Consumers today are moving toward open banking, and they use mobile apps to complete many transactions.
Yet, more than 50% of the world’s mobile financial applications do not use security best practices.
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.
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.
The data processed by and stored within mobile financial applications includes some of the most sensitive and regulated information in the world, including:
Credit card information