{"id":16685,"date":"2024-02-28T11:32:32","date_gmt":"2024-02-28T11:32:32","guid":{"rendered":"https:\/\/www.appstudio.ca\/blog\/?p=16685"},"modified":"2024-02-28T11:40:12","modified_gmt":"2024-02-28T11:40:12","slug":"fintech-app-security-solutions-8-effective-ways-to-protect-apps","status":"publish","type":"post","link":"https:\/\/www.appstudio.ca\/blog\/fintech-app-security-solutions-8-effective-ways-to-protect-apps\/","title":{"rendered":"Fintech App Security Solutions – 8 Effective Ways to Protect Apps\u00a0"},"content":{"rendered":"\n
When it comes to reckoning the success and engagement rate of a mobile banking app, its UI design and quick loading turn out to be the primary parameters of its efficiency. What started off with modest payment platforms like PayPal has become a USD 133.84 billion industry<\/a> and is still growing incessantly. <\/p>\n\n\n\n The unbreakable success of fintech platforms like Venmo and Google Pay proves that it’s important to set the course for an immensely robust banking application. From bringing new users onboard to securing the engagement of existing app users, there are many aspects that impact the creation of cyber-proof fintech apps. <\/p>\n\n\n\n Strong security is the base of such portals, but the norms of keeping users\u2019 data safe differ drastically for B2C fintech platforms and B2B fintech software. You can consult an app development company to create or modify your mobile banking application. What if your fintech platform is more than just a payment transfer system with more complex user flow that requires a better safety architecture? <\/p>\n\n\n\n In this post, you will learn about the definitive rules of fintech application and software development followed religiously by leading firms to protect your users! <\/p>\n\n\n\n You can also read – <\/strong>Top 6 iOS App Development Tools for Maximum Efficiency<\/strong><\/a> <\/p>\n\n\n\n Why Is Impervious Security Architecture A Must for Fintech Apps?<\/strong> <\/p>\n\n\n\n With the lack of a strong cyber-security system, not only will the performance of your app plummet rapidly but will also affect the credibility of your brand. Simply put, your fintech app is doomed without security. 2021 statistics show that over 90% of fintech users faced cyber threats at the peak of this sector\u2019s growth. <\/p>\n\n\n\n So, what makes a well-structured security architecture a necessity for these apps? The fact that mobile banking is convenient on a worldwide scale also makes it vulnerable to cyber-attacks. <\/p>\n\n\n\n When you try to look at it from a different surface, you will learn that it\u2019s just another software linked to the backend of your respective banks with the help of an API. Even if a development team implements it correctly, the open-source existence of APIs may become a welcome mat for hackers and a threat to a digital portal in many ways. <\/p>\n\n\n\n However, leading fintech software and app development agencies like AppStudio have their techniques to innovate a security-driven architecture. Let\u2019s explore some of the most effective rules of fintech app development that allow experts to build protected software and applications. <\/p>\n\n\n\n You can also read – <\/strong>Proven Experience Design Strategies that Drive App Engagement Quickly<\/strong><\/a> <\/p>\n\n\n\n 8 Highly Secure Rules of Fintech App & Software Development <\/strong> <\/p>\n\n\n\n 1. Code and Architecture Setup<\/strong> <\/p>\n\n\n\n To infuse strong cyber protection in every component of the application, fintech app developers begin with a thorough code and architecture setup. Moreover, these mobile apps are built using agile methodology which ensures unhindered performance and quality assurance at every stage of development and deployment. <\/p>\n\n\n\n Developers keep a close check on every aspect of development and feature integration. In addition, the team creates smart algorithms while continuously reviewing the code for any potential flaws. Encryption covers a major part of fintech app projects. <\/p>\n\n\n\n 2. Software Code Obfuscation<\/strong> <\/p>\n\n\n\n Cloning the app is one of the most common tricks used by cybercriminals to steal users’ data and personal information. Hackers try to break the code and replicate the platform to pursue digital fraud while the users remain unaware. <\/p>\n\n\n\n To secure fintech apps from such third-party actions, app development companies implement code obfuscation. It is a form of encryption that includes the elimination of tags and metadata causing platform vulnerability. Moreover, developers add specific code to distract attackers to a binary app with no relevant content. <\/p>\n\n\n\n 3. <\/strong>AI and ML Integration<\/strong> <\/p>\n\n\n\n Fintech platforms like mobile banking, taxation, and insurance apps contain a lot of personal user data such as device data, geolocation, and transaction details that can provide attackers with the opportunities they seek. <\/p>\n\n\n\n Cutting-edge technologies like artificial intelligence and machine learning perform a 24\/7 check on these apps even where there is no manual monitoring being performed. This way, a single hint of suspicious behaviour on the mobile app or software can block the transaction immediately. <\/p>\n\n\n\n 4. Well-Structured User Onboarding <\/strong> <\/p>\n\n\n\n Secure fintech app experience begins with robust user registration and safe onboarding that covers authentication and authorization stages. Cybercriminals can easily identify banking and insurance apps that lack appropriate authentication measures and set the course of digital fraud. <\/p>\n\n\n\n Fintech application development firms make sure to circumscribe these platforms using a 3-step process that encompasses identification, 2-factor authentication, and multifold authorization for different types of app uses. <\/p>\n\n\n\n