Our recent series on mobile app security testing for banking apps continues with news that in the Asia Pacific region over 85% of mobile banking failed basic mobile app security testing.

The research, carried out by Appknox, looked at 106 banking apps in the region and tested their Android versions for 14 threat vectors. This research looked at almost all of the banks that offer their services via a mobile app in this region.

Key Findings:

• 106 mobile banking apps scanned
• 85% of the mobile banking apps failed basic security checks
• 50% of apps were found to have at least 4-6 loopholes in them
• 74% of the apps diagnosed with the top 5 threats
• 67% of the threats detected were of HIGH SEVERITY

The kind of vulnerabilities seen in these apps would give hackers a way into the backend infrastructure of any of these banks, this would allow hackers to steal millions of dollars.

This shows the need for a robust mobile app security strategy as discussed in another of this week’s blog posts on security testing for finance apps.

Codified Security Instant will help you to secure your mobile banking app against OWASP and PCI security standards, with mobile app security testing and Continuous Monitoring. To find out whether there are serious security flaws in your app please sign up to Codified Security.