SnoopWall is Mobile Security Expertise
Over 90+ financial institutions have been depending upon SnoopWall mobile security solutions to protect the customer and transaction information exchanged during their mobile banking process, since 2014. SnoopWall’s security solutions are designed to be embedded within mobile apps and act as an app firewall. SnoopWall combines innovative, patent-pending Counterveillance technology with its expertise in mobile operating system and application defense; mobile vulnerability and threat assessments; to help banks, financial services and mobile commerce companies safeguard their mobile apps. SnoopWall’s Counterveillance technology enables organizations to support the rapid migration to mobile transactions and manage the increased potential for fraud associated with the mobile platform, without disrupting the consumers’ experience with their mobile apps.
A 2014 study by IOActive found that 90% mobile financial apps contain serious vulnerabilities, and a separate study by Gartner found that 75% of all mobile apps fail basic security tests. So, it is understandable why the majority of financial service executives are concerned that ID Fraud losses will increase as their institutions respond to consumers’ demand for the convenience of mobile banking app solutions.
At SnoopWall, their team of cybersecurity experts has discovered serious vulnerabilities in many current mobile financial service apps that expose customer and transaction information – even if other forms of security such as anti-virus, encryption, multi-factor authentication or sandboxing are present on the device. We have developed the innovative Privacy Shield Embedded TM for Mobile Banking to protect against the vulnerability gap financial service apps left open by other security solutions. Privacy Shield Embedded TM is a powerful shield to prevent malware from eavesdropping on the financial transaction, yet it is non-intrusive to the consumer’s mobile banking experience.
The adoption of mobile shopping by US smartphone owners is fully underway, with 37% saying they will do more shopping on their mobile devices than they will in physical stores during the 2014 holiday season. This has transformed the need for retailers to have a mCommerce app from a differentiator to a must have to compete for consumer spending. To date, the focus for mCommerce app developers has been on making their apps both rich in content, and at the same time easy for consumers to use. However, the Target breach – which has set a legal precedent which will likely migrate the liability for the ID theft losses from the banks to the merchants – has necessitated the need for mCommerce app developers to assess the security and privacy exposure of their apps.
Snoopwall understand that most mobile devices are infected with malware. Recent independent research shows that an alarming number of mCommerce apps have been compromised – 90% of Android and 35% of Apple apps. Our vulnerability assessment team has analyzed many leading mCommerce apps and found that most have problems which can be exploited to expose the sensitive and private information of a mCommerce transaction, even if other forms of security such as anti-virus, encryption, multi-factor authentication or sandboxing are present on the device. We have developed the innovative Privacy Shield Embedded TM for mCommerce to protect mCommerce apps from being eavesdropped upon by mobile malware, without interfering with the consumer’s mCommerce app experience.