Mobile apps have become the primary channel for customers to manage their finances, transfer funds, deposit checks, pay bills, and make contactless payments. Unfortunately, this trend has not gone unnoticed by cyber criminals, who have upped the ante on targeting mobile app users. Hackers are targeting mobile app users to steal login credentials and sensitive transaction data by taking advantage of malicious apps, banking trojans and phishing attacks to compromise customer accounts and commit fraud.
How Trustonic and Lookout are addressing mobile banking security challenges
This strategic partnership provides unique market-leading capabilities designed to address the above challenges. Lookout App Defense provides comprehensive visibility and advanced mobile security protection against the spectrum of mobile risk. Lookout App Defense consists of iOS and Android SDK that can be embedded into customer-facing applications for friction-less deployment and leverages the Lookout Security Cloud used to protect over 170 million devices and 70 million applications worldwide. Trustonic Application Protection (TAP) provides multi-layered hardware and software protection for iOS and Android apps and enables developers to easily build apps that leverage Trustonic’s Trusted Execution Environment (TEE) and hardware root of trust that is embedded in over 2 billion mobile devices. TAP can be used to protect biometric keys, user credentials, and sensitive transaction processes in the app.
The Trustonic and Lookout partnership has been formed to deliver the highest possible level of mobile application defense and protection. This is a pressing need for financial services companies looking to comply with the Second Payment Services Directive (PSD2) and particularly the associated mandate to provide strong customer authentication (SCA) for payments. The partnership will focus on key industry verticals that require advanced mobile security including mobile financial services for mobile banking, payments and point-of-sale (mPOS).
