How to Develop Your Fintech App Security?

Transferring funds, paying utility bills, investing, and most other monetary transactions are completed digitally. Most people have started depending upon fintech applications to manage their finances. The count of people keeps on rising and is expected to increase by 2 billion by 2030. It portrays the increasing demand for Fintech applications.

The introduction of fintech applications has reduced bank visits to an extent. The applications are easy to operate; offer fast transactions, and an individual can pay for anything across the globe with just a few taps. However, it is equally important to integrate optimal security in such applications as it holds essential information of an individual which might be exploited by some for financial benefits.

What is a Fintech Application?

The term “Fintech” has been derived from two words i.e. Finance and Technology. It refers to ‌financial businesses that leverage the latest technology to improve and automate procedures. The Fintech applications are highly recognized for making online payments. The Fintech applications are created to simplify the process of fund transfer, etc.

The financial institution creating such an application holds highly sensitive information about the clients, which requires it to be highly secured. The Fintech apps are convenient and efficient for conducting online transactions. However, there are numerous security threats with such applications which need to be addressed.

Ways to Improvise Fintech Applications Security

There are multiple ways available to improve the security standards of a fintech application. However, we have filtered out the top points that can be considered and integrated into the application to make it secure.

Data Encryption:

The first and foremost step to enhance the security of the application is to encrypt the sensitive data of the users. Encrypting data from end to end is a must to keep up with security standards. Encryption involves scrambling data that assists in keeping the information and data hidden from unauthorized third parties. Modern and advanced cryptographic tools are leveraged to convert plain text into cipher text.

Cloud Computing:

Another effective way to enhance the security of the Fintech application is by preferring cloud computing. Businesses can opt for a private cloud for their needs and have a third-party provider host the cloud.

Proactive Mitigation:

A fintech app is exposed to multiple risks like broken access control, security misconfiguration, broken authentication, etc. However, all these risks can be easily mitigated by managing software development. The risk of insecure deserialization can be mitigated by complimenting serialized objects. Following coding guidelines will help eliminate risks like XSS, XXE, and injection.

Secure API:

Cybercriminals highly look forward to hacking the API of the application and further utilizing it to breach the data. The API can be easily secured by accessing third-party websites after encrypting the data and using digital signatures or authentication tokens. Tracking and fixing ‌vulnerabilities in the API is also one of the most prominent ways to enhance the overall security of the application.

Firewall and Anti-virus:

Fintech applications can be made even more secure by integrating anti-virus and robust firewalls. The advanced firewall will assist in thwarting web-based malware. Whereas; the next-generation firewall will offer improvised inspection solutions. Additionally, it will also help in monitoring traffic.

Two-Factor Authentication:

Two-factor authentication in ‌applications will add an extra layer of protection. Every user must authenticate their identity twice before logging in to the application. The user identity is verified using two different resources. It will ask for an OTP (One-time password) to authenticate the user’s identity. The OTP will be sent to the user’s registered number.

Conclusion:

These are a few of the considerations that every financial institution should keep in mind while developing their Fintech Application. It will help improvise the security of the application as well as keep the app user safe. Entire high-end Fintech applications consider these points while developing ‌applications to support their highly sensitive information and users protected. The lack of security of the applications can be the reason behind considerable financial damage. Therefore, make sure to optimize the security of your Fintech application before launching it. Hire experts to get professional ewallet app development services.