Page 157 - Cyber Defense eMagazine June 2024

How to Best Secure Banking Applications –

Top Tips from a Mobile Security Expert

By Krishna Vishnubhotla, VP of Product Strategy at Zimperium

It doesn’t take much to guess why cybercriminals increasingly target banking applications including
emerging fintech and trading as their prime targets – cybercriminals have and continue to be largely
financially-motivated. Recent research found that traditional banking apps accounted for 61% of the apps
targeted by 29 specific banking trojans last year, while the other 39% accounted for emerging fintech and
trading apps.

What’s wrong with traditional security mechanisms employed by these apps? Tools and tactics such as
Strong Passwords, Domain-Based Security, One-Time-Passwords (OTP), and Multi-Factor
Authentication (MFA) aren’t making the cut because they aren’t keeping pace with the evasive nature of
cybercriminal tactics. Threat actors are aware of where users and organizations spend most of their time
and in today’s remote reality, that’s on mobile devices. So how can banks and financial institutions secure

Cyber Defense eMagazine – June 2024 Edition 157
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