Build38 selected for the Scale Programme of ICE71

Build38 is proud to announce that it has been selected to be part of the Scale Programme of ICE71, the leading Cyber Security Accelerator in Asia-Pacific. ICE71 founding partners are Innov8, the Singtel group corporate Venture Capital unit, and NUS Enterprise, the entrepreneurship arm of the National University of Singapore.

As part of the programme, the Singapore team of Build38 will take residency at the accelerator and able to benefit and contribute to the thriving Cyber Security ecosystem of Singapore and the region. Due to the unparalleled activities and initiatives of ICE71, Pedro Hernandez, Managing Director of Asia-Pacific and Co-Founder of Build38 stated: "We are extremely honoured and happy to be part of ICE71. Singapore, as the most competitive economy in the world and a reference in the Asia-Pacific region, it's a strategic location and ICE71 is the place to be for Build38 as a Cyber Security Start-up with plans to extend our footprint in the region".

ICE71 is located at 71 Ayer Rajah Crescent, the core of the one-north Science, Research and Innovation district of Singapore, hence exposing the Cyber Security ecosystem to multiple disciplines and forging new connections. Now the Asia-Pacific team of Build38 will be benefiting from that exposure too.

 


Lessons from Japan: Preventing Account Takeover through App Security

Recently, it has appeared on the news that one of the largest convenience store chains in Japan, that uses a mobile wallet in order to perform payments associated to a credit card, has suffered an attack that ended up in the total loss of 55 Million Yen by almost 1,000 users. Based on public information, it is believed the attack was based on an account takeover scheme. The attacker started a password recovery process that ended up in sending an email with a password reset link.

Apparently, the process was implemented in a way that the user had the option to send the reset link to an alternative email address than the one that was originally used to sign for the account. This is a very strange practice as generally when resetting your password you use some element as the original root-of-trust (the original email address) but in this case it seems that they were using some very basic information like birth date as the root-of-trust.

Even if there is no evidence that the Mobile App was compromised and if additional countermeasures would have prevented the attack, the question here is: Can we design a password reset mechanism that can overcome the flaws of current methods? Beside this particular news, we have heard of many cases of account takeovers by attackers using SIM Card replacement mechanisms, where the Service Provider has to rely on the Mobile Network Operator / Carrier of the user to do the right verification before providing a SIM Card replacement.

Solving the issue: What if the Service Provider didn’t have to rely on third parties for that?

That brings us to an improved flow for the password recovery mechanism. Imagine you have a Mobile Wallet that you use to make purchases and you have a Mobile App in your phone, protected by some kind of user verification, e.g. Fingerprint or FaceID. One day, you want to access your account from a website. Or you are asked to login again and you forgot your account password. In a current scenario, the user would request a password reset and a link would be sent to their Email that once clicked would be used to set a new password. An alternative would be an SMS to their phone number with the link or a code for the password reset.

In the improved scenario, the Mobile App on the phone is strongly linked to it. This means that it can’t be copied to a different phone, the keys stored can’t be compromised or the communication sniffed. We also don’t have any need to rely on an SMS, whose phone number may have been compromised by poor carrier KYC mechanisms to get a SIM Replacement, or Emails that may be have compromised in multiple ways. This would work as follows: I want to login through the website but I can’t remember my password. I click on recover password. The user is asked through the website to open their app on the phone, do user verification, e.g. Fingerprint, and once is verified the possibility to define a new password is shown on the website. In the case of someone trying to take over the account, once they request the reset password link they will not get through as the real user is not going to open the app and accept the reset of the account.

Actually, such a flow would go in the direction of the Payments Japan Association guidelines that "requires the operators of mobile payment services to confirm the linkage between the devices of users and apps downloaded on them to prevent unauthorized access."

In the case that the user forgets the password and loses access to their phone at the same time, a specific “Red” path for the user verification shall be established. The good thing is that in this scenario, if an attacker is pretending to have lost their phone and forgot the password of the user, the actual user could be alerted of this happening though a warning to the App on the legit mobile device, being able to inform the Service Provider that they have not initiated such a process and alerting the Service Provider that an attack is happening.

Thus, using a strong device binding and a hardened app we can solve many of the risks associated with online account takeovers. Build38, through its family of technologies under the Trusted Application Kit (T.A.K) is able to make Service Providers independent of security processes of others, e.g. Mobile Network Operators / Carriers, Email and ISP providers. Contact us to learn more about Build38 and how we can help you transform your Mobile Security!

#buildonBuild38

 

Image by TheDigitalWay from Pixabay


Speakers at Cybersecurity Thailand, organised by ETDA, RSA Conference and CyberTech

Build38 was present at the Cybersecurity Thailand conference organised by ETDA, RSA Conference and CyberTech. We were invited to be speakers as part of the Start-up showcase in front of an auditory of 300+ people. Great feedback was received about the innovative showcase that Build38 brings to the table of Service Providers, e.g. Banks, Automakers, Transit operators, that want to go with a Mobile First approach.

Pedro Hernandez was part of the delegation and responsible to deliver the speech during the second day of the event that was profusely reported in Thai media. Many valuable leads and connections were established that will help bring our #buildonBuild38 motto to Thailand!

 


Speakers at the European Cyber Security Organisation event in Madrid, Spain

Dr. Christian Schläger was invited, as CEO of Build38, to be a speaker at the latest networking event between Cyber Security Start-ups and ecosystem leaders organised by the European Cyber Security Organisation, ECSO, with the support of the National Cyber Security Institute of Spain, INCIBE. The event took place last Tuesday 14th of May, at the venue of the Secretary of State for Digital Advancement in Madrid with a packed auditorium and back-to-back private discussions with selected partners. Build38 showcased the progress done so far and excited the attendees with the next steps and potential from the business side. Gracias Madrid and see you soon! #buildonBuild38

Talk to an Expert and Get T.A.K


XPeng Motors using CyWall from Build38 to secure its Digital Car Key solution

CyWall, the Mobile Application Security solution from Build38 for the Chinese market, is part of the Digital Car Key solution provided to XPeng Motors in China by the Digital Security Solutions provider Giesecke+Devrient Mobile Security. CyWall provides a key aspect of the solution as it allows the mobile app used to interact with the vehicle to be running securely on virtually any smartphone, be it Android or iOS. Combined with the physical Secure Element sitting on the car and the back-end as the Key Management System, the solution is meeting all the security requirements of the most innovative car manufacturers and continues establishing the solution as the gold standard in the China Market for Digital Card Key.

CyWall is use-case agnostic and can be applied to multiple verticals, from Auto-makers to Health-care providers, going through Financial Services, Transportation and Transit… any Solution that has a mobile application as the end-point for the consumer can benefit from the security and insights provided by it. #buildonBuild38 and supercharge your solution offering!

Talk to an Expert and Get CyWall / T.A.K