Norwegian security solution to protect mobile banking apps

Promon, a leading Norwegian security specialist, has launched in the UK with its flagship security product, Promon Shield, which will add necessary security to mobile banking apps that are at risk from malware attacks.

Promon claims to have “an enviable protection record”, delivering true app security since 2009 by eliminating malware attacks before they do any harm.

The adoption of mobile apps continues to grow dramatically in the UK. According to recent findings from the British Bankers’ Association (BBA), customers now make 5.7 million transactions a day using smart phones and other mobile devices and this number is expected to grow in the coming years.

With more than 21.5 million people banking online, the UK has become a prime target for “businesses” that see this growing market as an easy way to monetise their malware investments and are consequently leveraging their prior experience from PC Trojan attacks.

Most fraud on online bank accounts involves disclosed user passwords and security information as well as PCs or mobile devices infected with spyware designed to steal information. The two most common attempted scams currently used by online fraudsters are phishing and malware. Such attacks are designed for identity theft and compromising bank accounts, which unless addressed properly now, will lead to a loss of confidence in UK mobile banking.

Jan Sogaard, CEO, Promon, explains: “It is relatively cheap and easy for hackers to compromise mobile banking applications to steal personal data. Most, if not all, mobile banking apps are lacking vital security and are therefore highly vulnerable to attacks. Given the uptake of mobile banking apps for both day-to-day use and larger transactions, bank customers should be very concerned.”

“Trojan / Man-in-the-Browser (MiTB) attacks are a familiar concept and the risks and the dangers have been understood for some time now,” he adds. “However Man-in-the-App (MiTA) is today’s MiTB, and the convenience of these applications has led to a degree of corporate memory failure regarding past experiences with MiTB.”

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