Financial Services

The FinTech market has exploded in recent years. Demand for mobile and open banking initiatives has presented huge challenges
to start-ups and established companies alike. 

Protecting Trust in FinTech

Trust is one of the attributes attached to traditional Financial Services companies. Many banks, insurance companies, investment houses have hundreds of years of brand equity built up by their customers' trust in them. Such trust has so far given an advantage to established financial companies, but Banking as a Service (BaaS) FinTech opens new attractive opportunities for profitable neo-banks to erode the dominance of traditional companies. 

However, many of these services are delivered from untrusted platforms. As multiple Security Lab exercises have demonstrated, mobile devices and their operating systems may not be as secure as many have assumed. The APIs for many banking apps can be accessed through simple code analysis, and these APIs link directly to bank networks and Customer Personally Identifiable Information.

As payments and access to consumer and business bank accounts continue to open up under Open Banking, the opportunity of the Internet of Things (IoT), from your smart speaker to your car, to instigate and smooth transactions is clear. But if the code and crypto-keys upon which the services depend are compromised, there will be severe consequences for the customer and for the regulated Fintechs (established or new) in the chain.

Trust is everything. 

PII

Personally Identifiable Information (PII) is a valuable commodity. The challenge for any FinTech is to use the information shared by account holders in a way that is safe and regulator-compliant. Without this 'simple' understanding, the risks to all the players in the Open Banking chain is clear. 75% of data compromised in financial services is PII.

PSD2

Since the announcement of PSD2 (Second Payment Service Directive) in the EU, the financial services market has been moving inexorably towards a model that is more open, transparent and interlinked: Open Banking and APIs. This challenges the industry’s traditional 'wall and moat' model of security.

PHISHING

A rise in phishing and other scams during the pandemic yielded a bumper crop of personal information for sale on the dark web. Card cycling — a method for testing the validity of stolen credentials — increased 54% as bad actors looked to verify the data they’d purchased.

300%

GROWTH IN MOBILE PAYMENT

Mobile payments in the US will grow by 300% in the next 5 years. 
$10 Trillion

DIGITAL WALLET SPEND

Digital wallet spend will reach $10 trillion by 2025. 
25%

GROWTH IN MPOS

Mobile Point of Sale (mPOS) will see a 25% growth by 2023.
Increase

mobile device as authentication

eCommerce websites increasingly use mobile devices as an authentication channel. 

Let us help you explore your security options.


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