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Mobile Security Strategies
Damien Hugoo
Product Manager
info@easysol.net
Smartphones are everywhere and people are
dependent on them, so much so that Nomophobia
(“no mobile phone” phobia) is a re...
87% of Millennials say their phones
never leave their side
80% reach for their smartphone
first thing in the morning
78% s...
94% of global conversations are positive
regarding mobile payments
61% of Millennials purchase something on
mobile at leas...
Right?
Mobile adoption has recently stalled…
52% of smartphone owners with a bank
account performed at least 1 mobile
banking tra...
"Security is and will continue to be a
primary concern with regard to mobile
banking.”
-Nessa Feddis
Vice President and Se...
Threats Targeting
Mobile Devices
• Rogue Apps
• Unsafe Wifi
• Operating System
Vulnerabilities
• Jailbroken Devices
• SMis...
The bottom line: Each dollar
worth of fraud committed using
mobile devices costs the
scammed merchant $3.34.
Source: http:...
Banks Impacted
• Steal user information and credentials
• Ability to uninstall and take the place of the real apps they ar...
Is Apple Pay Fraud Growing Like a Weed?
• In theory should cut down on fraud, by generating essentially new credit card
nu...
Operation Emmental
Mobile as part of the fraud lifecycle – where this would
not be necessarily considered “mobile fraud”
“When it comes to mobile devices on your network,
the best advice we have is to strive first for visibility
and second for...
One way to differentiate
and win?
Implement and effectively
communicate your more
secure mobile offering.
The Future – Frictionless Security
• Need transparent and frictionless security models
• Best security features are ones t...
Detection
Protection
Authentication
Risk Analytics
Alerts
SDKEMBEDDEDSECURITY
External Threat Proactive Monitoring
• Need to understand threats and establish a plan
• Don’t wait for customers to repor...
Real-time visibility key to trust
Data intelligence out of the device
• Jailbroken/Rooted
• Malicious apps
• Geolocation
•...
Understand your users
Predictive models using machine
learning algorithms are already used by
retail giants. Why not other...
Mobile Authentication
• Need to be Native and App-Like
• SMS OTP, easily and already
comprised
• KBA, high error rate and ...
Now is the time to create your mobile
security strategy
• Target all stages of fraud with one unified approach across
chan...
"The security is likely there, and the bankers
are putting a lot of effort into making sure that
it's a secure process, th...
App Store Screenshots
Recent Press Releases
Videos
Discover – Freeze It – 2,496,227 views in just 4 months
The Evolving FinTech World
Questions?
Damien Hugoo
Product Manager
info@easysol.net
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Mobile Security Strategies to Grow Your Business

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Customers crave the convenience of being able to use their mobile phones to make transactions, but security concerns may be impeding adoption and business growth. In our 2014 Views of Consumers on Electronic Fraud survey 53% of respondents cited security concerns as a deterrent to mobile banking. With the rapid rise of alternative mobile payment options, protecting your mobile channel is no longer just a security department problem, but a real business growth priority.

In this webinar you will learn:

- New and cutting-edge threats targeting mobile devices
- The role of mobile in accelerating faster payments, improving customer retention and generating cross-selling opportunities
- How rogue applications are created, distributed and used to carry out fraud
- Security approaches to grow your business without impeding the mobile experience

Watch the replay here: http://www.easysol.net/resources-mobile-security-strategies-to-grow-your-business

Published in: Mobile
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Mobile Security Strategies to Grow Your Business

  1. 1. Mobile Security Strategies Damien Hugoo Product Manager info@easysol.net
  2. 2. Smartphones are everywhere and people are dependent on them, so much so that Nomophobia (“no mobile phone” phobia) is a real thing! Source: http://www.huffingtonpost.com/2015/05/18/nomophobia-smartphone-sep_n_7266468.html
  3. 3. 87% of Millennials say their phones never leave their side 80% reach for their smartphone first thing in the morning 78% spend more than two hours a day texting, surfing, talking, tweeting and — more importantly for businesses — shopping, banking and more Source: http://www.usatoday.com/story/money/personalfinance/2014/09/27/millennials-love-smartphones-mobile-study/16192777/
  4. 4. 94% of global conversations are positive regarding mobile payments 61% of Millennials purchase something on mobile at least once a month Apple Pay technology is now supported by 2,500 card-issuing banks, while the number of locations has tripled to nearly 700,000. Mobile Payments are Gaining Momentum http://www.usatoday.com/story/money/personalfinance/2014/09/27/millennials-love-smartphones-mobile-study/16192777/ http://www.emarketer.com/Article/Millennials-Embrace-Mobile-Banking/1012871 http://techcrunch.com/2015/03/09/apple-pay-stats/#.fminlf:YHsv
  5. 5. Right?
  6. 6. Mobile adoption has recently stalled… 52% of smartphone owners with a bank account performed at least 1 mobile banking transaction in 2014 – up from 51% the previous year Source: http://www.nbcnews.com/business/consumer/why-has-mobile-banking-growth-stalled-blame-hackers-n351851
  7. 7. "Security is and will continue to be a primary concern with regard to mobile banking.” -Nessa Feddis Vice President and Senior Counsel, American Bankers Association 66% of non-mobile banking adopters cite security concerns http://www.nbcnews.com/business/consumer/why-has-mobile-banking-growth-stalled-blame-hackers-n351851 http://thefinancialbrand.com/53431/global-mobile-banking-usage-study/
  8. 8. Threats Targeting Mobile Devices • Rogue Apps • Unsafe Wifi • Operating System Vulnerabilities • Jailbroken Devices • SMishing • Phishing
  9. 9. The bottom line: Each dollar worth of fraud committed using mobile devices costs the scammed merchant $3.34. Source: http://www.bloomberg.com/news/articles/2015-02-13/mobile-payment-fraud-is-becoming-a-pricey-problem “We certainly see a surge in mobile payment attacks,” says Tomer Barel, chief risk officer at PayPal, who says his company deals with more cases of fraud on mobile devices than on PCs.
  10. 10. Banks Impacted • Steal user information and credentials • Ability to uninstall and take the place of the real apps they are spoofing • Run undetected while obtaining what they are after 4,000 South Korean Android mobile banking customers throughout 2013 and 2014 Social engineering lures like “The Interview” baited victims into installing their fake apps South Korea Spoofed App Scam Malware Capabilities Customers Impacted Delivery Methods http://www.trendmicro.com/vinfo/us/security/news/cybercrime-and-digital-threats/south-korean-fake-banking-app-scam http://www.securityweek.com/cyber-gang-steals-millions-mobile-banking-customers-south-korea http://www.theregister.co.uk/2014/12/29/interview_banking_trojan/
  11. 11. Is Apple Pay Fraud Growing Like a Weed? • In theory should cut down on fraud, by generating essentially new credit card numbers for each transaction • Vulnerability in “onboarding” new credit cards – just need basic information • Banks desperately wanted to be the default card for Apple Pay, so did not question information Apple gave them (fear of missing out on initial sign ups) • Affected users often directed to call centers, who often fall prey to social engineering “Leads to a thriving black market where thieves enter stolen credit card numbers into iPhones, essentially turning the device into a credit card, and walk out with merchandise.” – Andrew Sorkin, New York Times
  12. 12. Operation Emmental Mobile as part of the fraud lifecycle – where this would not be necessarily considered “mobile fraud”
  13. 13. “When it comes to mobile devices on your network, the best advice we have is to strive first for visibility and second for control. Visibility enables awareness, which will come in handy when the current landscape starts to shift. Control should put you into a position to react quickly.” Source: http://www.csoonline.com/article/2928190/data-protection/are-some-reading-the-verizon-breach-report-s-mobile-section-all-wrong.html
  14. 14. One way to differentiate and win? Implement and effectively communicate your more secure mobile offering.
  15. 15. The Future – Frictionless Security • Need transparent and frictionless security models • Best security features are ones the end user doesn’t see or experience • Complete view of the entire mobile ecosystem • Security decision out of the hands of the end user
  16. 16. Detection Protection Authentication Risk Analytics Alerts SDKEMBEDDEDSECURITY
  17. 17. External Threat Proactive Monitoring • Need to understand threats and establish a plan • Don’t wait for customers to report phishing • Deploy specific mobile threat technology • Host File Scanning – prevent pharming • Monitoring Service to search for Fake Apps • Scan for mobile malware
  18. 18. Real-time visibility key to trust Data intelligence out of the device • Jailbroken/Rooted • Malicious apps • Geolocation • DeviceID • Unsecure Wifi • Same device for Multiple accounts Increase ability to decision • Require further authentication • Enable additional functionality
  19. 19. Understand your users Predictive models using machine learning algorithms are already used by retail giants. Why not other industries? When do they usually login? Which location do they usually login? What type of transaction do they typically perform? Understand the customer journey Use the history of the user across all channels to optimize mobile usage acceptance
  20. 20. Mobile Authentication • Need to be Native and App-Like • SMS OTP, easily and already comprised • KBA, high error rate and bad UX • Don’t get stuck on the idea of “out-of- band” • Out-of-channel • Second channel of communication • Leverage technologies like push notification, biometrics (voice, facial) • Improve User Experience and ability to deliver more services
  21. 21. Now is the time to create your mobile security strategy • Target all stages of fraud with one unified approach across channels, become omni-channel for security too! • Gain visibility to your out-of-band device • Deploy transparent and native security • Start profiling – identify your good users
  22. 22. "The security is likely there, and the bankers are putting a lot of effort into making sure that it's a secure process, they just need to get that information out to the consumer.“ -RateWatch marketing manager Kimberly Myszkewicz Communicate new security features with customers Source: http://www.nbcnews.com/business/consumer/why-has-mobile-banking-growth-stalled-blame-hackers-n351851
  23. 23. App Store Screenshots
  24. 24. Recent Press Releases
  25. 25. Videos Discover – Freeze It – 2,496,227 views in just 4 months
  26. 26. The Evolving FinTech World
  27. 27. Questions? Damien Hugoo Product Manager info@easysol.net

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