Over the years, we have seen a large increase in the usage of technology in finance and financial transactions. The introduction of financial applications has ensured that the ease of use and effectiveness, which has been on a constant rise over the decade, is made possible. Here is developing a secure FinTech app — the best practices for 2020.
End users can now make financial transactions through a snap of a finger through tech ease of access. But, we have to be wise in how we use the new FinTech apps.
With the ease of apps comes the danger of financial security, which is largely due to sensitive personal and business data shared on financial platforms. Care must be taken or it may result in major vulnerabilities such as data leakages and breaches.
Recent studies reveal that FinTech startups, about 98% are vulnerable to cyber attacks, risk of theft, and phishing. Considering that the finance industry is one that should be 100% secure in the protection of client data, it begs a question on aspects to consider while developing a FinTech app to make it more secure, while performing other functions as required.
We need to look into the possible ways of developing a finance app — keeping in mind that the security of data is paramount. Many companies forget security in their rush to get an app to market.
Integral parts of creating secure FinTech Applications.
With the focus on finding a solution to the vulnerabilities associated with developing a fintech app, this is some of the best practices on how to secure a financial app.
Establish infrastructural security.
It is without a doubt now that a responsible and trustworthy finance firm should consider establishing a secure infrastructure. Irrespective of either going for a private or public cloud storage system, it is imperative to make sure that cloud vendors of choice are security conscious and aligns with the modern data security standards.
Establish a secure application logic.
It’s simple, it is just making sure that while developing each stage of the app, security should be of conscious. In every step of the app usage, there should be a feeling of security to it. Questions like what types of data should be collected and safely secured, the passcode, and all other necessary info should be called to mind, not forgetting how best to monitor and secure the data collected.
Ensure to write secure code.
While it is important that your FinTech app is cross-platform responsive, it’s essential to also develop an algorithm that allows for easy detection of flaws in case of attacks or a breach. It is advisable to implement the inclusion of input validation and reviewing of data received in the app, while keeping a vivid eye on granting external access, defining clear access rules, and taking all adequate measures to secure appropriate data.
Run an App Test.
It’s never enough, take the time to test that app all over. Through all the processes and steps, perform effective penetration tests, adhere to the standard testing process for FinTech firms, and if necessary, hire professional testers to establish efficient attack resistant code.
Ensure API and Web-Server Security.
APIs, as well as web-servers, are usually run on mobile devices, and this makes it a target; hence the sensitivity in its security.
Considering that all info received on the app is highly classified and important to your end-users, it’s very necessary that you consider encrypting all the data collected on your FinTech app. You can introduce various encryption algorithms like AES which is regarded as the safest.
Initiate a Payment Blocking Feature.
To remain secure, one of the best ways to hinder fraudulent activities on the app is to initiate a payment blocking feature in cases of suspicious activities. This will help to ensure the immediate block of suspicious payment, say a large amount of money transfer, or an unusual location transaction.
Developing a secure FinTech app is a lot of work. It wouldn’t be FinTech if it’s not secure after all. It’s imperative to make sure of testing the app through this procedure, and if necessary, hire professional hands to help with the process.