Application Protection

Application Protection for Mobile Banking and Payments

Why do mobile banking applications need security? 
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Software Protection for Mobile Banking and Digital Payments

The Threatscape

More and more consumers leverage mobile devices to conduct financial transactions including mobile banking, mobile 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 mobile_financial_app_risksby 2017. And as of July 2013, Visa confirmed that at least 90 U.S. banks and over 250 merchants support the use of its digital wallet platform. 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. 

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.

Deploying Application Integrity Protection 
To combat mobile threats, app integrity protection strives to secure enterprises in the App Economy against next generation application threats where competitors, counterfeiters, or private hackers compromise an application's business purpose by tampering with deployed software to conduct mobile fraud, discover consumer data, distribute malware, steal IP, corrupt devices or violate software licenses.  With integrity protection that provides digital payment protection for digital wallet and other financial services financial institutions can launch mobile applications with confidence without compromising security or revenue models when deploying in untrusted and unknown environments. 

Arxan provides application integrity solutions that protect applications from attack in distributed or untrusted environments. Arxan’s technology protects financial applications, against attack with built in “guards” that provide self-defense and tamper-resistance technology that deploys quickly with little overhead.

Finally, Arxan’s technology gathers and reacts to intelligence on how attackers try to crack security controls, corporate policies, disable authentication/authorization, steal sensitive data, trojanize apps or take IP. Digital payment protection via mobile app protection is an important part of our larger family of solutions that keep your data – and your customers’ data – safe from attack or discovery through reverse engineering.


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