50%Increase in mobile-only banking users
68%Millenials wanting to replace wallet with smartphone
600%Increase in fraudulent mobile app transactions from 2015 - 2018
65%of all fraudulent transactions take place on mobile
87%Consumers that prefer traditional banking via mobile
Payment Securities Directive 2 (PSD2) is a European Legislation coming in late 2019 that will require financial services in the EU to contribute to a more integrated, secure, and efficient payments ecosystem. With increasing numbers of consumers adopting mobile banking and more malicious actors targeting banking apps, there is a need to improve security measures for mobile financial services.
The security goals for PSD2 require financial services to:
The security requirements of PSD2 create the need for stronger security in mobile banking applications. Mobile banking apps can leverage Lookout’s App Defense SDK to provide proactive protection for customers.
Mobile app security and compliance are quickly rising as one of the top priorities of CISOs as app-based attacks and fraud continue to rise. Lookout App Defense detects various types of cyber threats that can lead to account takeovers such as credential theft, data leakage, and fraud on the mobile app. The Lookout Security Cloud has analyzed over 70M mobile apps globally, delivering mobile app protection to counter various threat vectors such as:
In addition to the detection of these threats, Lookout App Defense allows your apps to be “self-protecting” by enabling them to take remedial actions depending on the severity of the threat, such as blocking account access on jailbroken devices. With the ability to detect and remediate app-based threats, Lookout App Defense provides a critical layer of protection for your users and your brand.
Lookout App Defense provides comprehensive in-app protection with a security architecture that combines the best of cloud and on-device detection and is specifically optimized for the mobile environment. This approach delivers the most secure threat detection, the fastest time-to-protection, and has a lower impact on device performance compared to approaches that depend solely on device-based analysis. Your customers' data is secured by the most advanced technology, while they receive the best possible user experience, including:
Deploy the App Defense SDK into your customer-facing apps within minutes, allowing you to gain app security without compromising user experience or time to market.
Our cloud-first and device-assisted architecture, which includes support for offline mode, allows Lookout to deploy new threat protection without requiring a version update or relying on a resource-heavy agent.
With over 170 million mobile devices running Lookout, you can have confidence your app security will scale with your customers.
Whether the device is connected to a network or not, Lookout enables continuous protection via our machine learning-driven dataset of over 70 million apps. This enables you to proactively protect your customers in real time with unrivaled visibility into the mobile app threat landscape.
App developers can easily add the Lookout App Defense SDK library during the app development process with in-app protection, enabling the app to leverage the power of threat data from the Lookout Security Cloud to protect individuals and organizations from data compromise when conducting even the most sensitive transactions.