The document discusses the rising popularity of mobile financial solutions and the associated security threats they face, such as phishing attacks, application-based threats, and vulnerabilities in payment systems. It highlights various types of mobile security risks, emphasizing the need for protective measures including avoiding public Wi-Fi, educating users, and keeping software updated. Overall, it stresses the importance of securing customer information within the financial services industry.

1. Overcome Security Threats Affecting Mobile Financial
Solutions 2020
The financial services industry, like most businesses and consumers, has become dependent on mobile
communications as a way to conduct business, manage customer information, exchange data, and work with
customers. Due to its convenience, speed and ease, the electronic form of money has gained tremendous
popularity among ordinary people and businesses.
We have also witnessed that Mobile Payment is the Future of Money Transaction and the emergence of mobile
financial solution such as mobile payment system and digital wallet solution with the growing proliferation of
smartphones around the world. People are moving rapidly from using cards to digital wallets to make payments
at different locations.
There are few critics, however, who think that digital wallet is not a secure payment system for both consumers
and service providers. Wallets such as Google Pay, Venmo, and Samsung Pay, however, serve as the best
examples of a secure digital wallet that used around the world. However, we cannot completely ignore the risks
to security that it may pose. In addition, if you are looking for a Best Digital Wallet App Development Company
to hire and its solution, this blog is best for you.
In this blog, we are going to discuss the various security threats that digital wallet may face and what the
solution might be.
Mobile Security Threats Explained
People tend to see mobile security threats as a threat that includes everything. But the fact is, you need to be
mindful of various types of mobile security risks. These include physical threats based on software, web-based,
network-based threats.
Here is How They Work:
Application-Based Threats
Application-based threats occur when people download apps from their phone that look legit but simply skim
information. Types include spyware and malware that exploits personal and business data without people
realizing what is happening.

2. realizing what is happening.
Web-based threat
There are subtle web-based risks that appear to go unnoticed. They occur when people visit affected sites that
appear to be fine on the front end but actually download malicious content to devices automatically.
Network-based threats
Network-based threats are particularly bad because cyber criminals are able to steal unencrypted data while
using public WiFi networks.
Physical threats
Physical threats happen when somebody loses or has stolen their mobile device. Since hackers have direct
access to the equipment, where private data is stored and access to data, this vulnerability poses a particular
threat to companies.
Mobile Wallet Application under Major Potential Threat
Phishing Attacks
Phishing attacks are probably the most common type of attack. The phishing emails perform these. Such
attacks have primarily aimed at forcing the client to disclose information.
Social Engineering
The attackers steal data from the client in social engineering that is available in the public domain. They either
use it for illegal transactions or sell it to trade websites in the underground. The attackers sometimes use the
stolen information as their identity as well.
That is how they get access to user’s info for Mobile Wallet Payment.
Installing Malware Applications By Mistake
Attackers make the user download malware using malicious attachments to redirect it to the mischievous URL,
fake access point, insecure Wi-Fi hotspots, and a spoofing attack network.
Some of The Possible Security Measures
For digital wallet transactions, refrain from using public Wi-Fi hotspots.
Educate and sensitize people about risks to safety.
Distinguish between fake websites and actual access points.
Taking Care of Mobile Device Issues
Mobile Device as a Target
Mobile devices are more vulnerable to malware attacks because they are an easier target than the mobile app.
Once the system is in their hands, they can use it for illegal activities such as spyware deployment, use of
sensitive data, fraud transaction, and much more.
Implementation Issue
IT is a competitive field where you will see the constant release of new functionalities. Consequently, there is a
possibility of running potentially unstable codes that are highly susceptible to security threats when mobile

3. possibility of running potentially unstable codes that are highly susceptible to security threats when mobile
payment solution is being introduced.
Illegal Access to Lost Or Stolen Device
If your cell phone is lost or stolen then it is easy for the hackers to have unauthorized access to all the data
contained in the system. They can also steal the information on fingerprints that can be used in a fraudulent
transaction’s authentication process.
Possible Security Measures
Keep up to date the operating system.
Ensure the security checks on your computer done by default.
Keep the PINs and the PIN lock tight.
Keep biometric data tight.
Some of the Mobile Wallet Application Concerns
Reverse Engineering
Reverse engineering lets hackers target data such as encryption keys and passwords that are hardcoded.
Hackers who have a high level of understanding of the digital wallet solution can only do that.
Tampering With The App And Using The Rootkits
The intruder could pick a loophole for login details to be accessed. They can send it to the server managed by
the attackers after the details have been collected. This helps attackers to upload or access any kind of
information from the request for mobile payment.
Possible Security Measures
Use the tools to adopt secure coding practices together with automated and secure review manual.
Adopt protection for source code integrity and anti-debug security.
Cryptography of the White Box
Safe software distribution through trusted application stores
Use all unauthorized software stores to detect and remove rogue applications.
Merchants’ Threats
Uploading malware on POS
Once the malware downloaded and mounted on the contactless terminal point of sale (POS), the attacker can
use the card readers to customize and steal transaction and payment information. The attackers can gain
insecure remote desktop access to the POS servers through POS malware. In addition, the malware also affects
the encryption, thus increasing the probability of paying for fraud.
Man-in-the-middle attacks against POS and POS servers
Attackers may also benefit from vulnerabilities like the absence of firewalls. It helps hackers to make full use of
the protection of the network.
Relay attacks on NFC enabled POS
Any known attack on the interface of the NFC POS is called the relay attack. The relay software installed on the
mobile is capable of relaying responses and commands between the mobile POS card emulator installed as a
proxy and a secure element.

4. proxy and a secure element.
Possible Security Measures
POS software should be up to date
Limit POS and POI access only to licensed users
Configure firewalls and install firewalls properly
Make use of SSL to the point of contact between POI and POS
Modify the POS system’s default password
Read more – Cost to Develop Peer-to-Peer Mobile Application
Threats Associated With Payment Service Providers
Compromise of Running S/W On Contactless Terminals
Payment service providers offer various mobile payment POS services such as POS terminals operated by NFC
and aggregated retailer payment services. The latter processes online payments, contactless payments, and
face-to-face payments from various channels.
Compromising Payment Gateways
PSP payment gateways offer themselves as an interesting target for all those hackers who constantly seek to
compromise the payment information and send it to all the acquiring banks from the merchants.
Compromise of S/W on POS servers
Attackers that look at attacking the payment gateway to break the security of POS terminals. The PSPs provide
these terminals to the merchants to host their network.
Compromise of Data Connectivity
Attacker can attempt to take advantage of unsafe connections while merchant hosts the POS link to PSP. There
is also a risk to the PSP connection to the acquirer.
Possible Security Measures
In POI, patch S / W vulnerabilities.
Protect it with a standard design.
Perform testing of vulnerability.
Patch terminals S / W, H / W, and POI.
Impose safe point-to-point ties between the PSP and the acquirers and the PSP and the POS.
Threats Associated With Acquirers
Compromise of payment processing systems
Attackers may get a massive amount of cardholder information while the issuer payment network asks for the
cryptogram and the token.
Malware installation for advanced persistent threats (APT)
Backdoor malware deployment followed by remote access tools (RAT) by database malware infection that is
hosted on the acquired network enables attackers to compromise the acquirer bank payment processing
servers.

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Repudiating the authority of mobile payment
Rootkits are a major threat as attackers can use them to track and exploit API calls directly.
Possible Security Measures
Impose and implement advanced standard security measures together with user access encryption of the second factor.
Enforce and safe minimum user access privileges.
Deploy prevention of fraud, detection of malware and leakage of data.
For protect internal point-to-point connections, using SSL / mutual authentication.
Make digital signatures mandatory for payment authorization from the verification issuer.
KEY TAKEAWAY
The security of customer information is the most important asset in the financial services industry, as in many
sectors, so finding mobile security an afterthought is disconcerting. Mobile devices are facing many risks, but
you can do a lot to protect yourself, your information and your employees.
The aim is to educate workers and provide them with the tools and information they need to make the right
choices. The safer yours and their data will be, the more they understand what is at risk. Follow these
instructions and, through your mobile security journey, you will be well on your way to protect yourself.
Moreover, if you are looking for a Mobile Wallet App Development Company for ready-made digital wallet
solution, then we have you covered there as well. Simply contact Fusion Informatics to know more about our
next gen digital wallet solution.
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