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 that came into effect in late 2019 that requires 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.
Lookout detects mobile risks that can lead to account takeover and prevents malicious threats from accessing customer data and compromising transactions via your mobile app. Lookout App Defense leverages the power of security telemetry from over 170M mobile devices globally in the Lookout Security Cloud, enabling you to prevent fraudulent account access from mobile threats such as:
Lookout App Defense benefits from 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, as well as a lower impact on device performance compared to approaches that depend solely on on-device 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 customer-facing apps in minutes, allowing you to gain app security without compromising time to market.
Our cloud-first architecture allows Lookout to deploy new threat protection without requiring a version update, making security seamless for app developers and consumers.
With over 170 million mobile devices running Lookout, you can have confidence your app security will scale with your customers.
Only Lookout has the massive dataset required to take advantage of machine learning at scale, providing early visibility into new mobile threats and protecting your customers in real time.
App developers can easily add the Lookout App Defense SDK library during the app development process, enabling the app to leverage the power of threat data from the Lookout Security Cloud to protect individuals and organisations from data compromise when conducting transactions.