Ways to improve the security of mobile banking app

With the growth of technology, the world is shifting towards the cashless system. In modern living, mobile banking and payment applications are now accepted ethically. But with all uniqueness, new insights for enhancement emerge along the way. Accordingly, there have been several scientists who have planned the role of mobile apps in the banking sectors. Smartphones have revolutionized the world, and today with a single touch of the finger, you can perform several tasks that used to take a lot of time. You just have to open your banking application, and all banking services will be at your doorstep.

Based on research, it was found that around 35% of mobile phones are unencrypted. This was a huge security concern as in most of the mobile devices, people have their private data and sensible information saved. As the information of verified banking data is getting transmitted on an everyday schedule, the risk of security breach gets apparent.

Measures to improve the security of mobile banking app

Include multi-factor authentication

Usually, most of the security measures used by banks are the requirement of single password submission before allowing access to your customer's bank account, which can be beaten easily. By including a multi-factor authentication –, for example, created one-time passwords or fingerprints – you include an extra layer of defense that cannot quickly be deceived.

Providing alerts on transactions

Whenever a transaction of an amount is withdrawn from your bank account, the bank alerts you with a text message or with an mail. The message will depict an actual amount has been withdrawn from your account. If it's not you, then contact the branch immediately. Through this, the customer can instantly report to the branch. Alike, if the transactions are processed via credit/debit cards, then there is an SMS or email sent via bank to you.

End-to-end encryption

There are numerous kinds of stuff like card brands, payment cards, merchants and issuing bank plays a vital role in an online transaction. Transaction of loads of sensitive data worth billions of dollars takes place in a year. With this, it has become a hotspot for hackers.

The best solution to this type of threat is to adopt end-to-end-encryption which assures that your data is secure and safe. It takes the security measures to an extra mile with handling all the security updates and penetration tests.

Power of Paperless banking

The arrival of mobile applications and IT technologies has had a severe impact on all of the sectors including the banking sector. Largely the transformation in the banking industry is due to digitalization. Through this, the banks can go fully paperless with some of its processes like opening an account in the bank and managing all the transactions online.

Online and digital platforms provide a significant boost in expanding transparency and efficiency as all the files and data will be in digital form & can be accessed easily through your mobile anywhere in the world.

Abiding Strictly to Banking Regulatory Rules

Strictly abiding by regulatory compliance is one of the best ways to build an effective trustworthy and secure mobile banking application. If you want to dodge any heavy fees or penalty then you have to compulsorily follow these banking regulatory rules. There have been numerous situations where financial institutions are penalized because of breaching bank regulations. With the progression of time, these regulations are getting rigorous thus the associations are receiving sounder strategies, for example, the KYC to follow the regulations. Most of the banks have the facility of KYC if you have gone through of banking app.

Fingerprint device

Presenting Fingerprinting devices can add a measurement to mobile banking applications. The combination of this feature with your mobile application will help in approving the identity of a user via a unique set of signals. Some of the signals contain an IP address, device type, browser, time of the day, and location. Either you can hire an iOS or Android developer from a mobile app development company for creating such an app that can integrate this feature into fingerprinting devices.

Don't reveal details over the phone

With the rise of mobile banking, most of the phone scammers haven't vanished but they've found a new avenue to try and exploit. There are numerous callers who will be claiming themselves from the bank and will attempt to cheat customers into giving away their confidential details. They might be advising that there are certain issues on your account and it will be locked if some security questions aren't answered. As most of us know that, banks never ask their customers for their confidential information on the phone. These scams can be performed via email and text message, and also from a push notification.

Even if you are smart enough not to get into their tricks, it is still essential to inform the banks about the attempts on the account. Every bank will have their particular email address or contact form where you can report those scams. Take a screenshot of email or text message and send it to the bank so that the bank can fight with those scams on behalf of their customers.

Organize a manual verification

After executing architecture or design reviews with threat modeling, it is necessary to operate a manual verification. You can decide the extension and level of difficulty by the amount of risk presented by the application. In addition, the size and complexity of the application will learn numerous degrees of confirmation through iterative code audits and penetration testing.

Secured Web access

Whenever you are logging into your account from a mobile application, make sure it is HTTPS which is a symbol of secured web access. This will assure you that your stored information is protected against several vulnerable threats.

Additional tips for securing a mobile banking application

·        Closing an app won't fully shut down an app, so make sure to logout of the banking app correctly.

·        You might face a slower data transfer rate than public WiFi but using 4G is more secured to check out anything with attached confidential data.

·        Install and use security software on your smartphone

·        Make sure to go through the terms and conditions attached to your mobile application to know the responsibilities of your bank as well as yours.

·        For maximum protection for your mobile banking application, manually review the security settings of your device.

·        Don't modify your Android device to grant unofficial app installation because it cut down the security features & make your device more vulnerable to the attack.

Conclusion

I hope the above article has helped you to battle all the inadequacies of conventional techniques and to make the financial mobile applications more secure. You can hire an app development company if you are keen to create a mobile banking application for your business.