-in-the-Middle (MitM). Here, hackers intercept the connection, take their information, and use this to steal money via electronic transfers. Our mobile app security technology creates an in-app VPN and uses strong encryption to protect data-in-motion between the app and the bank’s system, ensuring safe usage over a public WIFI.
APIs operated by banks are fast becoming the prime target as preferred entry points for hackers to further continue attacking other internal business systems from these entry points. Exploiting APIs is a common attacking method that has resulted in known large-scale breaches and negatively impact reputation and operations of companies. For this reason, backend business systems have to be isolated from the Internet. Our technology shields APIs from direct Internet exposure, records and stops illegitimate connection attempts, allowing banks to operate mobile apps without worrying about the security of their APIs.
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