Substantial Majority Advocates Additional Security in Mobile Transactions, Here's More!

Banking CIO Outlook | Wednesday, June 19, 2019

With mobile transactions on the rise, M-commerce demands a secure environment, especially for those transactions involving monetary value.

FREMONT, CA: The scale of mobile transactions, coupled with free downloadable apps, can create significant security and management challenges. The combination of apps and the increase of mobile malware poses a real threat to both sensitive and confidential information stored on mobile devices. A recent survey finding shows that a substantial majority of people value additional security measures for mobile transactions, with 9 in 10 reporting they would want to ability to approve some of all mobile device transactions before the transaction completes. Read on!

• Safeguarding Devices

Building mobile applications means being able to support a broad range of operating environments and devices. This makes the app exposed to potential vulnerabilities across supported devices. When building and deploying applications, there are standard development and testing practices used, which are excellent security practices to follow. Solutions comprise special guards or security units that are injected into the binary so that they cannot be identified or isolated. They defend against compromising to threats. Solutions can check the environment in which the application is running to ensure it is not running in the presence of debuggers.

• User Identification

Commonly used user identification methods rely on profiling as a means of identifying fraudulent transactions. Cybercriminals perform fraudulent transactions under this security layer, exhibiting as many characteristics of healthy, customer-generated transactions as possible. For this, the device needs to be the first line of defense for online purchases since it is considered the weakest link.

• Preventing Cross Channel Infections

Cross channel infections can be prevented with help from the information on the device's geolocation, which is based on GPS. This can be used to identify access to the same account from two different locations that may occur during the mobile banking session. Additional information is analyzed to detect suspicious events across activities.

The payment system is a vital part of any website. The money of both the transacting entities can be risk-proofed if proper security is ensured.



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