Everything to Know about Fintech App Security : What it Takes to Build a Secure App ?

FinTech organizations are the ones that use technology to improve their financial services and processes. It is one of the fastest-growing sectors of today’s world with its market share expected to hit a double rise in the coming years. With the rising market share, the question that looms in the air is what about FinTech app security? How can someone create a secure app and avoid data thefts and other malwares? Looking to understand everything to know about FinTech app security? Read on to know more.

FinTech includes everything from mobile banking, e-com transactions, trading, insurance to cryptocurrencies. Though the traditional banks and customers are happily adapting to the evolving technology, the fintech industry is being the key target for hackers and fraudsters. In fact, 70% of FinTech companies stressed that their nuclear concern is data security.

But it doesn't mean that developing and maintaining an app is a nightmare. By giving some principal features a deserving priority, the app can stay protected from wrong-doers and thefts.

Everything to Know about FinTech App Security: Few Tips for FinTech App Development

To build a secure application, one must integrate security at every layer of the application's process. All the team members of the project must make sure of the safety of the process.

Force the users to use complex passwords
Employ complex two-factor authentication
Keep a track of all the user's IP addresses, location, and device info
Use alternate authentications like retina scan and facial recognition software
Constant monitor transactions and report suspicious ones

SECURE CODE

As important data will be saved on servers and users' devices creating a strong algorithm must be the topmost priority. The code should be agile and easily portable between two devices. The code must be regularly checked for any loopholes.

Below are the few practices that can be instilled to improve app security:

1. Include Input Validation

Input validation will deter attackers from injecting your app with malicious code. This is one of the highly recommended security steps for developers.

2. Prevent broken access control

Access control must be clearly defined while building a secure fintech app. A failure in the step may lead to unauthorized data access.

3. Protect against SQL injection

SQL is still effective among hackers and hence it shouldn't be ignored. The best way to test the vulnerability of an application is to conduct its own attacks on apps and check if they were successful or not.

4. Secure sensitive data

The primary step is to determine which data is more sensitive and needs additional security. Among the various measures used for reinforcing secure data, installing an SSL certificate on site is the most common method. Some of the other measures are using a web application firewall and avoiding data transfer in the form of clear text.

INFRASTRUCTURE SECURITY

Understanding everything to know about FinTech app security, one must first ensure a reliable and secure IT infrastructure to prevent hackers from intercepting the flow and to gain the reputation of a robust developer.

Below are some of the best ways you can achieve it:

1. Maintain operating systems on a regular basis:

Variety of operating systems used by fintech companies like Windows, Ubuntu, CentOS, etc., are the backbone of infrastructural security. Operating systems send security updates and security flaws to users as an alert. This section must be improved by updating all system updates on a consistent basis.

2. Keep server only for essentials:

Don't install any unnecessary apps or software on the server. While adding more weight to the server, the loopholes are also invisibly added which in turn gives the workload to the security team. Always keep it minimal.

3. Keep an eye on third party components:

Developers must begin to manage third-party API as early as possible. They need to be constantly monitored and updated. The backup plan should be kept in place in case any vulnerabilities are found.

4. Protect web servers:

Application servers are the chief targets of attackers. All other system files, OS files, or logs must be maintained in a separate drive. To prevent the attacks like Cross-Site Scripting (XXS) and data injection a Content Security Policy (CSP) can be implemented.

5. Use HTTPS

HTTPS SSL certificates are essential for all kinds of web traffic, especially fintech-related traffic as it ensures the encryption of communication between the browser and the server. In fact, the tech giant google insists on the use of https SSL certificates.

INTEGRATE SECURITY IN REGULAR WORKFLOWS

Multiple security surveys reiterate repeatedly that the unawareness of the employees of organizations becomes the main vulnerability to cyberattacks. A simple click on the unsafe URL has the power to compromise the entire organization's security.

A company must have the proper precaution plan in place in case of any security compromise. When you wonder about everything to know about FinTech app security, security breaches must always be put into consideration.

Here are a few suggestions to consider:

Data backup policy:

The tech team of a company must focus on having a proper mechanism to automatically backup code and data files and important databases. The frequency of the backup process must be decided by the organization and it should be considered significant. The backup program must be made simple for easy recovery during the time of disaster. Besides, companies must exercise the disaster recovery process to understand and review the key metrics behind flaws and issues.

Non-Disclosure Policies:

A non-disclosure agreement is a vital document in the fintech app development process. All parties involved in the development and maintenance part of the fintech service like employees, contractors, vendors, data-entry operators, etc., should sign non-disclosure agreements with the fintech company.

EDUCATE CUSTOMERS

Even if a company is outstanding with its security system, with all the updates in place, users can still be exposed to hacks if they fail to understand the basic safety & security measures.

So companies should educate users about some safe practices to make sure that their data is safe. Here are a few points that companies could share with their users:

Always use the official, authorized app stores because they are less prone to attacks
Do not use fintech applications on public Wi-Fi networks
Consider using an anti-virus software
Never store username and password credentials on fintech apps
Avoid rooting devices that can make you vulnerable to hackers
Use VPN for extra security

Keep the customers educated and aware of all the best practices and tips by adding easily accessible documents with all the details on your website.

Apart from these steps, a fintech app could use a payment blocking feature. It can detect suspicious transactions and unusual activities in addition to alerting the authorities in real-time.

CONCLUSION

It's already very well known that fintech is the future of financial services. If you have decided to hire to develop your fintech app, then outsource the best in business as the industry faces lots of roadblocks in their security systems.

Here are the few things to take into consideration if you are looking to outsource