The rise of mobile payments and the rapid growth of new non-bank competitors has provided consumers with an abundance of banking alternatives and led banks into a race to develop mobile banking applications. Many banks have failed to keep pace with the design and implementation of sound security measures, leaving them vulnerable to a security breaches that will prompt customers to switch financial institutions and cause reputational damage. In addition, financial services institutions are prime targets for criminals with their global operating models, data flowing to third-party service providers, and big payoffs from stolen data.
Leading financial institutions are taking steps to avoid these situations, such as:
Various financial services institutions have experienced difficulty maintaining the appropriate level of security to protect against breaches. PwC supports clients in developing a mobile banking security strategy that helps to reduce security breaches while allowing for flexibility to meet future mobile security regulations, which in turn can help organizations earn and retain customer loyalty.