Fintech App Security Best Practices: A Comprehensive Guide
In the fintech industry, apart from speed and simplicity, another S is essential, and that’s Security, which is a crucial aspect. Fintech apps must pay attention to tightening their security, making it impenetrable. To maintain the FinTech app security, you must rigorously follow a few steps.
This blog explores the best practices to safeguard fintech apps while enjoying peace of mind. Let’s begin!
Must-Have Features in FinTech Apps
Before we know the steps to secure the fintech app, let’s understand what are the must-have features in FinTech apps:
- Security: The first and foremost feature that a fintech app should have is the impenetrable security of users’ sensitive financial and personal information. For this, fintech companies should prefer encryption, multi-factor authentication, blockchain, data obfuscation, and other strong security measures to secure banks’ services.
- Personalization: Customization attracts users’ attention and makes them feel special. So, fintech apps must include tailor-made solutions for all users. For that, dedicated developers must prefer different languages and technologies.
- Support: The fintech industry deals with highly confidential information while handling customer queries. So, fintech apps must include effective customer support 24 hours a day.
- Push Notifications: Push notifications help users stay informed about news updates, ensuring they don’t miss out. These notifications streamline the communication between clients and bank officials.
Major Challenges in Fintech App Development
The three major risk issues related to fintech security:
- The Lack of Unified App Ownership: App ownership is the most threatening vulnerability of mobile banking services in FinTech. So, there are basically two owners: one is peripheral, and the other one is the person who performs for the bank. As these owners share responsibilities, creating security issues has the probability that something might go wrong.
- Data Storage: Every mobile app stores data in some way. As in fintech, data is extremely crucial, so storage solutions must be secured to prevent any vulnerability. If the internal storage has a security issue, hackers will get direct access to vital information and exploit it.
- Communication Breakdown: Mobile apps must communicate with external data sources, including NFC, Bluetooth enabling, servers, and several authorization mechanisms. However, data leakage can pose a mobile security risk.
Everyone has their share of challenges, so might you. Talk to a fintech app expert now.
FinTech App Security Solutions
Here are some significant steps to secure your fintech app from the inside out. Check them out:
#1 Code and Architecture Security
Developing a reliable app’s logic requires including security in every step of the app’s usage. Keep an eye on writing effective algorithms and analyze the code for flaws or security issues. Finally, the app will be tested to maintain efficiency.
#2 Usage of AI and ML
In your fintech app, incorporate AI and ML to keep a 24*7 round-the-clock check on users’ behavior to monitor their usual patterns. With AI and ML, you can detect unusual acts while preventing fraud on time. For example, AI and ML can block unidentified and suspicious transactions and IP addresses.
#3 Leverage Tokenization
Well, tokenization is a process of replacing sensitive data that requires protection with a newly generated random symbol string — tokens. Only granted persons have access to the unique database named ‘token vault,’ which secures all links between the original data and generated token.
Additionally, tokenization eases PCI compliance by shielding data within organizations and digital transactions.
#4 Have Secure APIs and Cloud Servers
Protecting infrastructure is one of a fintech app’s most essential security measures. Application Programming Interfaces (APIs) and cloud servers are the prey of cyber-attackers primarily as possible weak links. A reliable fintech company can safeguard APIs and the cloud with best security practices and strengthen the core security for impenetrable security.
#5 Safety-Oriented Testing
Fintech app security needs testing throughout software development and in additional stages. Focus on providing a fintech app that is assessed with the utmost precision and safety protocols. For that, check the identity verification, authorization, application performance, and other measures with rigorous automated or manual testing, maintaining the app’s proper functioning.
Want to know more about fintech app security and solutions? Book a free consultation now.
Summary
In a nutshell, maintaining the security of the fintech app is paramount. Hiring experienced developers or having a reliable fintech vendor is one of the best ways to avoid security attacks. This maintains precision and security at every step of the fintech app’s lifecycle.
