Nearly, 67% of respondents use mobile fintech applications to check their account balances and transaction history according to a report by Statista.com.
Also, a report from Emarketer states that approximately 1.31 Billion people worldwide have started using mobile fintech applications.
Fintech applications have become an integral part of our daily routines. The promotion of a cashless economy has boosted the survival of fintech applications. The chance you will find someone carrying a large amount of cash in their wallet is minimal. All of this has been possible because of the shift to a cashless economy.
Now, this evolution is very prominent. It has generated a significant convenience for citizens. But, it is also a fraud-prone industry. So, the only way various fintech applications can survive in this industry is when they can provide full-proof security to their users. These applications involve several sensitive information about the user such as bank account number, credit card details, or debit card details, etc. But what is to say that their data is fully secured? How can they be assured that this application is safe for their use?
Being a higher-up in a company today, you have the monumental duty to make sure that both your customers and employees have access to safe and guarded fintech applications. Although, steering the ever-changing technological realm clubbed with complicated administrative compliance requirements can be testing. In this thorough guide on maintaining fintech app security, we will go in-depth about the essential precautionary measures that companies should act on in order to safeguard their crucial applications from outside threats while also attaining compliance objectives.
Set Strong Passwords and Multi-factor Authentication:
To begin with, the first step towards maintaining fintech app security is to utilize strong passwords and implement multi-factor authentication (MFA) wherever possible. Strong passwords must comprise a mix of upper and lower-case letters, special characters, and numbers. Keep in mind to use a unique password for every platform you are on. Multi-factor authentication provides an added layer of security by asking for a code or biometric authentication along with a password.
Keeping a check on the updation of fintech applications and devices with patched-up security loopholes can prevent users from being exposed to external threats and minimize the chances of any breaches. Outdated software may leave the app open to illegal intrusion and security breaches.
Encryption warrants that even if the data sent to and forth is ambushed by a third party, it will surely be unintelligible to them without the exact encryption key. The data sent and received by the application must be encrypted to avert unauthorized access and data breaches.
It is suggested to operate in safe networks while accessing financial applications. Public Wi-Fi networks are very less secure. It is very easy to hack and steal login credentials or financial information. In this situation, It's best to utilize cellular data or a trusted Wi-Fi network while accessing the application.
Limited and Administered Access:
It is highly advocated to limit and administer access to fintech applications. Only allow people who you know personally and can be trusted with critical information. For instance, sharing login credentials with friends or family may expose the account to unnecessary external threats. A tip to remember- set up your account to automatically log out after a while of inactivity.
Install Anti-malware and Anti-virus:
Anti-malware and anti-virus software can help a great deal in preventing unnecessary virus attacks on the device. Installing it can protect the device against malware and viruses that may compromise the security of the fintech app.
Surveil Transactions and Activity:
It is imperative to surveil financial transactions and account activity constantly. If you observe any doubtful activity, report the discrepancy to the bank or financial institution at the earliest. So, that they can block your account and no further damage will be done.
To summarize, maintaining fintech app security is crucial to put a stop to unauthorized access, data security breaches, and financial fraud. By implementing the above steps, companies and users can make sure that their financial information is safeguarded and protected. As more and more people and businesses attain awareness of the threats posed to their financial security, it is up to them to safeguard themselves by uncovering security solutions for keeping their accounts secure. Make sure you perform comprehensive research on probable fintech software development companies and make sure that they offer supreme levels of security and dependability. With the correct steps and optimal protection through current advances in fintech app solutions, it’s easier than ever before to maintain your fintech app security. Don't wait for it until it’s too late — take foresighted action today by investing in a dependable fintech software solution.
IBR Infotech can help you find your fintech app solution. We have provided fintech software solutions to a wide range of clients and that has helped us in becoming quite creative with our solutions. Our team of expert developers is deft in following all the necessary steps to assure the utmost security for the company as well as the users.
Book a consultation now- Shoot us an e-mail or give us a call.