Banking
Ensuring financial safety with cybersecurity in banking
Banks are a prime target for attacks.
Banks are an attractive target for attackers because they hold money that customers regularly access. Despite investing billions of dollars in security, banks remain vulnerable to cyberattacks as hackers devise ingenious ways to infiltrate their security perimeter. The challenge has only intensified with the rise of mobile banking, as millions of consumer devices come into the fray. Consequently, the value of sensitive online banking data has only increased, leading to a skyrocketing number of cyber attacks.
300x
more likely to be targeted by cyberattacks1
129%
increase in targeting banking apps with overlay attacks2
71%
of all data breaches are financially motivated3
- Boston Consulting Group’s ‘Global Wealth: Reigniting Radical Growth’ report
- Threat Fabric website
- Verizon 2021 DBIR Master’s Guide
Securing financial services with XTD
Financial institutions are a prime target for cyberattacks, with over 60% of global financial institutions being hit by a variety of cyberattacks in 2022 alone. Read about what vulnerabilities hackers are taking advantage of and the cybersecurity solutions which can plug gaps to prevent such attacks.
What types of attacks are deployed on banking apps?
Mobile Screen Overlay Attack
A cyberattack on mobile users whereby attackers trigger an active window over a legitimate app. Many banks are being actively targeted on the dark web for this type of threat.
On Device Fraud (ODF)
Malware that exploits Android's MediaProjection service (enables screen sharing) and Accessibility Service (to perform device actions remotely).
MITM (Man-In-The-Middle) Attack Using ARP Poisoning
Attacker hijacks communication flows between an app and an enterprise gateway, allowing them to intercept/modify communications that passes between the app and the server.
Banking app security is a concern for everyone.
Customers rely on banks to keep their financial assets safe, yet a majority of banking apps lack robust protection. This makes them a prime target for cybercriminals who constantly look for blindspots to infiltrate enterprise servers.
As hacking techniques grow in sophistication, customers and financial institutions are at risk of losing not only billions of dollars a year, but the reputation of their brand and trust of their customers – which makes banking app security a concern for everyone.
A tested and proven leader.
Verimatrix XTD is the leader in mobile app cybersecurity. We offer a cloud-cybersecurity solution for financial service firms that predicts, prevents, detects, and responds to threats against mobile apps, and we help customers monitor the extended endpoint of connected devices. As the leader in Extended Threat Defense for financial institutions, Verimatrix safeguards today’s top brands, ensuring they meet their financial regulatory compliance requirements and enhancing their threat defense capabilities.
Verimatrix recognised as a sample vendor in the Gartner© Hype CircleTM for Application Security”
2023 Gold Award Winner
Security
Brand Growth
Verimatrix XTD is truly unique.
What makes our product so revolutionary? Verimatrix XTD analyzes data to predict attacks on financial institutions and provides robust app protection before attacks can happen, expanding your ability to monitor an ever widening attack surface.
Key features:
Beautiful UX
Agentless, zero code
Monitors unmanaged devices
CI/CD friendly
SIEM integrated
Threat hunting service
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By industry analysts, associations, and peers
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