Welcome to a critical discussion on mobile payment apps, a technology that has seamlessly integrated itself into our daily financial transactions. While these apps offer unparalleled convenience, questions about their security are increasingly pertinent. That’s precisely why Promon’s Q3, 2023 App Threat Report is an essential read for anyone concerned about mobile app security in the payment sector.
About the report
Our Security Research Team conducted an in-depth analysis of 73 globally popular payment apps. The focus was to assess their resilience against malware-style data exfiltration attacks—a growing threat in the digital landscape.
What sets our research apart is the methodology. We employed a screen reader simulation to emulate real-world malware attacks. The findings are concerning: 76.7% of the apps tested were vulnerable to username and password exfiltration.
The risks involved
The stakes are high when it comes to mobile payment app security. Malware has the potential to steal sensitive information, intercept two-factor authentication codes, and even control device interfaces. In one alarming instance, a lack of robust security measures led to an individual losing more than £70,000.
Recommendations for developers and users
Our report goes beyond identifying problems; it offers actionable solutions. Developers will find recommendations on implementing code to detect active screen readers and other security measures. For those seeking a comprehensive solution, Promon SHIELD™ offers robust security features that can significantly mitigate risks.
Interested in learning more?
Our full report provides a comprehensive breakdown of our findings.
