How to complement Neobanks' Security Features with MTD capabilities
Revolut's Advanced Security
Biometric Authentication
Multi-Factor Authentication
Disposable/Virtual Cards
AI/ML-Powered Fraud Detection
Customizable In-App Controls
End-to-End Encryption (Chats)
Dynamic CVV Codes
Geolocation Matching
Deposit Protection (Safeguarding)
Strict Identity Verification
Instant Notifications
24/7 Incident Response & Support
Active Bug Bounty Program
Wealth Protection (Facial Recognition)
Bunq's Advanced Security
Biometric ID
Two-Factor Authentication
Virtual Debit/Credit Cards
AI/ML-Powered Fraud Detection
Safety Lock (Account Freeze)
Secure In-App Chat
Rotating CVCs
Localized Card Protection
DGS Insurance (€100k)
iDIN Identity Verification
Instant Notifications
24/7 Support
Fraud/Vulnerability Reporting
Delayed Payments (24hr cancel)
Security Alerts (IBAN mismatch)
N26's Advanced Security
Biometric Authentication
Two-Factor Authentication
Virtual Cards (Incl. 3D Secure)
AI/ML-Powered Fraud Detection
Customizable Spending Limits/Payment Blocks
Secure In-App Inbox
Location Tracking for Irregular Transactions
Deposit Protection Scheme (€100k)
Identity Verification (KYC)
Real-time Push Notifications
Customer Support for Fraud Reporting
In-App Card Locking/PIN Change
Single Paired Device Access
Comprehensive MTD Capabilities
AI-Powered Predictive Threat Detection
Granular Policy Controls
End-to-End Encryption (Device-wide)
Dynamic Credentials/Tokens
Location-based Risk Assessment
Continuous Identity Verification
Real-time Threat Notifications
24/7 Incident Response & Remediation
Mobile Malware & Banking Trojan Defense
Phishing & Smishing Protection
Fake Banking App Detection & Prevention
Man-in-the-Middle (MiTM) & Public Wi-Fi Prevention
Secure Data Storage & Transmission
Continuous Software Updates & Patching
Device-level Integrity Checks (Root/Jailbreak)
Active Threat Blocking & Mitigation
Zero Trust Model Integration
Quantum-Resistant Cryptography
Neobanks' Alignment with MTD & Unique Strengths
Revolut's MTD Alignment:
- Proactive AI/ML: Advanced AI/ML for fraud detection (590M+ transactions monthly) aligns with real-time, predictive MTD.
- User Empowerment: Customizable in-app controls and disposable cards complement institutional MTD efforts.
- Unique Differentiators: Dynamic CVV, geolocation matching, and Wealth Protection offer specialized defense layers.
- Rapid Incident Response: 24/7 financial crime team with average threat resolution under 15 minutes is a critical MTD operational capability.
- Secure by Design: Foundational commitment to security in app development ensures MTD principles are embedded.
Bunq's MTD Alignment & Opportunities:
- AI-Powered Predictive Defense: "Finn" GenAI platform is poised to enhance fraud detection, aligning with MTD's predictive threat intelligence.
- Seamless User Experience: Intuitive app provides ideal foundation for seamlessly integrating MTD as an invisible, always-on layer.
- Strategic Imperatives: MTD is critical for Bunq to enhance customer trust, ensure regulatory compliance, drive competitive differentiation, and unlock new revenue streams.
- Targeted BYOD Security: Tailored MTD for business accounts can secure corporate data on employee devices.
- Future-Proofing: Opportunities exist to integrate behavioral biometrics, quantum-resistant algorithms, and community-driven security.
N26's MTD Alignment & Strengths:
- Robust Authentication: Strong multi-layered authentication (biometrics, PIN, 3D Secure) aligns with MTD's focus on secure access.
- Real-time Monitoring: Instant notifications and location tracking for transactions contribute to real-time threat awareness.
- User Control: In-app card controls and customizable limits empower users to manage their security, a key aspect of MTD.
- Regulatory Compliance: As a fully licensed German bank, N26 adheres to strict security regulations, providing a strong foundation for MTD.
- Proactive Fraud Prevention: Emphasis on educating users about phishing and social engineering complements MTD's preventive measures.
This infographic provides a comparative overview, demonstrating how Revolut, Bunq, and N26 integrate various security measures that align with Mobile Threat Defense principles, each with their unique strengths and areas for further enhancement.