SBP Issues Security Guidelines for Mobile Apps

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

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

The press release states that app owners shall use these Guidelines for the architecture, design, development and deployment of mobile payment apps and associated environment that consumers use for digital financial services.

Furthermore, the app owners shall also ensure that their mobile apps and associated infrastructure are compliant with the requirements of these Guidelines latest by December 31, 2022.

The PDF provided by SBP contains further details on the matter.

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