Skip to main content

How to comply with RBI guidelines on security of mobile banking applications and transactions?

Security Blogs | 4 min read


RBI Compliance for Safe Mobile Banking

India is one of the largest markets of mobile banking in the world. As per the Indian Department of Financial Services, the number of financial transactions through mobile phones in India is 18,592 crore. Unified Payments Interface (UPI), a Made in India technology is ruling the world of Fintech. It is used in India, as well as Singapore, UAE, France, Mauritius, Nepal, Bhutan, and Sri Lanka.


As the number of transactions is huge and increasing continuously, it’s necessary that the mobile banking applications have the best security architecture, to keep the users’ information secure. Otherwise the sensitive financial and personal data of billions of people will be at risk.

And to take care of the security of mobile banking apps, the Reserve Bank of India (RBI) has set up guidelines that the companies and developers developing banking apps should follow to protect the information of those app users. These guidelines apply to the Regulated Entities (REs) listed below:

  • Scheduled Commercial Banks (excluding Regional Rural Banks)

  • Small Finance Banks

  • Payments Banks

  • Credit card issuing Non-Banking Financial Companies (NBFCs)


Table of contents

  • RBI Guidelines for Mobile Banking Apps Security

  • Bugsmirror Defender: Seamless Security Solution for RBI Compliance

RBI Guidelines for Mobile Banking Apps Security

The REs must know, understand and follow these guidelines:

1. They shall conduct security testing including source code review, Vulnerability Assessment (VA) and Penetration Testing (PT) of their digital payment applications, etc., to assure that their application is secure.

2. The communication protocol in the digital payment channels (especially over Internet) shall adhere to a secure standard. An appropriate level of encryption and security shall be implemented in the digital payment ecosystem.

3. In case of any anomalies or unexpected behavior for which the mobile app was not designed, customers should be prompted to remove the current version and install a fresh copy. REs must verify the app version before enabling transactions.

4. Implement a feature that checks whether the device is rooted or jailbroken before installing the app. If the device is rooted/jailbroken, the app should be prevented from installing or functioning.

5. Incorporate code obfuscation techniques to protect the app’s source code from reverse engineering or tampering. This ensures that sensitive logic remains difficult to decipher by malicious actors.

6. Host the checksum of the current version of the app on a public platform to allow users to verify it.

7. REs must ensure proper device binding for the mobile application.

8. They should consider alternatives to SMS-based OTP mechanisms for additional layers of authentication.

9. Apps should detect inactivity over a specified period, new network connections, or connections from unsecured networks (e.g., unsecured Wi-Fi). They must implement proper authentication measures for transactions under these conditions.

10. The apps should not store or retain sensitive information such as user IDs, passwords, keys, hashes, or hard-coded references on the device.

11. Implement native encryption and decryption for local data storage, including temporary files.

12. Integrate anti-malware features within the mobile app.

13. Protect mobile applications from SQL injection vulnerabilities.

14. Ensure secure download and installation of the mobile app once baseline security requirements are met.

15. Deactivate older versions of the app in a phased but timely manner. Aim to maintain only one active version, excluding the overlap period during the phase-out of older versions.

16. Implement sandboxing or containerization for the application.

17. The mobile banking application should have the capability to identify remote access applications, where feasible, and block remote login access to the app.


By complying with these guidelines the REs can ensure that their mobile banking apps do not fall short on transaction security and user information security.

Bugsmirror Defender: Seamless Security Solution for RBI Compliance

Bugsmirror Defender ensures easy compliance with all RBI-mandated security requirements for mobile banking apps. Equipped with Runtime Application Self-Protection (RASP) technology and industry-leading runtime security controls, it safeguards apps against over 45 security threats, including Runtime Code Injection, Debugging, Hooking, and Rooting. Our in-depth analysis of RBI guidelines allows us to guide you through every compliance step. Integrating Bugsmirror Defender into your app will fortify it with the strongest security measures, ensuring secure transactions and full adherence to RBI standards. Additionally, our comprehensive security audit and testing services identify and help to resolve vulnerabilities, providing complete peace of mind. Ensure your mobile banking app is RBI-compliant and secure with Bugsmirror Defender. Contact us today to stay ahead of evolving threats.

- Vivek Tanwani
Labels:

Comments

Post a Comment

Popular posts from this blog

Security Best Practices for Secure Fintech App Development

Alt text: Security Best Practices for Secure Fintech App Development In one of our previous blog posts “ Security Best Practices for Developing Secure Mobile Apps ”, we talked about why developing secure mobile apps is a must and listed out various security best practices for developing all types of mobile apps. You can read that blog to understand the major aspects of secure mobile app development. In this blog, we will specifically discuss security best practices that need to be followed for developing secure Fintech Apps. Table of contents Fintech App Security - Challenges and Necessity Security Best Practices for Developing Fintech Apps Cutting-edge Security Solutions for Fintech App Development Companies Fintech App Security - Challenges and Necessity The major challenges of Fintech App Security are: 1. Stored data at risk Fintech apps store very sensitive personal information, such as bank account details and investment details. If the storage processes or spaces are not secure ...
3 comments
Continue reading »

Bugsmirror Defender - Pioneering the Future of Mobile App Security

Bugsmirror Defender | 4 min read Mobile app security has evolved over the years and is becoming more internal than external. Well, to understand the previous sentence, you need to understand in-app protection techniques such as Runtime Application Self-Protection (RASP), tamper detection, etc., that are a set of security measures embedded directly into the mobile applications to protect them from the inside. It’s a much superior way to protect mobile apps than the old-school app protection solutions. The market abounds with various products designed to safeguard apps from within, and we are thrilled to introduce Bugsmirror Defender - our revolutionary mobile app security product, addressing the growing demand for heightened mobile app security. Let’s start exploring Bugsmirror Defender. Table of contents Traditional security fails: Bugsmirror Defender prevails Strengthening Mobile Security: Bugsmirror Defender's Features in Focus Traditional security fails: Bugsmirror Defender p...
1 comment
Continue reading »

Bugsmirror Defender's Security Breakthrough: Redefining Protection

Bugsmirror Defender | 9 min read In our inaugural blog post “ Bugsmirror Defender - Pioneering the Future of Mobile App Security ”,  we introduced our amazing security product, ‘Bugsmirror Defender’, offering a glimpse into its robust security features designed to transform the mobile application security landsca pe. In this blog post, we will learn about the driving force behind Bugsmirror Defender's creation , the journey of Bugsmirror Defender from concept to reality, and the intricate workings that set it apart. To keep things easy in this blog, we will alternatively use “Defender” instead of “Bugsmirror Defender”. Let's unco ver the innovation and dedication behind Bugsmirror Defender's development, and discover how it is poised to redefine the standards of mobile app security. Table of contents The limitations of current RASP-based mobile app security solutions Bugsmirror Defender’s development: From idea to implementation How Bugsmirror Defender works and sets new st...
1 comment
Continue reading »

Security Best Practices in Healthtech App Development

Security Blogs | 5 min read In today's digital age, technology in the form of healthtech applications plays a crucial role in the healthcare industry. They streamline processes, improve patient care, and enhance the overall healthcare experience. Companies and people are using technology to easily access, share, and process health data across the world. However, the sensitive nature of health data and the increasing number of security threats make it imperative for developers to prioritize security. In this blog post, we will explore essential security best practices in healthtech app development. Table of contents Why should Healthtech Apps be secure? Security Best Practices for Healthtech Apps We are ready to secure your Healthtech Apps! Why should Healthtech Apps be secure? Healthtech apps have transformed healthcare, offering incredible convenience and efficiency . However, with this innovation come unique challenges. First and foremost, the vast amount of sensitive patient dat...
2 comments
Continue reading »

Bugsmirror's Vegas Chronicles: Black Hat and Google BugSWAT

Life at Bugsmirror | 5 min read This year,  Black Hat USA , a premier cybersecurity conference held annually, took place in Las Vegas. It’s a gathering of security professionals, researchers, and hackers from around the world. And of course, Bugsmirror was there. Simply because (our avid readers know it already), we are where innovation is. It was the perfect opportunity to participate in live events, network with other hunters, learn from experts, and promote our brainchild,  Bugsmirror . So without much hesitation, but with lots of planning, we decided to embark on this little trip to the bustling city of Las Vegas. Starting our journey with shubh dahi shakkar, with heavy bags and heavier hopes for the event we reached the Indira Gandhi International Airport, Delhi just in time for our flight. But our brimming smiles soon faded off when our flight got delayed, and we had to clear multiple security checks, each one more rigorous than the previous. We were pushed through these...
1 comment
Continue reading »

A Cautionary Tale of Android Security Bug CVE-2022-20004

Security Blogs | 7 min read In the ever-evolving landscape of mobile security, it is imperative for financial app developers, founders, and CEOs to stay vigilant and proactive in safeguarding their users' data. Hence, we bring to your attention a cautionary tale about a severe Android security bug , identified as Common Vulnerabilities and Exposures number CVE-2022-20004 , which has the potential to expose sensitive information to malicious third-party apps. Let’s delve into the story behind this security vulnerability and discuss the importance of securing financial applications. Table of contents Introduction Creating Secure Slices The Slice of Danger What is an Android Package? The Flaw Unveiled Google's Swift Action Beyond OS-Level Security Introduction In the vast realm of Android, where millions of users rely on financial apps to manage their money, a dangerous bug lurked within the system. It all started with a small oversight during the development process. Unbeknownst ...
1 comment
Continue reading »

How do Mobile App Security Threats Impact Businesses?

Security Blogs | 3 min read In today’s digital-first world, companies across various sectors rely heavily on mobile applications to deliver seamless, on-demand services to customers. But the security risks associated with mobile apps make it a vulnerable option, especially in industries where sensitive information is involved. Security threats can have devastating consequences for businesses — from financial losses and legal repercussions to a damaged reputation and loss of customer trust. Table of contents The Far-Reaching Consequences of Security Threats Industry Specific Impacts Actionable Steps for Mobile App Protection The Far-Reaching Consequences of Security Threats Security threats can impact businesses in several profound ways. 1. Financial Losses: Economic losses are among the most immediate impacts of mobile app security threats. Businesses face financial damage in multiple ways, from the theft of proprietary information to unauthorized financial transactions. For instance, ...
Post a Comment
Continue reading »

PoC and steps of reproduction of bugs help to fix vulnerabilities

Table of contents Introduction Proof-of-Concept (PoC) Steps of reproduction of bugs Bugsmirror: One-stop solution for all your security needs Introduction In the previous blog post, we discussed security audits in detail. After a security audit finds bugs or vulnerabilities in a mobile application, “Proof-of-Concept (PoC)” and “steps of reproduction of bugs” are reported for each vulnerability. They help companies to verify the security vulnerabilities, understand where they were found in the code and fix them. The more vulnerabilities a company fixes, the more secure its products will be. Proof-of-Concept (PoC) A proof-of-concept of a bug or vulnerability is a screenshot or a video which shows & proves that the vulnerability was found during a security audit of an app or a product. PoC can be screenshots of parts of a code, data leaked due to security vulnerability, etc. Let’s understand proof-of-concept in detail with an example of a hospital data management app’s security audi...
1 comment
Continue reading »

Why is a security audit of mobile apps necessary?

(Alt text: Why is a security audit of mobile apps necessary?) Table of contents Introduction Security audit of mobile apps Do your company’s products need a third-party security audit? Bugsmirror’s research-based security services Introduction Mobile devices have improved business prospects & customer service. Today, most product-based and service-based companies interact with their customers & clients via mobile devices or smartphones. Some businesses rely entirely on mobile devices to connect with customers & clients. But with the increase in use of mobile devices, attacks to exploit security bugs or vulnerabilities in mobile applications and operating systems are also on the rise. Security vulnerabilities can leak sensitive customer or client data, damage your business reputation, and reduce customers’ or clients’ trust in your company. It may also result in regulatory penalties and financial losses for your company. Hence, it has become essential to conduct security aud...
3 comments
Continue reading »

My unforgettable experience at the Meta Bug Bounty Researchers Conference

Life@Bugsmirror Blogs | 5 min read I had the privilege of attending the Meta Bug Bounty Researchers Conference 2023, held in Seoul, South Korea, on June 29 and 30, 2023. The conference was an invite only event that brought together famous security researchers and professionals. Being a passionate security researcher myself, it felt great to be a part of such a prestigious security conference, and I am thrilled to share my experiences and insights from the event in this blog post. The invitation: An absolute honor Receiving the invitation to attend the Meta Bug Bounty Researchers Conference was an absolute honor, and I was more than happy to accept it. It would be the first time that I would attend a Meta event. Meta paid for my entire trip and handled all of the planning, including the travel, lodging, and meals. I started my journey from Indore in the afternoon of June 27 and boarded a flight to Delhi. In the evening, I took a flight to Seoul and reached there in the early morning o...
1 comment
Continue reading »