Last updated on November 25, 2025
Mobile Wallet Security: 9 Questions to Ask Your Implementation Partner
As mobile wallets dominate digital payments, they also attract sophisticated fraud attempts such as phishing, account takeovers, SIM-swap attacks, device spoofing, and fraudulent onboarding. To balance convenience with strong security, financial institutions need software implementation partners who understand that security isn’t just about writing code – but also about combining financial domain expertise with cutting-edge technical implementation.
A security-first approach requires true collaboration. Your development team must bring deep technical capabilities while working closely with your financial domain experts to evaluate the evolving threat landscape. The right technical partner doesn’t just build what you specify, they actively contribute security expertise to strengthen your requirements.
Here are 9 critical security capabilities to evaluate during partner discussions:
1. Can you implement multi-layer identity proofing?
Your partner should offer Multi-Layer Identity proofing mechanisms, where in the usage of biometric information is a key component. The implementation of essential checks on user liveness detection, document authenticity checks, deep-fake prevention, and risk-based onboarding workflows are critical in the current era. Digital payment frauds prey on weak identities during account creation. Look for partners who proactively suggest multi-layer identity proofing strategies based on your risk profile.
2. How do you implement strong authentication?
Consider the partner’s experience in implementing a robust MFA mechanism – a combination of various parameters such as password, device binding, PIN, OTP, biometrics-based authentication etc. Check if the partner suggests authentication processes based on the risk profile of the transactions such as login, payments. Your partner should design adaptive authentication that balances security with user experience.
3. What’s your approach to device and app integrity?
Look for proven experience in major areas such as rooted/jailbroken device detection, Mobile App Security SDK implementation, injection attack – prevention & handling mechanisms, and secure cryptographic key management. A sophisticated partner anticipates attack vectors and builds defences into the app architecture from day one.
4. Do you build intelligent fraud detection mechanisms? Look for experience in designing real-time fraud scoring engines, powered by data analytics, and built on real-time processing capabilities. The controls should be executable and run smoothly without operational overload. Building on such pro-active and data-driven mechanisms requires strong technical and analytical expertise.
5. How do you secure data, APIs, and network communication?
Essential capabilities include in-transit encryption, tokenization strategies, and strict API authentication with rate limiting. Your partner’s architecture decisions and network security strategies will determine your preparedness against sophisticated attacks.
6. How do you handle consent and privacy protections?
Your partner should demonstrate compliance expertise with clear consent mechanisms, granular permission systems, user-controlled privacy settings, and adherence to General Data Protection Regulation (GDPR), country-specific Personal Data Protection laws (PDPL). Compliant systems must be built by design, not as an afterthought.
7. What’s your strategy for faster, secure and reliable account/ wallet recovery processes?
A knowledgeable partner has clear knowledge on the kind of vulnerabilities the current day wallet systems carry. They design identity-verified recovery using biometrics, secure device change workflows, strong agent authentication, and dispute workflows that prevent both fraud and friendly fraud.
8. What security governance practices do you follow?
Security is continuous. Your partner should offer regular security checks such as penetration testing, threat intelligence integration, security-trained development teams, DevSecOps processes, and post-deployment monitoring. The security profile of the system should be regularly monitored and reported, with a commitment to swift incident response and remediation. Look for long-term security partnership, not just project delivery.
9. How do you balance user education with platform protection?
The best partners understand that technology must compensate for human error. They should implement in-app warnings, easy fraud reporting, proactive detection that doesn’t wait for complaints, and UX design that guides secure behaviours without creating friction.
Partner with Experts Who Understand Both Worlds
To deliver secure, seamless mobile wallet experiences, you need a development partner who combines:
- Financial services domain knowledge to understand your risk landscape
- Advanced technical capabilities in identity verification, device security, and fraud analytics
- Security-first architecture that protects every layer of the digital payment lifecycle
- Compliance expertise across regulatory frameworks
- Collaborative approach that enhances your team’s expertise
When you partner with a firm that brings both technical excellence and financial services understanding, you can scale your digital payment solutions with confidence, trust, and resilience.
Ready to discuss your mobile wallet security strategy? Let’s talk about how our collaborative approach can strengthen your platform while maintaining the seamless experience your users expect.
