Application of LIAPP, a mobile app security service that prevents financial fraud through app forgery and malware blocking

Application of LIAPP, a mobile app security service that prevents financial fraud through app forgery and malware blocking

These days, we live in an era of mobile finance where we can transfer money, get loans, and invest with just a smartphone without going to the bank. The development of these fintech services has made finance easier and faster, but at the same time, it is not safe at all in that it has become a major attack target for hackers. In particular, in recent years, cases of illegal remittances or personal information theft attempts on user terminals through app forgery, repackaging, and malware insertion have been rapidly increasing.

In this post, we will examine the importance of mobile security by focusing on a case where a fintech app introduced a mobile app security service called ‘LIAPP’ to block actual security threats and maintain service trust.

Actual case: Illegal remittance attempt through forged app

Fintech company A was a startup that was rapidly expanding its user base by providing functions such as easy remittance between users, analysis of expenditure history, and integrated management of linked accounts. It was especially well-received by the younger generation for its intuitive UX/UI and convenient authentication system.

One day, a suspicious report came into the customer center. The user claimed that an unknown remittance history had occurred in his account. The company investigated the internal security log and discovered that the transaction did not go through the normal app route. Soon after, the security team discovered that the APK file was being distributed in a falsified form. The hacker had hijacked the original app, inserted malicious code into it, and repackaged it to create a fake app. This app had the same UI as the original app, but it was stealing user information in the background and sending remittance commands to a random server.

This incident was a warning to fintech startups that a single security vulnerability could destroy their entire credibility.

Introducing LIAPP: Real-time forgery detection and automatic blocking

To solve the problem, the company chose ‘LIAPP, a mobile app security service.’
LIAPP is not a simple security SDK, but rather a cloud-based integrated security platform. It detects and blocks various threats that may occur within the app in real time from the time the app is launched until the user terminates the service.

Main security features of applied LIAPP:
1) Detection and blocking of forged APK
   • Immediately stops execution if the app file is different from the original
   • Identify code or malicious library inserted by hackers and block app execution

2) Detection of repackaging (resigning)
   • Classifies suspicious apps due to repackaging and collects logs
   • Blocks execution of suspicious apps due to repackaging

3) Detection and blocking of rooting environment
   • Restricts app execution on rooted devices
   • Prevents malicious behavior through privilege escalation

4) Blocks debugging and hooking attempts
   • Blocks hackers from analyzing or manipulating the inside of the app
   • Real-time detection of proxy tools, memory modification, etc.

5) Real-time log collection and analysis of security events
   • Status of malicious behavior detection can be checked on the administrator page
   • Pattern analysis by IP/terminal for suspicious events

After applying LIAPP, distributed forged apps were blocked immediately upon execution, and existing user apps were also automatically updated with security updates. As a result, illegal remittance attempts through malicious apps were completely stopped, and measures were taken to prevent user damage from spreading.

App security is not an option, but a ‘necessary strategy’

Many startups focus on developing features and acquiring users, while security is often put on the back burner. However, in financial services, **security is a ‘basic premise’ that is more important than the features themselves**.

This case was not a simple hacking attempt, but a serious accident that undermined trust. Fortunately, thanks to a quick response and a strong security solution, the company was able to restore trust, and it is said that customers’ positive evaluations of security enhancements have increased after this incident.

“Security is not something inconvenient, but another name for trust.” This fintech app case proves this saying.
In an era where tens of millions of won worth of assets are transferred through a single app, hacking can occur in just a few seconds, but it can take years to rebuild trust.
Is the app you are currently operating safe? The answer starts with introducing a strong and reliable mobile security solution.

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