Mobile malware attacks are rising as mobile banking, digital payments, and remote authentication become mainstream. In 2024, over 33.3 million mobile malware attacks were recorded globally, according to a report by a security firm, underscoring the urgent need for stronger mobile security. Another study found that Trojan banking malware attacks nearly tripled this year, surging by 196% worldwide. 

Australia is making significant progress in digital identity adoption, with the federal government leading efforts through its national Digital ID system. 73% of Australians now have a Digital ID account for government services, up from 60% in 2023, reflecting increasing engagement. With smartphones as the most popular device for accessing these services, digital identity is becoming a key part of everyday interactions. However, 56% of Australians remain concerned about data security, highlighting the need for a secure and seamless identity ecosystem. 

The Bangko Sentral ng Pilipinas (BSP) is considering phasing out one-time passwords (OTPs) for digital banking transactions, citing the growing vulnerabilities of this method. BSP Deputy Governor Elmore Capule emphasized that the agency is exploring stronger security measures to make digital banking more resilient, with biometric authentication and other advanced technologies being evaluated as secure alternatives to OTPs.

V-Key strengthens its presence in Australia by participating in the FIDO Alliance events in Melbourne, reinforcing its commitment to digital identity and authentication. With discussions on passkeys, step-up authentication, and regulatory updates, V-Key highlighted how V-Key ID enhances security and trust. As digital transformation accelerates in Australia, V-Key continues to support enterprises in financial services, payment gateways, and government with innovative mobile security solutions. Expanding its local team, V-Key is dedicated to enabling seamless and secure digital interactions through advanced authentication technologies.

Managing passwords can be challenging. They can be difficult to remember, and often, people reuse them across multiple sites, which makes them a target for cybercriminals. In fact, according to the 2023 Verizon Data Breach Investigations Report (DBIR), over 50% of data breaches are linked to stolen or compromised credentials. This exposes sensitive data, whether it’s banking details, emails, or personal information, to potential risks. 

Lunar New Year is a time for celebration for many people around the world, but it’s also a good opportunity for scammers who are always trying to entice victims to grab the next cheap online shopping deal. A common technique that scammers use is to lure a victim into installing a malware app that can then be used to phish user’s credentials, capture SMS OTPs, or even remotely control the phone to perform banking transactions. 

As we reflect on 2024, V-Key is proud of the milestones we’ve achieved and the innovations we’ve introduced in the field of digital identity and mobile security. This year, we have remained steadfast in our mission to protect digital experiences and empower businesses with advanced solutions. From key industry events to groundbreaking technological advancements, we’ve continually strived to meet the evolving needs across various sectors.  

For businesses, especially those handling sensitive data or financial transactions, ensuring app security is no longer optional. The risk is real: attacks on mobile apps can lead to reputational damage, regulatory fines, and the loss of user trust.  

V-OS App Shield is a reliable solution designed to safeguard mobile applications. Beyond the basics of security, it offers a cost-effective approach that combines robust protection with ease of use. Here are 5 ways V-OS App Shield can enhance your mobile app security and deliver real-world benefits. 

Mobile devices continue to become indispensable, with the average smartphone user spending around 88% of their day interacting with apps. This surge in mobile usage highlights an escalating need for businesses to ensure their apps are secure, as the stakes of app security have never been higher. From retail businesses to e-commerce platforms, mobile apps handle sensitive user data and provide access to essential business systems. The consequences of a breach can be devastating, both for businesses and their users. 

Mobile applications are key to daily business operations, customer engagement, and overall functionality. According to Google, the average smartphone user interacting with nearly 10 apps daily and spending about 88% of their time on mobile, the need for strong mobile app protection has never been more pressing. Introducing V-OS App Shield, a revolutionary solution designed to secure your mobile apps fast and easy.

V-Key, renowned for its advanced security solutions has proudly joined Bridge Alliance as their technology Partner,  solidifying their commitment to innovation and excellence in mobile security. This partnership opens doors to explore new avenues for enhancing authentication experiences and mitigating cybersecurity risks.

2FA/MFA was introduced to make it harder for attackers, by requiring two or more proofs of identity – also known as authentication factors. These can take many forms, but can be boiled down to: something you know (e.g., a password), something you have (e.g., a cryptographic key), or something you are (e.g., a biometric ID that is unique to you) [1].

However, 2FA/MFA is not a universal panacea that can be picked off a shelf and thrown in to solve any and all challenges presented by attackers.

With the spate of remote working regime due to Coronavirus pandemic, the reliance and growth for video conferencing platform has been exponentially escalated. However, most mobile apps today are nowhere near as secure as we would like them to be.

Functions that detect jailbroken/rooted devices are most commonly added to transactional mobile applications, serving as the most basic defense against threats. However, this is nothing but a drop in a bucket.

Recognizing that existing mobile software protections are insufficient against today’s cyber threat landscape, we take a closer look at the main types of software protections in the market.

Virtually every computing device in the world is made unsafe by the latest disclosures on Central Processing Unit (CPU) vulnerabilities. Find out how the virtual secure element technology is protecting millions of mobile application users against such vulnerabilities.

There has been a recent surge in Android malware abusing Android Plugin Frameworks for malicious behavior. DroidPlugin, Parallel Space and VirtualApp are several plugin frameworks that have been abused by malware in recent months to spread Android malware.

Have financial institutions accepted a status quo that sacrifices user experience for increased security? With mobile digital identity quickly becoming central to an entire suite of online services, those who challenge the status quo will set themselves up to prosper and grow. Read more to find out three oft-ignored areas of research.

V-OS is the world’s first virtual secure element. Cryptography plays a dual-role in these; to secure and manage the secrets kept within V-OS, and to provide a lightweight yet comprehensive cryptographic library.

V-OS is the world’s first virtual secure element, a software solution with security built into the firmware code. These include secret cryptographic parameters and data, which need to be randomly generated and securely persisted, and are then transformed into code and data files.

From banks to government agencies, many organisations are intrigued by and exploring software security solutions such as mobile tokens and mobile identity systems for individual identification, authorisation and authentication.

Banks in Southeast Asia should look towards software-based biometrics as the way forward to navigate the regulatory differences in the region and secure their customers’ transactions.

As technology evolves, banks and financial institutions have no choice but to innovate. However, when it comes to security, many still rely on traditional, costly methods.

With global cumulative investment in financial technology (fintech) forecast to exceed US$150 billion in three to five years, economies around the world are vying to attract fintech innovators and cash in on this growing industry.