10 Fintech App Security Standards That You Should Not Forget
In this blog, we have discussed 10 fintech app security standards that can make sure that the user data and financial data stored in the app are secured!
These 10 fintech app security standards will help you in building fintech apps for your clients that are impossible to crack!
As per a report by Statista, the Fintech sector has grown at quite a rapid speed. The value of the Fintech industry has reached 168 billion in 2019 USD from 145 billion USD in 2018. Now, with such a rapid growth of technology, it is crucial to adopt the latest security trends for Fintech as well. In this blog, we are discussing the top 10 effective ways that can improve your fintech data security with a huge margin.
Top fintech app security standards to follow
With time, different methods of stealing data are coming into existence. Some hackers secretly install monitoring software on your device that can steal credentials. Some, just steal access to your e-mail and use it to enter into the financial database. Well, there are so many ways for hackers to steal your money and these steps that we are talking about, are used to make them ineffective.
- Two-factor authentication
Well, one of the major security standards that can be adopted as one of the crucial parts of Fintech security standards is two-factor authentication. In this process, the user gets two verification methods. Thus, apart from entering the correct password, users also have to authenticate with a verification code sent on their e-mail or SMS.
2. Blockchain in fintech
The Fintech mobile app development industry has adopted the Blockchain technology for an enhanced security layer. The technology does not only make transactions more secure, but also faster.
The transaction per second speed of blockchain servers is faster compared to normal cloud servers. Thus, many fintech examples like Cryptos have adopted Blockchain technology.
3. Limiting permissions
It is crucial for Fintech industries to make sure that there are only limited permissions given to other apps for Fintech security. For instance- other apps should not be able to access user credentials and other information saved on the Fintech apps.
4. Only secured networks should be accepted
Public networks make the Fintech app security more vulnerable. Thus, fintech apps should only be accessible on private networks or secured Wifis. It avoids unauthorized access from any third party.
5. Take help from an experienced programmer
Your fintech app security is entirely dependent on the measures that your hired developers or financial software development company took. Security trends in the app development industry always evolve with time. Thus, an experienced developer can identify which are the best security protocols for your mobile app to make it safer for users and owners as well.
6. Use strong encryption to keep the financial data safe
To lock the fintech app data for unauthorized users, there are many APIs existing at the moment to encrypt it with high-level security protocols. These APIs are also capable of auditing the data periodically so they can find any vulnerabilities in the same.
7. Real-time notifications
One of the crucial and most important Fintech security standards is real-time notifications. These notifications get users instant alerts if transactions are made. Thus, even if it’s a fraudulent transaction, users can take actions within time to stop or unauthorize it.
8. Provide users the ability to add security answers
To ensure that real users are trying to access the fintech app while they lose credentials, it is beneficial for them to verify with security answers. Moreover, many apps use already defined questions for the fintech data security protocol. However, giving the freedom of adding customized questions can help in making fintech apps more safer. It will require users to verify their questions as well as answers to pass this stage of the password reset process.
9. Test the fintech app security methods again
It is always a good idea to make sure that fintech apps have no vulnerabilities. To review the same, you can run multiple rounds of tests. Testing security methods will help you in finding the problem, and figuring out which problems to keep in mind for the development procedures in the future.
10. Go an extra mile for perfect fintech app security
Well, sometimes it could be a possibility that the fintech app you work on can be made more secure. Using firewalls, premium antiviruses, and premium security protocols make fintech apps less vulnerable to new threats.
Well, if you own a mobile app development company or work for one, you understand that these steps that we discussed are a regular part of the development process. However, we mentioned these points to ensure that new developers and even old ones do not forget all steps. Because, every missing step can save time but make the app vulnerable to threats.
