Ways to Build and Improve FinTech Application Security

4 min read | By Admin | 20 December 2019 | Marketing

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When technology is ruling every tiny piece of earthly things in the world, the upcoming advancement in technology has no end.

While every sector is upgrading with the help of technology, financial services is no where exceptional.

Yes, financial services technology is abruptly changing the course of traditional banking,finance, investment and insurance payment methods.

What Made FinTech App Security More Important?

“It is safe there” is probably the conventional mantra in the mind of every one out there. Yes, financial services have trustful impact on people that their money, ornaments, property papers and other important documents.

What if providing the service through digitally? Fast service and reduce human effort in just a click.

The high risk faced by every FinTech application will be the security breach and the most interesting fact is that all these cyber attacks occurred through the psychological manipulation of the users.

How to Build a Secure FinTech App?

According to the Immuniweb’s State of Application Security Report, 98 of 100 reputable FinTech startups are vulnerable to phishing and cyber attacks.

In order to overcome these issues, there are some important Fintech app solutions to be followed while designing an application.

Check on Infrastructure Security

A standard procedure while designing any application is none other than within a well infrastructured environment. The FinTech application you are about to create requires a robust infrastructure.

The first and foremost important step to be taken is building a secure infrastructure. If the application is about to run on public cloud platform, then choose a trustworthy and an established cloud trader where their cloud security and standards worth for modern updates.

For instance, AWS Enterprise cloud has well built platform to stand against any DDOS(Distributed Denial-of-Service) attacks and promises to fast recovery of information in cause of any disruption.

Secure Application Logic

Keeping the concept “security” in mind, every integration of the application has to be sealed with security when used. Right from data storage to tuning password complexity, every phase of development has to be protected from threats.

Prior to early development stage, there are certain questions to ask before proceeding with the process such as

  • What data has to be stored within application?
  • Is it okay to store debit or credit card details?
  • Who to hold the access right to app features?

Best Practices to be followed while upgrading Fintech app security are:

  • Signing up with complex passwords
  • Add two way authentication steps
  • Maintain the history of login details listing IP address, device and geolocation information
  • Multi-step verification incase of any critical activities
  • Monitor every transactions and block suspicious people

Built Using Secure Code

Designing an application secure from the very initial stage is more crucial. The term secure is being stressed as all sensitive data are stored in the user’s device or on the server. This is where the code plays an important role.

Hence it is worth to write secure codes and never leave any loop in the codes for potential threats.

Web Server Security

Web server is the most recurrent target for any external attacks. Website visitors are often altered with the sign of being unprotected when HTTPS SSL certificate is not attained so that one can prevent the loss of valuable data from malicious source.

VPN is another source of attack- it does introduce complexity at the setup phase upon granting access to any devices using public key. The step is worth the effort to block attacks.

Maintain Records of Daily Workflow

While talking about the security, it is mandatory to maintain the regular assignment of work everyday as a record from the statement insisted by Kaspersky- ”Almost half of the security breaches are caused by human factor”.

What has to be done?

  • Regular backup of files, data, codes and every practice security attempts.
  • Stimulate the ways to act how to handle emergency situations.
  • Prevent data breaches with logical access rights.
  • Make your staff to sign NDA agreements.
  • Use corporate hardware within the app development infrastructure.
  • Find a way to obtain ISO 27001 certification for highly standardised security.

Test…Test…and Again Test

Rushing towards the release of application does not mean the smarter way to complete the project before the dead end. Take enough time for app development to ensure the release of high-quality application without any bugs.

Testing makes sure that there is no bug in your application. Simply put an additional effort of testing your application before releasing the app for public use.

Also make sure the Application Programming Interface(API) that is used to interact with users function well in back-end as it is one of the sources easily attacked by hackers.

API attacks can be taken care with the introduction of token rotation thereby providing proper identification, authentication and authorisation for API access.

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Use Data Encryption Techniques

Data protection is more important when talking about fintech service. Preventing data is a critical process for success and product reputation.

Therefore, data leaks can be prevented through encryption technique. Make sure you generate better data encryption keys to ensure the prime security.

Introduce the Payment Blocking Features

One of the methods to indicate the suspicious activity for the users is to understand how user’s function normally. Also make sure the app can detect the unusual behaviour of user/lump sum amount is being transferred from an unusual location.

To prevent user’s resource from such attacks is to implement the payment blocking features into the application. This feature will make sure the blocking of payment immediately.

Find Right Development Team

A professional support and a touch from an experienced hand can surely bring out the perfect application output. Employing a programmer will ensure secure built at every stage of development. Thanks to all those rocking developers who can make all this possible and guarantee secure application usage.

Finally, if you are looking to develop application for your business, just approach one of the reputed Fintech app development companies and ensure the security of the application.

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