Build38’s Approach to Mobile Banking App Security

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The financial sector is currently experiencing a transformative shift with the rapid growth of mobile banking, a trend fueled by its inherent convenience and accessibility across age groups. However, this surge in popularity is paralleled by a concerning rise in financial fraud. In 2023 alone, 29 malware families targeted 1,800 banking applications across 61 countries, marking a significant increase from the previous year’s figures. This surge is indicative of the evolving landscape of cyber threats in the mobile banking sector.  In this article, we will look into the mobile app security challenges faced by the industry and explore Build38’s solutions, with a spotlight on its threat intelligence modules.

Mobile App Security Challenges in the Financial Sector

 

The financial sector is a prime target for cybercriminals due to the wealth of sensitive information stored in banking applications. Threats such as malware, phishing attacks, and data breaches loom large, making it imperative for banks to implement robust security measures. The challenges include securing transactions, protecting user data, and ensuring the integrity of mobile banking apps in the face of evolving cyber threats.

The top three security challenges facing the mobile banking industry include banking trojans and malware, security vulnerabilities, and the proliferation of fake banking apps. Over 100,000 new mobile banking Trojan strains were detected in the last year alone, while approximately 77% of financial apps exhibit vulnerabilities that could lead to unauthorised access and data breaches. The rise in mobile banking adoption has also given way to fraudulent apps, with around 2% of the top-grossing apps identified as scams, generating over $48 million in revenue.

As we witness this dynamic and expanding mobile threat landscape, it becomes imperative for organisations to adopt a proactive, mobile-first security strategy. Mobile apps are fundamentally changing all banking services, making it a priority for all banks to focus on maintaining the highest security standards to protect sensitive financial information and ensure a safe user experience. That is were Build38’s Mobile Banking Protection solution comes in: offering superior mobile app self-protection, real-time threat intelligence, and robust fraud management tools.

Empowering Fraud Teams with Build38’s Comprehensive Solution

Fraud management teams within mobile banks and companies operating fraud-sensitive mobile apps face an evolving landscape of challenges, from increased workloads to the necessity of adapting to ever-evolving fraud tactics. Build38’s Mobile App Security Platform stands as the ultimate solution, with its user-friendly Threat Intelligence modules playing a pivotal role in enhancing the capabilities of these teams.

The key features of Build38 platform include:

Superior Mobile App Self-Protection: Build38’s solution offers unmatched mobile app self-protection against a spectrum of cyber threats, facilitating regulatory compliance across a broad range of devices and operating systems. This includes a zero-trust approach, data encryption at rest and in transit, secure PIN pad features, and backend API protection, establishing a robust defence against unauthorised access.

Build38 Threat Intelligence Portal: The user-friendly dashboard empowers fraud management teams to monitor and respond to security breaches and fraud incidents in real time, without the need for IT support. Real-time visibility into app security status, a comprehensive dashboard displaying vital metrics, and detailed instance-level views provide unparalleled insights. The module also offers remote wipe and lock/unlock functionalities, extending actions to multiple devices for efficient security management.

Build38 Attestation & Response: A user-friendly SaaS interface allows fraud teams to create rules for real-time security responses to specific fraudulent events, further streamlining the response process. Fine-grained remote app lock/unlock and data wipe capabilities, along with support for security attestation to comply with regulations such as eIDAS 2 and PCI-MPOC, enhance the team’s control and compliance capabilities.

Build38 Threat Intelligence & Response API: This exclusive API provides the development team with the ability to program standarised, real-time security responses into the mobile app’s back-end application logic. This unique feature allows for a seamless integration of security measures tailored to specific fraudulent events.

Build38’s solution equips fraud management teams to navigate the challenges of continuous monitoring, evolving fraud tactics, and regulatory compliance, setting a new standard in mobile app security.

Build38’s Mobile App Solution: Protecting Banks Globally

Build38’s impact resonates across diverse regions, as it has offered tailored solutions to fortify banks against evolving cyber threats. Build38’s has the ability to craft dynamic security measures that transcend geographical boundaries. For a Top 10 Global Bank with over 8 million consumers, Build38 seamlessly integrated innovative technologies, ensuring the highest level of cybersecurity while maintaining a streamlined user experience. Another example showcases Build38’s partnership with a banking app software leader implementing a ‘mobile-first’ and ‘mobile-only’ strategy, reinforcing the institution’s commitment to security through advanced measures like Runtime Application Self-Protection (RASP).

Additionally, Build38’s intervention in eradicating mobile banking app fraud in Africa and the Caribbean emphasises its agility and effectiveness in responding to security crises. By swiftly implementing its solution, Build38 not only halted unauthorised withdrawals but also provided the bank with a comprehensive security comparison against alternative options, solidifying the institution’s trust in Build38’s capabilities. These case studies collectively illustrate Build38’s vision of a global footprint, where tailored security solutions adapt to the unique challenges faced by banks in different regions, ensuring a robust defence against the ever-evolving landscape of cyber threats.

Digital threats continue to evolve and the mobile banking industry must prioritise security to safeguard the financial well-being of users. Build38 offers a robust solution that addresses the unique challenges faced by banks globally. Build38’s commitment to innovation and protection sets a new standard for the industry.

Join us at the Mobile World Congress in Barcelona next week to explore firsthand how Build38’s solutions can revolutionise mobile app security in the financial sector. Visit us at booth CS50, or contact us directly for an in-depth discussion on securing the future of mobile applications.

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