Arxan Provides Secure Cryptography for Cloud-Based Mobile Wallets and Payments

PRESS RELEASE

Bethesda, MD – September 29, 2014 – Arxan Technologies, the industry-leading provider of application protection solutions, today announced its security solution for all developers launching mobile apps that include cloud-based payment capabilities. Arxan’s innovative and proven approach to secure mCommerce is immediately available for financial institutions, merchants and retailers to help them quickly launch branded value-added services, such as mobile wallet and payment apps. Arxan’s security solution is comprised of both mobile application hardening and secure cryptography, which delivers a holistic and robust level of protection.

Google’s Host Card Emulation (HCE) is one of the payment schemes that Arxan’s solution can protect. HCE permits a phone to emulate a payment card on a device that is enabled with Near Field Communication (NFC) technology without relying on access to a hardware secure element (SE). As of July 2014, 22% of Android smartphone users can leverage this software-based HCE payment capability on their device, indicating a high market opportunity for HCE payment-based solutions.[1]

If unprotected, HCE-based applications, such as mobile wallet or payment apps, are exposed to significant security risks. These risks include insecure cryptographic key storage that can lead to unauthorized access to sensitive information, fraud and brand damage.

To mitigate risk resulting from the absence of a hardware SE, Arxan’s solution provides additional security layers to HCE-based applications. Examples of these include secure cryptography, root device detection, obfuscation and integrity checks within the application. Arxan’s easily deployable approach provides companies with an opportunity to gain a competitive advantage based on the strength of security with their mobile apps and the speed with which the app can be deployed.  

Arxan’s comprehensive software-based security offers the following benefits:

·         Mitigates transaction risk with in-app protection, so the “security goes where the app goes” 

·         Ensures mCommerce applications are protected against the widest range of static and dynamic attacks for ‘at-rest’ and run time application security

·         Leverages layered protection so there is no single point of failure

·         Supports a variety of computing platforms and is proven on deployments of over 300 million devices

“As the mobile payment landscape is evolving to provide greater value than a traditional credit card, so too must security approaches,” said Mike Dager, CEO, Arxan Technologies. “We are committed to providing our mCommerce customers with innovative security solutions that are durable and support scalability. Arxan’s proven ability to keep sensitive information safe with its secure cryptography for F500 companies delivers disruptive opportunity for mobile app developers to launch their branded services with confidence.”

Also, Vince Arneja, Arxan’s VP of Product Management, will be providing more information at the Mobile Payment Conference, as a speaker on the industry panel, Keeping Mobile Commerce Secure,on Oct. 7^th at 4:15 pm. To meet with Vince at the conference, please email [email protected].

About Arxan Technologies

Arxan provides the world’s strongest application protection solutions. Our unique patented guarding technology 1) Defends applications against attacks, 2) Detects when an attack is being attempted, and 3) Responds to detected attacks with alerts and repairs.  Arxan offers solutions for software running on mobile devices, desktops, servers, and embedded platforms – including those connected as part of the Internet of Things (IOT) -- and is currently protecting applications running on more than 300 million devices across a range of industries, including: financial services, high tech/independent software vendors (ISVs), manufacturing, healthcare, digital media,  gaming, and others.  The company's headquarters and engineering operations are based in the United States with global offices in EMEA and APAC. 

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[1] Host Card Emulation Installed Base – Global, 7 Aug 2014, Business Insider