Mobile apps have changed the way people access banking services, and your bank cannot ignore this trend. How then do you design mobile banking that is not only useful, but secure? Simply. With our products, you will safeguard your mobile apps against various types of cybernetic attacks.
4 Critical Building Blocks of Mobile Banking Security
01. Strong Cryptographic Protection
Wultra Mobile Security Suite is a software development kit (SDK) that will secure your mobile application quickly with minimal effort to integrate. The solution can integrate with your mobile banking quickly and in a cost-efficient manner, making your mobile banking significantly more secure and compliant with the PSD2 requirements on strong customer authentication (SCA).
02. App Shielding
Wultra provides a solution that helps banks and other payment institutions ensure sophisticated and PSD2 compliant protection of their apps. Wultra App Shielding is a RASP (runtime application self-protection) solution that can be automatically integrated into mobile banking app and protect it from a whole range of security issues such as, besides mobile malware, fake screen readers, overlay attacks, malicious keyboards, app repackaging and many more. With Wultra App Shielding, mobile banking app remains hidden. This means that the mobile malware cannot perform its malicious activity. As a result, mobile banking app is safe from the risk of being modified during the runtime or at rest.
03. Antivirus Protection
It’s not only App Shielding but also Antivirus for Mobile Banking what protects mobile banking apps. Wultra’s groundbreaking security solution for Android users comes in the form of a built-in antivirus. Antivirus for Mobile Banking proactively scans every app and its update end-users have on their devices even when the app is not running. When there is a suspicion of a dangerous app (respectively its update), Antivirus terminates the mobile banking app while allowing easy uninstallation of the malicious one. Thanks to the fact that Wultra’s Antivirus is a part of the mobile banking app, customers do not have to install any other additional application to gain protection. Moreover, Wultra Antivirus software scores the threat level of scanned apps and gathered information are used for protection of others as well.
04. Antifraud System
Wultra’s authentication systems are integrated with behavioral authentication and fraud detection technologies. This advanced machine learning technology based on deep behavior scoring recognizes whether it’s a legitimate customer or a cybercriminal who is trying to log in to the app. To distinguish a legitimate user from a fraudster, a wide range of indicators is used, such as user’s location or analysis of various attributes of the payment. The security protection is strengthened by requesting a stronger authentication from the user or postponing the payment until manual verification when there is a suspicion of fraudulent behavior.