Implementing comprehensive security measures to protect against fraud and cyber threats.
Summary
A peer-to-peer (P2P) lending company transitioned into a full-fledged bank after obtaining a banking license. With this shift, they needed to secure their new banking application to meet stringent regulatory requirements and protect against cyber threats such as fraud, repackaging, and device exploits. Having no prior application protection in place, the bank sought a robust and easy-to-implement security solution. Promon provided a suite of advanced security measures that enabled them to meet compliance standards and secure their banking app effectively upon launch.
Company profile
A financial services company was known as one of the world's first P2P lending platforms, eventually obtaining a banking license and expanding its services to include savings accounts, personal loans, and credit cards.
Operating in the highly regulated financial sector, the bank faces cybersecurity threats such as fraud, hacking, and the need to comply with strict data protection and banking regulations.
The challenge
As the company transitioned to a full-service bank, they faced several challenges:
- No existing app protection: Their previous lending model did not require advanced mobile app security, leaving them without any protection mechanisms in place for their new banking app. Finding the right solution was critical to a successful app launch.
- Regulatory compliance: Acquiring a banking license imposed strict regulatory obligations to implement robust security measures to protect customer data and financial transactions.
- Increased cyber threats: The new banking app was vulnerable to sophisticated cyber attacks, including fraud, code repackaging, root detection bypasses, and jailbreak exploits. They needed a solution that could help them defer threats, while meeting their increased regulatory requirements.
- Time constraints: They needed a security solution that could be quickly integrated to meet project timelines without compromising on security standards.
Promon's solution
Promon provided a comprehensive security solution tailored to the bank’s emerging needs:
- Promon SHIELD® for app protection: The bank immediately implemented Promon SHIELD to safeguard their online banking app against reverse engineering, tampering, and unauthorized code modifications. They secured the app's codebase, preventing attackers from exploiting vulnerabilities to commit fraud or access sensitive information.
- Root and jailbreak detection: Moving into full banking required compliance with a variety of regulatory requirements, including detection mechanisms to identify if the app was running on rooted or jailbroken devices. Promon’s solutions prevent the app from operating on compromised devices, reducing the risk of security breaches due to device-level exploits.
- Ease of integration and use: During the Proof of Concept (POC), the bank’s product team found Promon's solution exceptionally easy to integrate, enhancing their confidence in the product. Promon’s unique post-compile implementation allowed for rapid deployment without extensive development resources, enabling the bank to meet tight launch deadlines.
Results
- Regulatory compliance achieved: By implementing Promon's advanced security features, the bank met all necessary regulatory requirements for their banking license, ensuring legal compliance.
- Enhanced security posture: The banking app was fortified against various cyber threats, including fraud and device exploits, protecting both the company and its customers.
- Successful app launch: With robust security measures in place, the bank confidently launched their banking app, expanding their services and customer base.
- Positive feedback from the product team: The ease of use and effective protection provided by Promon's solution impressed the bank’s product team, underscoring a successful partnership and high satisfaction levels.