Time to Rethink Mobile Onboarding
While many banks claim to adopt a mobile-first strategy, they often tie their mobile apps to internet banking during activation and customer onboarding. Initially, this was a functional concept, as mobile banking existed as an auxiliary channel to internet banking. Webinar Recording: https://www.youtube.com/watch?v=pybyvAWFVOQ&ab_channel=SMEBankingClub However, as user adoption of mobile banking has grown, attackers have increasingly targeted activation and onboarding processes. Fraudsters use internet banking as their self-care system: Since internet banking is available online and to anyone with an internet connection, it’s a handy hacking console that attackers routinely use to cause damage. By efficiently hijacking mobile banking activation and onboarding via internet banking, attackers pair victims’ accounts to their devices. They then gain complete control over the customer’s bank account and can steal both their money and pre-approved loans, leaving an audit trail that’s difficult to investigate. The solution to this problem is for banks to genuinely become mobile-first through rethinking their mobile onboarding process. Financial organizations can ensure better customer verification and prevent financial fraud through mobile personal identification (such as a document scan) and genuine presence check (using server-side facial biometrics). At the same time, banks should aim to use customers’ official government identity as input to the process and propose legislative changes to enable such access.
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Time to Rethink Mobile Onboarding
- 1. ADDRESS Belehradska 858/23 120 00 Prague Czech Republic CONTACT hello@wultra.com www.wultra.com Webinar Time to Rethink Mobile Onboarding
- 2. CEO & Founder • 15 years of IT experience with a focus on digital banking and finance. • Author of the Czech national standard for QR Payments and two cybersecurity patents. • Open banking pioneer - the first PSD2 application in the Czech Republic, an early version of Bank ID. • Graduate of the Charles University Faculty of Mathematics and Physics. Petr Dvořák
- 3. We help the leading banks and fintech companies to secure their digital systems and bring trust to customer journeys. 2014 Founded 550+ References 5 Regions Powered by
- 5. Our organization strategy is mobile first. — Almost every bank "
- 7. How do you activate your mobile app? Internet Banking Branch ATM Call Center
- 8. 2012
- 9. 2012: Internet Banking = Mobile Onboarding Tool • Primary Channel • Secure Channel • Well-Managed Projects • Accepted by People • Full Feature Set
- 10. 2022: Internet Banking = Open Hacking Tool • Phishing / Vishing / Smishing • Account Takeover • Available 24x7 Fraudsters use phishing to gain full access to mobile banking using the activation process in internet banking. Image automatically generated by DALL-E-2 by OpenAI.com, https://openai.com/dall-e-2/: "security developer at startup writing code at midnight on his macbook"
- 11. 2022: Internet Banking = Open Hacking Tool 50% of fraudulent calls are successful 10 000 EUR avg. vishing damage Data of the Czech Banking Association (CBA). NUMBER OF ATTACKS 0 10000 20000 30000 40000 2020 2021 01-07/2022 +14 757 20 660 12 239 5 235 ATTACKS PROJECTION
- 12. People lose money because of insufficient mobile onboarding procedures. 1 Key Takeaway
- 14. • Mobile-only. • Secure. Phishing resistant. Passwordless. • Strong KYC/AML assurances. • PSD2 compliant. • Done under 5 minutes. • No prerequisites! 2022: Mobile Onboarding Done Right
- 16. And what if we introduced a new password for a situation when the user forgets the password?
- 17. Automatically generated by DALL-E-2 by OpenAI.com, https://openai.com/dall-e-2/ A Naked Troll in a Phone Booth… • Remote user. • Does not remember anything. • Does not have anything. * • Says and types everything to everyone, everywhere. * … anything which is not absolutely common
- 19. The Critical Building Blocks … John Appleseed ID Document Scan Facial Biometrics SMS SMS OTP
- 20. The User Flow …
- 21. Opinion of the European Banking Authority on the elements of strong customer authentication under PSD2 — EBA-Op-2019-06, 21 June 2019 https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2622242/4bf4e536-69a5-44a5-a685-de42e292ef78/ EBA%20Opinion%20on%20SCA%20elements%20under%20PSD2%20.pdf?retry=1
- 23. With steps so few, quality matters greatly. 2 Key Takeaway
- 24. ID Document Scan Requirements • Fast and Reliable Recognition. • High-Quality Image Extraction. • Document Authenticity Checks. • Support for MRZ Reading. • Support for NFC-Ready Documents.
- 25. Facial Biometrics Requirements Face Recognition Right Person? Liveness Check Real Person? Real-Time Present Now? eIDAS • Compliant (eIDAS, PSD2). • Reliable Statistics (FAR, FRR). • Liveness Check. • Deepfake Detection. • Secure Camera Data Stream.
- 27. There are ready-made components for building a compliant, user-friendly, mobile-first onboarding process. 3 Key Takeaway
- 28. ADRESS Wultra s.r.o. Bělehradská 858/23 120 00 Prague Czech Republic EMAIL hello@wultra.com Thank You! Petr Dvořák CEO & Founder EMAIL petr@wultra.com CONTACT