Mobile Banking Security

With the potential to create everything from new revenue opportunities and increased customer acquisitions to cost savings, mobile is changing the landscape of banking as we know it. The roll-out of mobile banking services has already yielded tremendous success, and by increasing security while keeping a keen eye on user experience, leading banks and financial services providers can offer more advanced mobile services, which will play a key role in their growth strategies.

Problem

The world's leading financial institutions are adopting “Mobile First” strategies to leverage the game-changing platform that has revolutionized banking and become the customer’s channel of choice. But while mobile presents enticing business opportunities, it also stretches the boundaries of the threat landscape, dramatically expanding the attack surface and becoming an increasing threat to the mobile banking revolution.

Applications are a favorite target. In fact, research suggests that 80% of successful breaches target the application layer. And with the explosive growth of the mobile channel and user demand for anytime/anywhere access to mobile services, mobile apps are stretching the boundaries of security, and putting them squarely in the crosshairs of malicious attacks.

Consider that 60% of mobile malware specifically targets financial information on mobile devices, and that 95% of the tested apps has at least one vulnerability. With the right solutions in place, mobile banking security is a challenge that every bank can overcome.

Solution

Our innovative authentication (including face recognition), mobile app security and real-time fraud prevention solutions are designed to increase the trust level across all areas of mobile banking – user, device and application – so you can eliminate threats to your mobile banking platform.

VASCO solutions also support Federal Financial Institution Examination Council (FFIEC) guidance in Mobile Financial Services (MFS) including:

Authentication and authorization. Financial institutions should use mobile payment applications that rely exclusively on two-factor or multifactor authentication.

Applications security. Management should ensure that the institution’s Mobile Financial Services contain log-on credentials in addition to those used to access the device, employing multi-factor authentication or layered security controls depending on the types and volumes of transactions.

Logging and Monitoring. Management should have logging and monitoring capabilities on all MFS to track customer activity and security changes and to identify anomalous behavior and transactions.

Solution Benefits:

DIGIPASS for Apps - Fully integrated application security

Increase mobile trust to enable more high-value mobile services and new use cases
Support a "Mobile First" strategy that optimizes user experience to forge customer loyalty
Comprehensive SDK that natively integrates application security, two-factor authentication and transaction signing into mobile applications
Complete flexibility to use combination of fingerprint, face recognition and PIN

IDENTIKEY Risk Manager - Powerful, Real-Time Risk Analysis Engine