Technology is used by FinTech organizations to improve their financial processes and services. Market share in this sector is expected to double in the coming years, making it one of the fastest-growing industries in today’s world. FinTech app security is now a hot topic, owing to the increasing market share. The development of a secure app that avoids malware and data theft might be possible. Are you curious about how FinTech apps are secured? Let’s explore this.
From mobile banking and e-commerce transactions to trading and insurance, FinTech covers the whole spectrum. Fintech companies are a top target for hackers and fraudsters, even though traditional banks have adapted happily to the new technology. The biggest concern for FinTech companies is data security, according to 70 percent of them.
A Fintech development process that protects the customer and ensures benefits and benefits is essential for any company that wishes to reach its customers via mobile devices. The following are ways to ensure Fintech development processes are safe.
1. Security code
It is essential to consider security factors when designing a Fintech application from the very start. Whether stored on a server or a device, sensitive data will be secured. For sensitive app data to be saved on the server or the user’s computer, application code plays a vital role. Therefore, ensuring that the code is protected from the beginning of development, and keeping an eye out for any possible weaknesses within the application, is essential. It is possible to ensure this by designing well-written algorithms and checking the code regularly for bugs and issues within the application.
2. Don’t miss the backend
Cloud servers are susceptible to being accessed by unauthorized users, leading to a range of serious problems. Such risks make it imperative to secure servers against any hackers or unauthorized access. APIs can be protected in a way that ensures that customer data is not compromised by testing API security. To prevent data leaks, it is also necessary to set up a special storage facility for data and records. Performing tests and checking an application’s ability can also prevent threats to the network and vulnerabilities.
3. Ensure authorization, authentication, and identification methods are in place
To ensure that fintech products are trustworthy, the app needs to be able to identify users according to their claims. An app must have a flawless authentication and authorization system, to confirm the identity of the user. If you want the API to restrict access to all areas of your app, you should ensure all areas are restricted. An additional method of authentication should also be considered. Make sure to provide maximum security with the least amount of effort on the part of the user (for instance, when registering).
4. Encryption of mobile phones
Because the Fintech application contains data with many variables, you need to find all the possible holes and also temporarily store them. Creating a mobile financial application is easier and more secure with the encryption process. Moreover, all mobile databases must be encoded to ensure the security of the data. To ensure that none of your data is exposed to compromise, you need to consider everything from design to encryption key handling and authentication methods.
5. Verification of user authority and role
Objects and actions that users can perform are determined by their authorizations and roles. The authorization process must be passed before anyone can access an app. User access levels must be defined by roles assigned to them. To ensure a sufficient level of security authorization, a user management engine is required. The user management console should display all actions and permissions granted to specific objects.
6. Managing access
Individuals can clarify their responsibilities during the authorization process and determine which tasks they are responsible for at any given time. Verification and authorization are required to access the app. The degree of access granted to each user should also be reflected in the tasks assigned to them. It is possible to set up a user management engine that allows all types of access to be specified due to the configuration of the user management engine.
7. Programming alone cannot ensure security
There are many tips that users should follow to keep their mobile device as well as the application safe. In case of theft or loss, you should make sure your clients and users know what to do. It is also important to note that removing the manufacturer’s protection is particularly dangerous. The reason why customers should only use authorized app stores is because of this.
8. Get your end-customers educated
The mistake people often make is to install and use software from some random source, instead of going through an authorized app store. Providing customers with information about Fintech applications is the responsibility of manufacturers. As well, your Fintech application must provide your customers with information about the steps they can take to protect their data in the event of mobile fraud. For your Fintech applications to work correctly, you need to educate your customers better about how to use them.
9. Securing APIs
Application programming interfaces (APIs) are used by FinTech applications to interact with their backend when run on mobile devices. To build a truly secure FinTech application, you must maintain API security. As well as APIs, attackers frequently target them.
10. Increase your efforts
Establishing a secure connection through a VPN will further protect application users on-site. Unauthorized devices pose a great deal of risk, so all of this is advisable. System firewalls, antivirus software, and other programs can prevent them from accessing a computer. Neither landlines nor mobile phones are worth taking risks, so it may be necessary to take additional measures.
11. A feature for blocking payments
It is important to keep an eye out for suspicious activity to prevent fraud. Make an unusually large transfer of money from an unusual location, for example, that is different from the usual user activity.
Ensure that your application implements a payment blocking function to protect users from potential fraud. As soon as something unusual in the user’s normal activity is detected, this feature will block payments immediately.
12. Conduct thorough and repeat tests
Fintech applications must be tested at all stages of their development, despite existing time constraints. As security measures are responsible for one of the most important aspects of application functionality, testing them is crucial. Thus, when you launch the application on the market, you will also know its downsides. For this reason, it’s advisable to double-check each potential weakness in authentication, authorization, data security, and session management. Verify the application’s functionality in real-time.
It is clear from the above that the process of ensuring FinTech app security requires specialized knowledge and skills to prevent information from being compromised. If you are planning to develop this type of solution, it is highly recommended that you hire a qualified and experienced professional. We at E2logy are able to provide this kind of services. Our FinTech development team excels at creating secure FinTech applications, and they are well acquainted with all the requirements.