With the advent of mobile applications, today the majority of the population is entirely dependent on on-demand applications for easy and quick solutions, be it investments, food ordering, bill payments, or travel bookings. Virtually every sector is being transformed today thanks to the power of digitization, and the banking sector is certainly not lagging behind. Secure mobile banking app, Banking services have gone digital and are now available through a mobile app.
With mobile banking apps, you not only get a quick response but also an efficient way to handle your finances. Thanks to 2019 enhanced banking applications, you’ll be able to check your account balance, pay your bills, transfer money, and much more. The primary reason that mobile banking applications have not been adopted to their full potential is a lack of trust.
The tech world has been heavily impacted by fraudulent activities and malware attacks. It is therefore difficult for an individual to fully believe in the security of mobile banking apps.
In this post, we are going to lay out 9 ways to improve mobile banking app security.
Let’s get started!
1. Multi-factor Authentication
You must submit a defined password, to access multiple services in a mobile application. It’s probably not secure. It can be penetrated easily leading to enormous losses. Therefore, adding multi-factor authentication or two-factor authentication features – such as generated one-time passwords or biometric authentication methods might just be the right thing to do. This enables you to take advantage of the OTP functionality or even use their fingerprints to access the account. It’s certainly not easy to outgrow these additional security features.
2. NFC integrated SIM cards
You can’t impose this option on every customer, but you can strongly recommend it. An integrated SIM card with NFC is a SIM card that enables customers to securely download their credit card information to their near-field communication SIM card. NFC integrated SIM card not only protects account data but also reduces the risk of data being compromised and access to applications. Plus, you don’t have to carry your credit card with you at all times, which reduces your chances of losing it and makes your account information more secure.
3. End-to-End Encryption
In a digital transaction, many entities such as merchants, card brands, and various banks play different roles. As online transactions occur regularly, significant sensitive data is exchanged, which is worth more than billions of dollars. And, it acts as a hotspot for cybercrimes and criminals.
The most effective way to prevent scams and reduce the security risks of mobile banking is to use end-to-end encryption. Your data is protected by locks. To display the information you and the app only have the special keys needed to unlock. It protects the data and ensures that the transaction is dealt with safely. End-to-end encryption is an enhancement of security.
Thanks to the integration of fingerprints in smart devices, online mobile banking apps leverage an additional layer of security. These sensors can obtain various sets of signals such as location, IP address, remote server, type of device, time of the day, browser, PIN code, public Wi-Fi details, screen size, and more. All such information is processed only to provide access to the application to the appropriate user.
5. Real-time Texts & Email Alerts
The powerful real-time notification functionality via text or email will surely prove to be effective. It enables the customer to receive information on the spot, which helps them to avoid fraud with ease. You will be constantly notified of any modifications to your account. Such real-time notifications can easily let you know whether your account is being attacked or not, guiding them to take the necessary steps.
6. Behavior Analysis
In today’s technology world, the market is equipped with custom-built software solutions. These solutions are so rich in functionality that analyzing users’ activities, login locations, and account activities is no big deal. It reports unusual behavior or strange activities for further verification, to prevent fraud. This functionality assists banking organizations to get rid of any security lapses and investigate accordingly.
7. Secure Digitised Documentation
It has been shown that the use of digital signatures increases security, particularly in areas such as retail, electronic commerce, call centers, retail branches, and more. This method enables a huge portion of documents to occur in digital form that helps clients to benefit from numerous advantages of various banking institutions. Above all, it prevents cases of fraud and thereby increases security.
8. Advanced Customer Protection
Mobile app developers face a new challenge as mobile devices are increasingly used in online banking. To compete, development layers need to be developed at the highest level of safety.
You can enhance the mobile banking app security with robust protectors such as Runtime Application Self-Protection and other non-breachable protocols. This minimizes vulnerabilities of mobile banking apps to dangerous attacks. It also guarantees that the backend system remains unbreakable while users use their applications on devices with fewer safety standards.
9. Secure Access
Using a secure internet connection and positive technologies such as HTTPS, mobile banking apps for iOS and Android platforms can be more secure. This will ensure that the customer’s account information remains strictly confidential. It will also secure the data between the browser and website they are working upon. Such technology will provide customers with greater protection against data theft and fraudulent logins.
Certainly, mobile apps have made banking procedures easy and convenient. However, there is always the potential to be vulnerable to cybercrime. Therefore, it is important to implement the above-mentioned security measures with utmost care.
Read also: Tips for a Strong Financial Mobile App Development Strategy