Data from Statista, a data and business intelligence platform, show the 14 e-wallet apps in the Philippines have combined monthly visits of 16 times per month in 2022. Appdome, a unified mobile app security platform, believes that it is important now, more than ever, that these apps offer consumers robust security, especially amid the increasing incidents of scams.
From the apps that Appdome has been securing over the past years, financial and banking apps remain the most used by consumers.
“The challenge for financial services is to safeguard transactions without hindering the user experience,” Chris Roeckl, chief product officer at Appdome, said in an interview with Back End News. “Security must not disrupt consumers from conducting their banking activities, whether it’s transferring funds or checking balances.”
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Appdome: Consumers demand improved fraud protections in apps
Appdome: Hacking of mobile apps is top security concern of Filipinos
Cyber attacks in various attack vectors are steadily increasing and the widespread use of mobile apps also open more vulnerabilities for cybercriminals to exploit.
“These attacks are not just breaches of security; they’re breaches of trust,” Roeckl said. “Malicious apps can secretly monitor user activity and drain accounts, further underscoring the need for robust security measures.”
Fraud prevention over reimbursement
According to Appdome, consumers very much prefer fraud prevention over reimbursement, if this is even possible. Most consumers wanted fraud to be stopped before it even occurred. This shows that consumers exhibit heightened awareness of fraud risks, perhaps given the continued scam texts happening in the Philippines even after implementing SIM registration by various telecommunications companies.
Roeckl also noted that based on their data, 4 out of 10 individuals have either experienced or know someone close to them who has experienced a mobile app attack.
However, the challenge for organizations and app developers is offering security while providing a seamless user experience.
Appdome leverages telemetry data to enhance mobile app security offerings. An emerging use case involves detecting suspicious activity when users simultaneously engage with mobile apps and phone calls, highlighting the importance of proactive monitoring to safeguard against fraud incidents.
“We provide recommendations to users, steering them away from suspicious apps toward verified accessibility services,” Roeckl said. “Ensuring consumer safety while maintaining a seamless banking experience is important.”
In cybersecurity, the pattern is shifting toward holistic mobile security solutions. Roeckl emphasizes the need for brands to integrate mobile security seamlessly into their overall security strategy, bridging the gap between enterprise infrastructure and mobile devices.
“Our mission is to empower brands to incorporate mobile security seamlessly into their holistic security framework,” Roeckl said. “Whether through in-app protections or network-level decisions, our goal is to provide brands with the tools to safeguard consumer data effectively.”
Appdome offers visibility or the ability to detect and prevent threats in real-time. Through advanced telemetry data and machine learning algorithms, brands gain insights into potential threats and vulnerabilities.
“Armed with real-time data, brands can make informed decisions to improve their security strategy,” Roeckl said.
AI-driven attacks
As mobile technology continues to evolve, so do the threats it faces. Roeckl acknowledged the emergence of AI-driven attacks, which have lowered the barrier for malicious actors to exploit vulnerabilities.
“AI has democratized cybercrime, empowering even novice attackers to wreak havoc,” Roeckl said. “Our focus remains on staying ahead of emerging threats, leveraging (artificial intelligence) AI to proactively detect and mitigate risks.”
The emergence of deep fakes (video or voice manipulation), presents another challenge for security researchers. Appdome is exploring various strategies to counter this threat, including deep fake picture detection integrated into their service.
“Fraud prevention must be proactive, not reactive,” Roeckl said. “By prioritizing security and user experience, brands can forge lasting relationships with consumers built on trust and reliability.”
Through ongoing research and development, Appdome aims to equip brands with the tools and knowledge needed to safeguard consumer data effectively.
Roeckl emphasized the importance of consumer education and transparency in building trust. By providing consumers with information about security measures and best practices, brands can be able to gain users’ confidence and loyalty.
“By raising awareness and providing clear, transparent messaging, brands can empower users to make informed decisions and stay vigilant against potential threats,” Roeckl said.
Roeckl also pointed out that it is important for brands, security experts, and regulatory bodies to work together to help mitigate attacks by sharing insights, best practices, and threat intelligence. This way, they will be able to enhance the overall security posture of the financial services industry.
Appdome offers an automated system that simplifies and streamlines the process of integrating security features into mobile apps. It recognized the challenges faced by brands in implementing security measures using traditional methods involving software development kits (SDKs), which required significant engineering resources.
To address this, Appdome developed a solution where brands can upload their mobile apps to the platform, make security selections through a user-friendly interface, and build the app within minutes without the need for manual coding. This process is entirely automated and ensures that security features are implemented consistently, regardless of the app’s framework or development environment. Appdome also provides certification of these security features, facilitating collaboration between development and cybersecurity teams.
Appdome consolidates various security solutions into a single platform, eliminating the need for brands to integrate multiple vendors’ products. This consolidation offers two main advantages: it provides a comprehensive view of all security measures in one place and reduces costs associated with integrating different solutions.