The term fintech corresponds to the amalgamation of technology with the field of finance.
Fintech apps mostly have features that include debt tracking, deposit tracking, and also credit ratings tracking in real-time. Fintech apps are intended to help people with goods purchases (real or digital) and transfer money to others. In the past decade, the use of fintech apps has seen a massive surge. Also the trend is expected to continue in the coming years.
Fintech apps are even more vulnerable to cyber attacks as the technology is mainly focused on money matters. Data leaks, exploits, vulnerabilities, and similar breaches can readily plague any fintech app development company if the app is not secured against cyberattacks consistently. Here in this article, we would like to share our insights on how to build a secure fintech mobile app.
How to build a successful and secure fintech application? Given below are the best steps to help you build a secure and successful fintech app.
1. Start with application logic
The logic of the application is the fundamental step for the security and development of the app. Ensure that you choose wisely the infrastructure that your app is based on. To ensure the best results for a fintech app. A company-wide security policy that sets the standards of app security must be followed. By ensuring that your users use only strong passwords and only the crucial information are stored, you can minimize the attack on your users.
2. Follow the best coding standards
Fintech applications attract a lot of hackers hence it’s essential to ensure that strict coding standards are followed for your application. A lot of validation of user data must be performed and also things like SQL injections must be impossible to achieve in your code. In the event of a data breach, developers should be able to quickly respond. For that cause, networks should be monitored at all times and the code should be made portable and agile.
3. Use 2-factor authentication and data encryption
2FA or two-factor authentication is an important feature of any fintech application. This ensures the validation via one-time passwords (OTP) along with usual validation through username and passwords. The OTP that is generated is sent to verified devices for critical access to data. Having 2FA can significantly increase the safety and security of your app. Data encryption should most preferably be end-to-end encryption and it should be standard for any kind of data that passes through a fintech app. This is essentially employed to protect the application from security breaches. End-to-end data encryption also ensures that the decryption of data will not be possible by hackers even if the network security is compromised.
4. Use payment blocking feature
It is essential for fintech applications to monitor user behavior and also block any large transactions from occurring without further authentication from the user. A human element can also be added for the verification of a user’s transaction by employing a call or other methods. This verification should also be extended to transactions that happen in an unusual location where the user does not usually carry out any financial activity.
5. Rigorous testing
Once a fintech application is built, it is recommended to employ rigorous testing methods to ensure the best safety of the app. All the sections of app security including server-side security, client-side security, and networking testing are to be mandatorily conducted. The API testing should be essentially done and the API should be checked and refined for functionality and security. If any vulnerabilities are found, they must be fixed by going back to the drawing board and redesigning the application. Even a single vulnerability can become disastrous and potentially be a gateway for financial or data theft.
6. Updates integration
To minimize attacks and provide better app performance it is necessary to upgrade the fintech application regularly. If updates are not done regularly, then it can lead to jailbreaking of the application by hackers who have advanced their tactics through improved technology. A good fintech application will be employ advantages of technologies like artificial intelligence, microservices, and also biometric security. Blockchain technology is also greatly helpful in increasing the security of a fintech application. A good software development company will always strive to ensure that an application is made secure by adopting the best practices. Also by the integration of the best technologies.
Fintech applications need to stay competitive in terms of the security offered and also the user interface provided. So, if you intend to invest in the development of a fintech application. Choosing the right kind of software development company is of utmost necessity. Get in touch with the best Mobile App Development Company in Hyderabad to create the best and most robust fintech app for your business.