FEATURE : CLOUD SECURITY
must , as is verifying the integrity of the app bundle and all its contents at runtime . This will protect your brand against negative publicity and user backlash if fake versions and mods of your app end up on the phones of your customers . institutions to stop fraud at the source – these solutions build preemptive and defensive protections into your mobile app in minutes . A Singaporean retiree recently lost over $ 71,000 due to a likely overlay attack on this mobile banking app .
2 . Overlay attacks
Mobile Banking Trojans like Sharkbot and Xenomorph are malware that uses an overlay attack – where a fake screen or window controlled by an attacker is placed on top of a legitimate application to trick users into revealing confidential information . The best defense is a no-code mobile fraud prevention solution that enables developers , publishers , studios and financial
THE INVESTMENT APP SECTOR IS HIGHLY COMPETITIVE , BEST-IN- CLASS SECURITY IS AS CRITICAL AS SPEED AND EASE OF USE .
3 . Stealing private crypto keys by compromising the operating system
Private keys are everything in crypto and decentralized finance because they are used to authorize transactions and prove ownership of a Blockchain asset . However , private keys can be tampered with or stolen – leading to the theft of digital assets .
Singapore ’ s investors are not immune to this threat – the number of crypto scams reported to the police has jumped fivefold since 2019 – with 631 reports made in 2021 .
Risks have increased as private keys moved from storage in custodial wallets to non-custodial wallets – where users take responsibility for the security of their private keys .
When fraudsters hack a device , they often look for a private key first . This threat is heightened in rooted or jailbroken devices , where software restrictions implemented by the manufacturer are compromised .
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