Cybercrime on the Go: Top Mobile App Security Trends in BFSI & FinTech

By Manish Mimani, Founder and CEO of Protectt.ai

Mobile apps are now the primary interface for digital banking, stock trading, insurance, and FinTech services. With millions using these apps to handle sensitive financial data in real time, cybercriminals see them as high-value targets.

For BFSI, FinTech, and stock exchanges, mobile app security is no longer a technical add-on. It’s a mission-critical function tied to compliance, customer trust, and financial stability.

Mobile Apps: The New Financial Attack Surface

Financial institutions are going mobile-first. Customers now open accounts, transfer money, trade, and apply for loans from their mobile apps. This convenience has expanded the attack surface.

Key threats include:

• Data Leakage & Credential Theft: Poor encryption, weak storage, and misconfigured permissions expose PII and transaction data, creating attack vectors for financial fraud.
• Session Hijacking & Account Takeovers: Attackers exploit tokens and weak session controls to access accounts and steal money.
• API Exploitation: FinTechs rely on APIs. Unsecured or undocumented ones can be abused to steal data, manipulate trades, or scrape content.
• Malware in Disguise: Trojans and screen-overlay malware can intercept OTPs, simulate taps, and reroute funds without detection.
• Call Merging & Voice Scams: Fraudsters merge live OTP calls with scam calls. This targets users of banking and trading apps, especially during busy hours.

Strategic Shifts in Mobile App Security

The rise in mobile app financial fraud is driving a shift toward advanced, proactive security models. Key trends include:

1. AI-Driven Behavioural Analytics

AI models now analyse user behaviour, device fingerprints, and session data in real time. This helps detect anomalies like location spoofing or bot activity instantly.

2. On-Device Threat Detection

Mobile wallets and stock trading apps detect jailbroken devices, emulators, or injected code and stop them before harm is done.

3. Zero Trust for Mobile Apps

Every session and transaction is continuously verified. This includes MFA, contextual risk scoring, and micro-permissions to reduce attack surfaces.

4. Runtime Application Self-Protection (RASP)

RASP enables mobile apps to detect tampering, code injection, reverse engineering, and debugging at runtime. This is critical for high-value transactions.

5. Secure DevOps in Regulated Environments

With the RBI, SEBI, and global regulators tightening scrutiny, FinTechs are embedding security into their CI/CD pipelines. This includes secure coding practices, vulnerability scanning, and integrating compliance checks (e.g., PCI DSS, GDPR, DPDPA) throughout development.

What the C-Suite Must Do Now

For CXOs, CISOs, and digital product heads in the financial sector, mobile app security directly impacts regulatory posture, operational continuity, and customer trust. The stakes are higher than ever, especially with real-time payment systems (like UPI), instant KYC flows, and micro-investment platforms attracting millions of users.

Immediate actions:

• Invest in end-to-end mobile app security—covering everything from app hardening to real-time fraud detection.
• Deploy RASP and Mobile Threat Defence (MTD) for runtime protection.
• Secure APIs with encryption, rate limits, and access controls.
• Use behavioural analytics to spot bots, synthetic identities, and unusual activity.
• Educate users about modern scams—especially voice phishing, call merging, and cloned apps.

Mobile apps are the backbone of today’s BFSI and FinTech operations. As usage grows, so do threats. Strong mobile app security is not optional—it’s essential. Firms that adopt adaptive defences and risk-aware development will lead the industry. They won’t just stop fraud—they will build lasting trust in the digital finance era.