Application Protection for Financial ServicesiStock_000020677029Small

 

Arxan helps Financial Services Providers by:

  • Preventing the modification of applications including the insertion of malicious code

  • Preventing unauthorized access to applications

  • Determining whether the environment in which mobile apps are running is safe

  • Preventing cryptographic key exposure for Host Card Emulation (HCE)

 

More specifically, Arxan provides a broad range of solutions for financial services providers:

  AREA DESCRIPTION

 

 

 

 

Apps for your Customers (B2C)

Retail Banking 
Applications
  • Arxan secures applications for consumers that enable check deposits, balance inquiries, easy money transfers, and more. These capabilities have rapidly become the new minimum requirement for today’s banking customers who also want freedom to perform them on any device without burdensome security controls.
  • Arxan provides security for mobile applications while stored and running on mobile devices including “healthchecks” to understand the environment in which the app is running
Wealth 
Management 
Applications
  • Today’s high net worth clients want to view their portfolio anytime, anywhere and be able to take action in real-time in fickle markets. 
  • This requires robust mobile application functionality resident on the client. Arxan protects the integrity of “native” and “hybrid” apps on mobile devices. 
Payment 
Applications
  • Arxan protects the software leveraged in digital wallets, P2P payments and POS systems, ensuring that customer credentials and transaction details are not exposed to hackers.

 

 

 

Apps for your Employees (B2E)

Internal Staff and 
Management 
Applications
  • Arxan is protecting a range of applications that enable expense reporting, IT help desks, sales commissions, and more for banks. 
  • Most banks are using some form of Mobile Device Management (MDM) and Mobile Application Management (MAM) technologies that govern usage of the application. Even with these technologies, however, applications are exposed to reverse engineering. 
  • As a compliment to MDM and MAM solutions, Arxan works with banks to build trust in their apps and address risks not covered by MDM or MAM solutions.
Protecting 
Security 
Components
  • Many financial services providers have established common security modules that live inside their applications and provide security functionality, including authentication, policies that govern when and how applications are used, etc. 
  • Arxan protects the logic and libraries used to deliver homegrown and third-party security functionality.

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A protected application reduces your risk of:

  • Confidential Data Theft
  • Unauthorized Access and Fraud
  • Brand and Trust Damage
  • Revenue Loss and Piracy
  • Intellectual Property Theft
  • User Experience Compromise

 


The Security Landscape within Financial Services

Digital banking on the rise 

More and more consumers leverage mobile devices to conduct financial transactions including mobile banking, mobilefinancial-services P2P transactions, digital wallet transactions, remote deposit, mCommerce, balance transfers and payments. Gartner® forecasts the volume of mobile payment transactions worldwide to be at $235 billion this year and grow to $721 billion by 2017. The ever-increasing rate of adoption for mobile financial transactions makes digital banking and payment protection more of a necessity than ever.
 
Key industry players in the financial services ecosystem – including financial institutions, retailers, operators, merchants and cards issuers – are re-defining the financial services landscape in the form of new products and services. 
 
To keep pace with innovation, mobile app developers must deploy critical code – such as jailbreak/route detection, security certificates, sensitive intellectual property, etc. – into “the wild,” to reside in distributed and untrustworthy environments without application protection for digital banking or payment apps. 
 

New Threat Vectors Emerge With Mobile Computing 

Hackers can then easily leverage available third party tools to completely disable and compromise mobile app integrity to gain unauthorized access to source code, then tamper with the app to enable fraud, advanced malware attacks, or stealing intellectual property or privileged data, all of which results in revenue and brand losses for the financial institution. The lack of any kind of protection for digital payments also weakens consumer trust in those financial institutions. 
 
Although code review and other traditional application security processes help limit exposure posed by vulnerabilities, financial apps such as mobile payment or banking apps are still very easily abused via reverse-engineering or tampering attacks. Worse, open-source platforms, such as Android, whose code is fully exposed, are at greater risk. Regardless of platform, jail-broken mobile devices can result in hackers gaining root access to mobile applications in order to analyze security logic, insert malware, trojanize apps, subvert authentication or access controls or steal intellectual property, such as algorithms or keys.
 

 

 

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