A Finextra member 06 October, 2014, 17:22 0 likes

Information gathering and real time risk scoring is a good tool to prevent fraud. However, it does not provide any protection against customer payment data theft from infected devices. Mike Urbans problem is that banking and payment apps don't provide risk information by default. Such functionality must be added to the app itself. Mobile malware usually inject malicious code into the app while it executes - good code executes together with bad code. Allowing that is the same as allowing fraudsters to enter your living room.. A better approach is to block (and report) malware that tries to enter the app. Making an app self protecting is not easy, but only then your app, your crypto and user credentials are protected.