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Approov and Fintech Scotland Partner to Boost AI Security in Fintech

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In a groundbreaking move for the fintech industry, Approov Limited, a leading provider of advanced mobile app and API security solutions, is thrilled to announce its new membership with Fintech Scotland, the strategic cluster organization fostering innovation, collaboration, and economic growth in the Scottish financial technology sector.

Uniting Strengths for a Safer Fintech Future

Fintech Scotland has been a catalyst for change in the financial services industry, bringing together Scotland's dynamic fintech companies, financial giants, and innovative startups. Its membership includes some of the largest and most influential companies in the finance sector, such as HSBC, BMO Bank and Citigroup, to name a few. This partnership creates a robust platform for collaboration and innovation, enhancing the security and resilience of financial technologies.

Approov, with its impressive roster of clients including major financial institutions and fintech innovators, has consistently demonstrated its expertise in safeguarding digital assets against sophisticated cyber threats. Customer testimonials from the likes of Papara, and Metal Pay attest to Approov’s proficiency in delivering cutting-edge security solutions that protect against fraud, ensure data privacy, and maintain the integrity of mobile applications and APIs.

The Growing Threat of AI to Fintech

The advent of AI and machine learning technologies has ushered in a new era of cyber threats, posing significant risks to fintech companies and consumers alike. Cybercriminals are leveraging AI to automate attacks, perform sophisticated social engineering, and bypass traditional security measures. The financial sector, with its wealth of personal and financial data, is a prime target, making the need for advanced security solutions more critical than ever.

Approov’s Shield Against AI-driven Threats

Approov stands at the forefront of combatting these AI-driven threats with its comprehensive suite of security technologies. Here’s how Approov protects fintech applications:

  • Runtime Application Self-Protection (RASP):

    Approov’s RASP technology provides real-time protection for applications, detecting and mitigating threats as they occur, without the need for external intervention.

  • Mobile App Attestation:

    Approov’s software attestation mechanism verifies the integrity of the mobile app, ensuring it hasn’t been tampered with or modified by malicious actors, a crucial defense against malware and other manipulative software.

  • Dynamic Certificate Pinning:

    This technique combats man-in-the-middle (MITM) attacks by dynamically managing certificates, ensuring secure and private communication between the mobile app and its server.

  • Token-Based API Protection:

    Approov secures APIs with short-lived JSON tokens that validate not just the message, but the messenger, thereby preventing unauthorized access and ensuring that only legitimate, untampered applications can interact with backend services.

Looking Forward

The partnership between Approov, Limited and Fintech Scotland marks a pivotal moment in the fight against cybercrime in the fintech sector. By combining Fintech Scotland’s collaborative ecosystem with Approov’s advanced security solutions, we are setting a new standard for digital safety in financial services. Together, we are not just responding to the threats posed by AI; we are staying several steps ahead, ensuring that fintech remains a beacon of innovation and trust for consumers worldwide.

For fintech companies navigating the complexities of today's digital landscape, this partnership offers a clear path forward. It's not just about adapting to change—it's about leading it, with security and integrity at the forefront of innovation.

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Ted Miracco

- CEO of Approov
Ted’s high-technology experience spans 30 years in cybersecurity, electronic design automation (EDA), RF/microwave circuit design, semiconductors, and defense electronics.