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Launch of the Latest Security Report on Bank Apps in APAC at Singapore FinTech Festival

The rapid digitization of consumers and enterprises will increase the cost of data breaches to USD 2.1 trillion globally by 2019 from USD 500 billion in 2015 – affecting mainly large banks, retailers and federal agencies as per Forbes Inc. One of the recent cyberattacks that happened at one of Australia’s largest banks in 2016 was done by a malware attack using an Android mobile application. The virus presented a fake version of the login screen and intercepted the username or account number and password. The sophistication of this malware enabled it to intercept the two-factor authentication code sent by banks.

About 2 billion consumers will be smartphone-enabled by the end of the year, which will give them the ability to make real-time payments, instantly generate bank statements amongst other sensitive transactions inside th ...

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