In the past, having to wait in a long line outside a bank to deposit a cheque or money was a hardship. It resulted from the introduction of fintech apps through mobile technologies. You read that right!
The proliferation of mobile apps has changed the way banks and financial institutions improve and upgrade technologies to meet the demands of their customers. Most consumers are reluctant to share financial or personal information with fintech apps because they pose numerous privacy concerns. Your app should emphasize its safety as well as the benefits it offers consumers if you want it to be used as widely as possible.
In the current age of FinTech, huge amounts of funds are flowing in: from $12.7 billion in 2020 to $23.4 billion in 2021. Businesses must adapt cutting-edge technologies to remain competitive due to this change in the financial industry structure.
What is a fintech app?
The term “Fintech app” refers to the web or mobile applications related to financial services. Apps for financial technology are ubiquitous these days since most financial services are done digitally to make them more efficient and rapid.
Fintech Security: 10 ways to improve your Financial App Security
- Start with the security code
The security of the application should be considered from the beginning. Sensitive data will be stored and protected on the server or the user’s device. This is where the code comes into play. Because of this, you should plan your security and be aware of potential security gaps in the application. Ensure that the algorithms are well written and identify any vulnerabilities or flaws. Test the entire system to ensure that the protection is effective.
- Pay attention to the network connections on the back end
Ensure that unauthorized users cannot access cloud servers. To ensure that customer data is not exposed, API security needs to be verified. Securely store data and documents in special areas. Conduct testing to determine how vulnerable the application network is. Ensure all traffic is protected with transport layer security (TLS) and ensure additional security with the use of a virtual private network, or VPN.
- Prepare methods of authorization, identification, and authentication
Additionally, it is important to make sure users are the people they claim to be. Having a foolproof system for identifying and authorizing data can help you achieve this goal. Protect yourself if you want to achieve this. Be sure to restrict access to all significant areas. You may want to implement two-factor authentication. Provide users with maximum security without requiring the user to spend a lot of time and effort at the user’s site while registering.
- Encrypting mobile apps ensures clients’ security
To make your mobile application capable of processing large amounts of data with various variables, you must be careful to prevent gaps, even if the data is temporarily stored. The protection of data via encryption is therefore even more important when it comes to preventing data leaks. Without this protection, any confidential information (e.g. age, location, etc.) could be collected outside of the company. Encrypt the locally stored data in mobile databases to keep it safe. Taking care of your encryption keys can ruin other actions if you don’t take care of the design level.
- User role and authority Check
Authorizations and roles define which objects users can access and what actions they can perform. Anyone who accesses an app must be verified and pass the authorization process. Moreover, each user must have a role assigned which defines what access level he or she holds. Ensure an appropriate security authorization level by setting up a user management engine. Make sure all actions are listed in the user management console and permissions given to access specific objects can be displayed.
- Test, test, test… and test it again!
No matter how pressed for time you may be, it is essential to test every stage of your Fintech development. Security testing is crucial, as it is crucial for an important aspect of the application’s performance. This means that, when launching the application, you also know its bad points. Authentication, authorization, session management, and data security are all areas where you should double-check for vulnerabilities. Test the application in real-time to ensure that it works correctly.
- Understand that security does not end with programming
Users must follow tips for ensuring the safety of not only the application but their mobile devices as well. You should make sure that users and clients know what to do if a phone is stolen or lost. In addition, it would be wise to keep in mind that removing the manufacturer’s protection would be particularly dangerous. Therefore, it’s a good idea to only use authorized app stores.
- Take care of the individual, private device
It is becoming commonplace to work on employees’ devices using the Bring Your Device policy. Companies are choosing this option more and more, regardless of the poor security protection it provides. For this reason, it is worth using good mobile device management software to improve security for everyone.
- Take additional measures
To protect application users further on-site, it’s a good idea to establish a VPN connection. A system firewall, antivirus software, or any other program that blocks access to unauthorized devices is advisable since they are extremely risky. In this case, taking additional steps may be the only way to avoid risk, whether using a landline or a mobile.
- Hire a professional programmer
Fintech users are at risk of threats and dangers when providing their data to a professional mobile programmer. Therefore, hiring a programmer is a good investment that will pay off sooner than you might think. Furthermore, software developers are extremely important to the overall project, and in fact, they ensure security during every stage of Fintech application development. By working with specialists in this field, we can increase the security of your applications and expand the possibilities.
We live in an age where fintech startups can become very profitable companies. While the development of fintech applications is indeed a lengthy and complicated process, it might seem daunting at first. Nevertheless, if you choose an experienced team of fintech experts to assist you, the complexity of the process will not bother you.