White Paper: Mobile Banking: Regulations, Threats & Fraud Prevention
Mobile banking is a 24/7 remote service offered by banks and financial institutions to their clients. It is delivered through mobile applications and allows to monitor account balances, follow transactions, make fund transfers, etc.
Increasing mobile banking adoption and customer expectations put banks under pressure and the question is no longer to offer an application, but to feature cutting-edge services and ensure the best protection from data theft and fraud. To stay ahead of the competition, major banks as well as community banks and credit unions quickly developed their mobile applications, which they frequently update with new capabilities.
In this race against time, mobile application security is often left aside. Several studies led by the Pradeo Lab show that mobile banking applications have an average of 20 vulnerabilities and are rarely equipped to face the sophisticated mobile threats lurking on them.