Comply with MAS Mobile Banking Regulations

Embrace Regulatory-Grade Security for Mobile Banking Apps with Zimperium

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What are the Mobile Guidelines for MAS

The MAS’s requirements serve as a comprehensive protocol for financial entities, covering various aspects of mobile financial service offerings. These include critical areas such as:

  • Security and Privacy Considerations: The MAS emphasizes the need for stringent security measures to protect customers’ personal and financial information. This encompasses encryption of data transmissions, secure login mechanisms, and ensuring customer data privacy.
  • User Authentication and Authorization: Banks and financial services must implement strong user authentication processes to verify the identity of users and minimize unauthorized access. This often involves multi-factor authentication or biometric verification methods.
  • Transaction Monitoring and Fraud Prevention: Continuous monitoring of transactions is required to detect and prevent fraudulent activities. MAS mandates financial entities to have systems in place that can identify unusual transaction patterns and flag potential fraud.
  • Customer Education and Awareness: Financial institutions should take proactive steps in educating consumers on secure usage of mobile banking services. This includes informing customers about potential risks and providing guidance on safeguarding their personal information.

Why is it Important?

Adhering to the MAS guidelines yields significant benefits for financial institutions and their customers. Financial institutions will be enhancing customer trust and confidence knowing that their financial service provider is compliant with MAS guidelines. Users will have an improved experience with clear and user-friendly interfaces, customers can engage with mobile banking services with greater ease. The MAS guidelines help reduce the incidence of financial fraud, safeguarding both the institution and its customers.

Who Does it Apply to?

The Monetary Authority of Singapore (MAS) guidelines apply to financial institutions that are operating within the jurisdiction of Singapore. These include local and foreign banks, insurance companies, capital market service license holders, financial advisors, and payment service providers, among others. Essentially, any financial entity that falls under the regulatory purview of MAS is required to adhere to these guidelines to ensure compliance with the national financial regulatory framework.

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How Can Zimperium Help with Compliance?

Zimperium offers a comprehensive mobile application security suite (MAPS) to address the security requirements outlined by MAS. Zimperium provides the following capabilities to ensure compliance for financial institutions.

  • Application Shielding
  • Runtime Visibility and Protection
  • Cryptographic Key Protection
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Stay Compliant with Zimperium

Zimperium helps banking institutions meet the following regulatory requirements related to security:

Reserve Bank of India (RBI)

Payment Security Controls

Risk Management in Technology (RMiT)

Malaysia

Hong Kong Monetary Authority (HKMA)

Enhancement to Security of Electronic Banking Services