API Security Threats in Fintech Markets

Financial Services in the Palm of Your Hand

The financial services market continually introduces new innovative products and services to a growing mobile population. These new business models can sometimes be challenging to implement in a way that provides great customer service and a completely secure interaction. Approov Mobile App Protection secures your interactions with zero impact on your app's usability.

Protect Your Customers

Security is an increasing priority for consumers who worry that their transactions and data are not safe when using mobile devices. Exposing highly sensitive personal and business data through your app will be disastrous for your customers — and for your business.

Approov prevents data leakage through your apps and APIs including:

App Tampering: Attackers can tamper with apps or root/jailbreak devices, gain live access to personal account and financial information.

Approov Solution: Measures app and device integrity to block repackaged and fake apps from executing all sensitive API requests.

Transaction Skimming: Undeterred by TLS, hackers use man-in-the-middle techniques to observe and manipulate APIs and financial transactions.

Approov Solution: Detects and blocks man-in-the-middle attacks and strengthens your existing TLS connections to prevent snooping or manipulation of your communication channels.

Fintech Ransom

An alarming study by Alissa Knight, details insecurity "In plain sight: The vulnerability epidemic in financial services mobile apps".

With so little protection, ensure your financial APIs are only accepted from safe and authentic apps.

Protect Your Fintech Service

Financial services companies are under increased pressure to secure and manage financial and private data — made even more difficult with mobile use. APIs link your apps to your services, and poorly secured APIs leave big openings for hackers. Just a single breach can result in reputational harm and revenue loss.

Approov helps safeguard your company by preventing:

Denial of Service: If an API is public or exposed, realistic looking API traffic can be used to degrade or overwhelm your backend services, preventing legitimate customers from getting through.

Approov Solution: Attests your app, offering a reliable way to quickly drop illegitimate API traffic.

Automated Account Creation: Signing up and onboarding new users is often a vulnerable point in an mobile app.

Approov Solution: Blocks the automated creation of malicious user accounts by certifying that it is your app that is making the request.

Information Scraping: Information can be freely accessed and exploited by competitors using your APIs if not secured properly.

Approov Solution: Uses app authentication to ensure that your untampered customer app is the only way to access this information. Bots and fake apps are shut down.

Fintech Tracker

Learn how Papara blocks fraudulent activities to protect reputation and revenue.

Papara's Customer Story

Control Your Customer Experience

Financial aggregation apps can provide valuable cross-product integrations and convenience for the consumer, but they can also weaken security and cut you out of direct customer relationships.

Approov helps safeguard your company by preventing:

Account Abuse: Aggregators store account credentials and harvest account data in ways you can't control. Your users' account credentials may be poorly protected, and aggregators may strain your systems polling for customer intelligence.

Approov Solution: Ensures that only certified apps can access your APIs – even if they have valid user credentials – by adding live app authentication to your licensing requirements.

Service Degradation: Aggregators frequently poll your service to gain actionable intelligence from your users which can lead to higher operating costs or service degradation.

Approov Solution: Uses app authentication to permit user-directed API calls while regulating unapproved intelligence gathering and overhead.

Talk to a Security Expert

Give us 30 minutes and our security experts will show you how to protect your revenue and business data by deploying Approov to secure your mobile apps and your APIs

Talk to an Expert
Approov Consultation