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 As Neobanks don’t have physical offices, they rely on digital ‘Know Your Customer’ (KYC) processes to validate someone’s identity. This is a key difference from traditional banks which often require in-person validation of someone’s identity and papers. As a result, Neobanks are likely more vulnerable to different forms of abuse and fraud including (but not limited to) ‘New Account Fraud’, ‘Account Takeover Fraud’, ‘Loan Application Fraud’ and ‘Authorized Push Payment Fraud’.

To manage such types of fraud and comply with applicable regulation, these apps require more than only an effective way to validate the end-users identity during enrollment and usage of the app. The Digital KYC and authentication functionality (often 2FA or MFA), as well as the core functionality, needs to be able to withstand sophisticated attackers applying reversing, app tampering, and advanced malware.

To meet these requirements, app developers and providers need to pursue a five-phase approach. Download our report and learn how to progress through these steps so that development teams can gain the maturity required to most effectively secure their apps and the sensitive data used in their apps.

5 Steps to Securing Neobanks
 & Their Customers

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