How to Build a Highly Secure FinTech Application?

How to Build a Highly Secure

FinTech Application

Introduction 

For cybercriminals, the data is a very easy target in reality. The notorious example of the Equifax breach, responsible for some of the most significant data breaches in the past, and, most recently, Earl Enterprise, proves that neglecting security can be disastrous.



The data revealed by independent investigators brings troubling news: some of the most popular FinTech mobile applications are insecure and virtually expose their users’ data to the risk of theft. Under these circumstances, building secure FinTech application with data protection in mind is not only a symbol of a responsible and trustworthy company. Also, it will give your FinTech application a distinct advantage over competitors.

Recent Data Breaches and Events



In the case of a data breach, frauds and hackers can use this information to create new bank accounts, steal money, open credit card accounts, file for tax returns, and many more. Data breaches have affected various financial service providers, including loan providers, banks, payment processing companies, credit reporting bureaus, and many other financial service providers. For better clarification, here I’ve mentioned a few breaches that happened in recent years:

How to Create Secure FinTech Application?

Security Start with App Logic Write Secure Code Infrastructural Security Integrate Security in Your Regular Workflows Include the Testing Stages

1. Security Starts With the App Logic If you’re going to develop a FinTech app, integrating security in each step of the app usage process

is

of

utmost

importance.

But,

unfortunately, a lot of imperfections happen in this first crucial step. A security policy for all members

in

the

project

ensures

a

safe

environment. Therefore, it becomes essential for you to discover the most sensitive data you will deal with and how you will protect it.

2. Write Secure Code Writing code securely is one of the essential components of the FinTech app. Therefore, critical personal data will be saved on the user’s device and secured on the server. This is

why

it’s

crucial

to

create

proper

algorithms, which can help you quickly find any flaws in the code. You must scan the source code often and test it for any vulnerabilities.

3. Infrastructural Security

Ensuring the best viable infrastructural security is

a

must

for

any

FinTech

app.

By

implementing perimeter defense, you can achieve this because this layer is similar to proxy servers and firewalls. Also, make sure that routers are adequately configured because that will protect against internal attacks.

4. Integrate Security in Your Regular Workflows

Every business admits that their employees are their biggest weakness when it comes to IT security. Thus, the human factor can significantly impact the company’s security. Lost devices, system misconfiguration, clicking on an insecure URL are just some of the ways that employees compromise their organization’s security.

5. Include the Testing Stages Indeed, Testing is an integral part of every software development process. FinTech apps are specific because they need to be constantly tested for security. While you’re working on building a FinTech app, there are a few testing stages that require to be included in the process:

Conclusion 

Indeed, The FinTech industry is a specific sector where developing a successful mobile solution necessitates some extraordinary measures to capture clients’ loyalty. The takeaway is that a good FinTech app is more than simply an excellent companion. So, if you want to add value to your FinTech app development, prioritize app security as mentioned above, because users demand bank accounts with high safety features rather than a seamless user experience.

You should approach an expert FinTech app development company to work with to ensure your FinTech application is integrated with all the necessary securities.

Thank You If You Have Any Query ?

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