SBP publishes security guidelines for mobile applications

The State Bank of Pakistan has issued security guidelines for mobile apps. According to the details, mobile payment applications (mobile apps) have become an alternative payment channel for an increasing number of users and SBP-regulated entities are offering innovative products and services through mobile apps. Consequently, opportunities for fraudsters to exploit vulnerabilities in mobile apps and defraud customers have also increased.

In accordance with international standards and best practices, SBP has developed comprehensive security guidelines for mobile applications (the “Guidelines”) providing basic security requirements for application owners to ensure confidentiality and integrity. of customer data and the availability of application services in a secure manner. , when developing payment applications for mobile devices or other smart devices.

The press release states that application owners should use these guidelines for the architecture, design, development and deployment of mobile payment applications and the associated environment that consumers use for digital financial services.

In addition, app owners must also ensure that their mobile apps and associated infrastructure comply with the requirements of these guidelines by December 31, 2022.

The PDF provided by SBP has more details on this.

Read more: Dollar rate in Pakistan (daily updates).

Follow INCPAK on Facebook / Twitter / Instagram for updates.