A Deep Dive: Mobile Banking Security

Image credit: iStockphoto/Rostislav_Sedlacek

*Excerpt is from Arxan’s annual State of Application Security report.

Mobile has become a cornerstone of the global economy; use of mobile applications continues to grow rapidly. The concept of there being an app for everything has only moved further away from being a joke, and closer towards becoming a reality. Staggering statistics across various reports indicate that mobile apps, fueled by widespread adoption of mobile devices, are driving a new decade of opportunities. For example:

  • 127 billion apps were downloaded for free in 2014, and there were over 11 billion downloads of paid apps. Free app download volume is projected to grow to 253 billion downloads and paid app download volume is projected to grow to 14.78 billion by 2017.
  • Global Mobile Apps revenue was $25.84 billion in 20132 . Mobile apps are on a path to reach $70 billion in annual revenue by 20173 .
  • Android dominated the Mobile Device Market with 85% market share as of Q2 20144 , and Google Play worldwide quarterly downloads were about 60% higher than iOS App Store downloads in Q3 20145 .

With the increase in mobile apps, as a financial institution it’s important to know the security risks out there. Below is a useful infographic to understand the current mobile banking security landscape:

Arxan_DeepDive_Infographic

 

Written by Banking.com Staff