Customer trust and loyalty are crucial for banks, payments processors, and other financial services organizations to thrive in the modern age.
Yet more than 50% of the world’s mobile financial applications do not use security best practices.
Guardsquare helps 6 out of the top 10 global credit card companies maximize the security of their valuable mobile applications by:
Consumers today are moving toward open banking, and they use mobile apps to complete many transactions. Easy-to-use, convenient mobile apps can increase customer loyalty and engagement, which is why leading banks, credit card providers, and other financial services companies have developed mobile apps to serve their customers.
The data processed by and stored within mobile financial applications includes some of the most sensitive and regulated information in the world, including:
Financial services companies are also subject to strict rules and regulations, such as PSD2, PCI-DSS, SOC 2, and numerous international banking regulations.
Without proper security precautions, mobile apps represent a security risk to banks, mobile payments companies, and other financial institutions. Beyond serious regulatory and financial repercussions, security incidents can also cost consumer trust and loyalty.
For mobile financial applications, maximum, state-of-the-art security needs to be the top priority. Guardsquare prevents tampering, reverse engineering and fraud against mobile financial apps. It is easy to deploy and has no negative impact on end-users.
Meet regulations and compliance mandates, including PCI-DSS, SOC 2, PSD2, and international banking regulations to up-level your security and privacy practices, protect sensitive customer data, and minimize your overall risk profile.
Reverse engineering and tampering rank as two of the top 10 most prevalent security risks according to OWASP. Both of these can become virtually impossible when using Guardsquare’s sophisticated application shielding technology.
Deploy security best practices to both protect your apps and to provide consumers with the peace of mind they need to do business with you.
HOW IT WORKS
Hardening the code at various levels throughout the application protects against static attacks. Multiple layers of obfuscation and encryption make code resistant to both automated and manual analysis.
Techniques include obfuscation and encryption, which defend both the app and its valuable data.
HOW IT WORKS
RASP mechanisms monitor the integrity of the apps and their environment in real time. When a threat arises, the apps can terminate the hacker’s session, display security notifications to the developer, and more.
RASP also ensures communication between the mobile app and server is secure
Source: Simon-Kucher, 2018
Source: Juniper Research
Most cases are caused by weaknesses in security mechanisms (74% and 57% for iOS and Android apps, respectively, and 42% for server-side components).
(Source: Business Insider Intelligence)
Why Mobile Financial Apps Should Practice Obfuscation >
International Banking App Security Regulations Signal Need for Application Shielding >