Mobile Banking and Financial App Security

Security for Mobile Financial Applications

Protect customer data and maintain loyalty with state-of-the-art security

credit banking mobile app
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:
  • Ensure security of transactions 
  • Safeguard customer data
  • Secure sensitive and valuable information
in-app payments

The Problem

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:
  • Bank accounts
  • Credit card information
  • Consumer data
  • Investment information
  • Transaction Data
 
banking compliance
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.
guardsquare mobile security solutions

The Solution: Guardsquare

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.

 

✓ Get & stay compliant:

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.
 

✓ Protect against the most common mobile risks:

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.

✓ Achieve consumer trust and loyalty:

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.

Protect your mobile app

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phone graphic with code

  • Code hardening
    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. 
  • Runtime application self-protection
    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

Our approach

One approach, two platforms

DexGuard

ANDROID
  • Code hardening
  • Runtime self-protection
  • Protection of native and cross-platform apps
  • App optimization
Learn more

iXGuard

iOS
  • Code hardening
  • Runtime self-protection
  • Protection of native and cross-platform apps
  • iOS app optimization maintained
Learn more
graph-40percent3

For consumers who are reluctant to use mobile banking apps, 40% cite security fears as the reason.

Source: Simon-Kucher, 2018

 

graph-50percent1

Mobile banking malware increased 50% in the first half of 2019.

Source: Check Point Research

 

2billion5

The number of people using mobile banking apps globally is expected to reach 2 billion in 2020—nearly 1 in 3 adults.

Source: Juniper Research

38-43-1

In a 2019 study, high-risk vulnerabilities were found in 38% of mobile applications for iOS and in 43% of Android applications.


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: (Positive Technologies)

security3

According to consumers who use mobile banking, security was ranked as the most in-demand mobile banking feature.

(Source: Business Insider Intelligence)

89percent1

89% of survey respondents said they use mobile banking.

(Source: Business Insider Intelligence)