Nowadays, bank clients can be divided into two groups. The first group includes mostly older generations, who do not fully trust modern technologies. The opportunity of having all their banking data right on a mobile app frightens them, rather than exhilarates. The second group includes young people who prefer to settle all issues in a tap without visiting a bank department unless there is an urgent need.
To pursue people from the first group, keep people from the second group engaged, and withstand a severe competition in the financial area, banks have to provide their customers with reliable mobile solutions. In this case, security is of paramount importance.
How can financial institutions protect themselves and their customers from fraud when it comes to mobile banking application development?
There are a few recommendations that can help to guarantee a high security level and repel cyberattacks.
Secure authentication process
These days a password alone is not enough. Passwords can be easily stolen; frauds regularly come up with new tricks to convince users to share their passwords. To protect your customers, you surely need to embed a multi-factor authentication into your m-banking app. It is a good practice to use a one-time passcode sent via SMS or biometric data, like fingerprints or facial recognition, every time the user tries to log in. The use of multi-factor authentication is a significant layer of security for your mobile banking application.
Digital signature technologies
The integration of signature digitalization into the mobile app can considerably improve the security of various transactions. This technology ensures the authenticity and nonrepudiation of messages. Besides, digital signatures have the same eligibility as ink on paper signatures.
Built-in password strength checker
The mobile banking application shouldn’t allow users to save too simple passwords. Of course, it is easier to remember and use simple passwords, but on the other hand, it is easier as well to crack such passwords. A reliable password should consist of a certain number of capital letters, special characters, symbols, and numbers.
Auto log-off after a certain period of inactivity
Probably, it is rather clear. To ensure that third-party entities will not be able to use your client’s account, it is recommended to provide auto log-off after a certain inactivity period.
NFC-embedded SIM Cards
The NFC-embedded SIM card enables bank customers to securely download their credit card information into the NFC SIM card and make contactless payments. Not carrying their physical cards and not swiping them, customers reduce the risks that their credit card information could be compromised.
End-to-end encryption (RSA, Triple DES, Blowfish, AES, Twofish)
End-to-end encryption is a great solution that makes transactions much safer, preventing different cyber threats and protecting sensitive data exchanges. It conducts various checks and tests, taking security to the next level.
Using this solution, you will be able to track user location, data entry speed, usual authentication methods, etc. It gives an opportunity to detect suspicious activity and alert customers through notifications or emails.
Real-time notification and email alerts
You can easily prevent fraud by sending real-time notification or email alerts to inform a user about account activity. For instance, it is a good idea to notify customers about spending a large amount of money. In such a way, customers can easily understand that their bank information has been compromised.
It is obvious that to guarantee a high level of security, you should not only embed into your mobile banking application corresponding protective features, but to check whether they work promptly. That is why it is important to conduct comprehensive mobile automation testing. There is no need to say that all application functions must be carefully checked, but particular attention must be paid to whether a mobile application can be easily hacked. Performed by professionals, security testing can detect various vulnerabilities and defects before user data or money is stolen. Make sure that real experts help you create a banking app, conducting all required types of testing.
Regular application updating
Technologies are continuously developing, and hackers and frauds find new ways to deceive mobile app users. To protect your customers, you should keep up with the times, regularly improving your application and its security in particular.
Mobile apps have made banking processes more convenient. Nevertheless, there is still a risk of hacker attacks. The solution to this problem is to create banking app using all available security measures. Following the recommendations mentioned above, you will be able to offer your clients an ultra-secure mobile app for banking.
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