White Paper | Mobile Banking: Regulations, Threats and Fraud prevention
The usage of banking services through a mobile device has quickly been embraced by consumers. At the end of 2019, 74% of the UK and 75% of the US people used mobile devices to manage their finances.
To stay ahead of the competition, banks have developed mobile applications offering a wide variety of services to their clients. But when handling personal/financial data and conducting transactions, mobile apps are required to satisfy very high security standards.
Currently, researches indicate that mobile banking apps are often not as secure as expected. Furthermore, a recent analysis of data collected by RSA's Fraud and Risk Intelligence team shows mobile app related fraud doubled in the first quarter of 2020.
In this white paper, we analyze mobile banking usages, legal framework, risks, and provide solutions to secure mobile banking apps, from development to execution.
This white paper features:
- Data protection legal requirements applicable to mobile banking apps,
- Modus operandi of mobile threats targeting financial apps,
- Fraud and data leakage prevention recommendations.