Be it any economy or industry, finance plays a major role.
In order to boost the financial activities, a technology-driven approach is required. Here comes the role of a FinTech mobile application.
FinTech mobile apps can help to improve the traditional financial methods for the delivery of financial services in an effective manner.
Since FinTech apps deal with highly sensitive data, their security must be placed on the top priority.
In simpler words, it’s necessary to take care of security while developing FinTech mobile apps.
Ensuring the security of your FinTech mobile app security will require your app developer to take care of a few things during the entire mobile app development process.
In this blog post, I have shared 8 ways in which your app developer can build a secure FinTech mobile app for you.
Let’s dive in.
#1 Writing secure codes
The first step to build any FinTech mobile app is to write secure codes.
Below are some of the things that your app developer must take care of:
- Input validation
- Review the data that’s being sent to external networks.
- Allow access to only the most basic app functions.
- Define clear access rules.
- Ensure the protection of sensitive data.
- Protecting codes from SQL injections
#2 Secure insfrastructure
The infrastructure on which your FinTech mobile app would run must be secure.
If you choose to run your apps on the cloud, then you must choose a cloud vendor such as AWS that complies with the required security standards.
Before choosing a cloud vendor, do make sure that they provide you with the below benefits:
- Security against massive DDOS attacks.
- Fast disaster recovery in case of disruptions.
#3 Testing the app
Needless to mention, testing your FinTech mobile app is perhaps the most important & integrate part of your app development process.
One of the best ways to test a mobile app is by doing ‘Penetration Testing’, which means running your own attacks to detect the vulnerabilities within the app.
You may also consider hiring app testers to do this job for you if required.
But most of the times, your mobile app developers can also help you to test your app by following below testing phases:
- Requirements gathering & planning
- Identify testing types
- Test case & script design
- Manual testing
- Automated testing
- Usability testing
- Beta testing
- Performance testing
- Security & compliance testing
#4 Web server security
Even if you don’t need a website for your FinTech mobile app, you will still need web services to create APIs and integrate them with your apps. And t host your web services, you do need a web server.
Ensuring the security of your web server is another important thing that you must take care of while developing your FinTech app.
Using a VPN server can help help you to host your codes securely.
Also taking care of the SSL certificate can ensure the encryption of all the data on your server.
Perhaps, you can consult your app developer to shortlist & select an appropriate server to host your web services.
#5 API security
APIs (Application Programming Interfaces) could be an integral part of your FinTech mobile app in order to interact with the application backend.
APIs are also regular attack targets. Therefore, so ensuring their security is yet another important measure to secure your FinTech app.
How can your app developer secure the APIs?
Well, your developer can introduce an automatic API token rotation.
He can also provide identification, authentication, and authorization for accessing API.
#6 Data encryption
In order to secure your Fintech mobile app, you could also use data encryption for the users’ personal data such as name, address, ID, etc.
Especially, if your app requires the users to input their financial data like credit card numbers or any other such information, data encryption technique becomes even more important for you.
What does encryption do?
Encryption protects the data during transmission because the transmission of data is a phase when it’s highly vulnerable and can be easily intercepted.
Using various encryption algorithms, your app developer can secure the data transmission.
#7 Payment blocking feature
If you use PayPal, you probably know what I mean here. Has this happened to you ever when you receive a huge amount of money in your PayPal account, your money is put on-hold for a few days or weeks.
Yes, you can apply the same technique in your FinTech app too. This step will even make your app more secure.
In case of any suspicious or irregular activity in any of your users’ accounts, you can block the payment and further investigate or demand the clarifications from the respective users.
#8 Authentication & authorisation
How authentication works?
The authentication system serves as a barrier to any kind of suspicious activity.
The authentication may include combining the password methods with SMS verification or any other verification methods such as retina scan etc.
Combining different authentication methods for your users to login make your mobile app more secure.
For the authorization, your app developer can ensure that your users are permitted to perform certain tasks or not.
Ideally, the user rights & permissions should be reduced to a limited set of actions and commands.