Like the name suggests, Fintech is the combination of finance and technology. Like every other aspect in this current fast-paced world, banking has also been fully immersed into digitalization and now almost everyone uses mobile banking to check their account balance, pay bills online, transfer funds and basically handle all their financial transactions.
However, with preying hackers on the loose seeking for loopholes to commit fraud and steal mobile banking users’ hard-earned money, any committed provider of Fintech services needs to employ proper security measures to win consumer trust and curb fraud. Having a valid SSL certificate for instance and employing proper code signing for your app can go a long way in securing your service.
10 Steps You Should Take to Improve financial App Security:
Sign the Code
While you are building an app, the coding process is without doubt the most crucial factor you should begin with. You will need a very trustworthy software signing certificate that can sign software code so a user will not get any type of warning while downloading software. Such certificate naming Code signing certificate that assures that the code is not altered since it is signed.
Have a multi-factor authentication mechanism in place
Unlike a social media account whose breach can only cause privacy infringement to the victim, any breach in a consumer’s mobile banking account can lead to loss of huge sums of money and bring about devastating effects. One simple password is therefore not enough to protect a user account. You can add an extra layer of protection like the use of fingerprints or one-time generated passwords. Multi-factor authentication refers to small hardware devices for authorization, software-based token app, OTP, retina scans, fingerprint scans, etc.
For any successful online transaction, there are many involved stakeholders ranging from the issuing bank, the card brand, merchants and even the payment cards in use. This means that a lot of data is exchanged in the process of completing a transaction which could cause a loophole for hackers lying in wait to commit fraud. It’s therefore imperative that you have end-to-end encryption in place to conduct regular security audits and ensure that your data is safe and sound. Adding encryption to passing communication adheres security layer that saves data from prying eyes.
Installing Fingerprinting features
Fintech app developers are getting smarter and installing fingerprinting features that can obtain various sets of signals from the user’s end like IP address, device type, location, screen size, time of day and even the kind of browser you are using. Should they sense a contradiction with the real user details, the app can shut you out to ensure that you are not attempting to commit fraud.
Protect network connections on the back end
You will most likely be using cloud data storage and you need to be able to protect your customer data from unauthorized users. You should apply such measures as having verified API security, TLS (transport layer security) for all traffic as well as using a virtual private network (VPN).
Conduct constant tests to your app
Digitalization never sleeps and similarly you shouldn’t. Hackers are always learning new tricks to their trade and so you should be conducting regular penetration tests to your app to check for any vulnerabilities and fix them before any fraud happens.
Educate your consumers on proper self-security
Although you could work with the best programmers in developing your mobile app and employ unbeatable security protocols, your users also have a huge role to play in ensuring personal security. In instances where their mobile devices get lost or stolen, they should know immediate security measures to undertake to guard their accounts. They should also use strong passwords and avoid sharing their sensitive information with other people.
Offer immediate email and text alerts
Mobile apps are usually used on smart phones which means that almost all users have immediate access to their email and text. You should therefore have real-time alerts on your app where a consumer can be informed of suspicious activity immediately and take necessary measures like changing their password.
Use of Near Field Communication (NFC) Sim Cards
While a usual bank card will contain your personal and account information that will make you vulnerable if you misplace the card, you can opt to download all your credit card info into an NFC-embedded SIM card. This keeps all your card and account information private and ensures that it cannot be compromised.
Have skilled in-house programmers
To be able to shut out the witty hackers in the modern world, you will need the best brains working round the clock to secure your app and keep it foolproof. Invest in hiring some skilled programmers and the benefits will be magical.
Fintech services are here to stay, and the game can only get deeper. With most shopping happening online these days and more people trading crypto-currency, forex and stocks on the online space, Fintech apps can only grow in popularity.
Institutions offering mobile banking services therefore need to apply proper security measures to win customer trust and protect their hard-earned money.
From hiring skilled programmers to applying the right data encryption features and having valid SSL certificates, companies should take all measures possible to ensure Fintech apps are secure.