Few apps have transformed our lives as dramatically as finance apps. If you are of a certain age, you’ll remember the days of going to a bank to deposit money or make a transfer, writing requests out on those tiny slips of paper.
Although fintech apps might be an evolution, they aren’t without challenges.
Take security, for example. Cybercrime is a constant threat, and people will only use a finance app if it is from a trusted provider and offers premium-level security features.
If you are involved in fintech app development, here is how to create an app for finance work with the best security.
User Authentication in Your Fintech Projects
You need to safeguard sensitive customer information, including financial data. So, your user authentication procedures need to be world-class. Two-factor authentication is a must.
That’s where you ask users for two separate bits of identification before they can access your app. You should also consider adding biometric checks, like fingerprints or facial recognition.
These modern authentication methods are user-friendly and convenient. However, they also offer superior app security, which is a must for financial technology.
Use Data Encryption During Fintech Application Development
To keep your users’ financial data safe, you must encrypt it. Beset practice encryption methods are essential for any fintech app. That’s because data theft could have catastrophic consequences for your users.
The best encryption protocol for financial data is AES, which stands for the Advanced Encryption Standard.
It’s robust and resistant to attack. AES-256-bit key size is the gold standard for this. An additional layer of security is the TLS (transport layer security) protocol.
Fintech Cybersecurity and Fraud Detection
Advanced fraud detection technology will protect your customers from issues like phishing.
AI can help because it analyses millions of data points every minute. You can use it to spot patterns and anomalies that could signal a fraudulent transaction.
Keep monitoring new trends in fraud and cybercrime to ensure your app stays ahead of potential threats.
Focus on Regulatory Compliance
In the world of finance, compliance is a top priority. New regulations always emerge aimed at protecting the financial markets and customers.
You must know about these regulations and any changes across borders and regions. You must test your app to ensure it complies with relevant rules, like PCI DSS.
Educate Users
Create an educational area in your app to help users understand the importance of security. After all, your users are your first line of defense.
If they share passwords and other sensitive data with hackers, it could compromise their information more. Add a tutorial to the onboarding area and tips into the app when users are on a particular screen.
Reinforce the message that security is essential, and notify your users of new threats, such as common scams.
How to Create an App With Robust Security
When you create an app for the finance industry, put security first. It’s a must for these platforms, so use this guide to help you prioritise your security features in your development.