Gone are the days when finance used to be handled on paper. Since every financial service provider has incorporated technology into their business, the job has become more accessible.
Now, FinTech companies even offer services through a mobile application. You don’t even have to open your laptop or computer. A single tap on your mobile screen can help you get everything you want.
Since services have been digitized, it has raised concerns for data protection. Many FinTech app development companies follow the trendiest tech stack to build robust applications. Here are some essential things that you should consider before you contact an application development company.
Latest Approaches and Techniques to Protect Sensitive Fintech Data
Encryption
You must have seen many data breaches around you; many large firms sometimes fail to provide the required security. But the time has changed. With technological advancement, giving top-notch features has become easy. For your FinTech app development, you can adapt data encryption to protect users’ crucial information.
With this, you can create a safe ecosystem for in-house or in-transit data. It uses various cryptography algorithms along with complex mathematical algorithms. Moreover, only the correct decryption key allows access to your information. Even the hackers can’t access data.
Some trendiest encryption algorithms are:
- Triple Data Encryption Standard (TripleDES)
- Advanced Encryption Standard (AES)
- Rivest-Shamir-Adleman (RSA)
- Twofish
- Blowfish
Build Secure Code and Architecture
An app’s code is responsible for high-end performance and security. Thus, to create a robust FinTech application, you must write secure code that doesn’t have vulnerabilities. Any vulnerability causes ways for cybercriminals to breach and steal your information and financial assets.
Make sure that you contact the best FinTech app development company to have secure code for your application. It includes securing design requirements, code optimization, architecture, and efficiency. Most exploits rely on code vulnerabilities; your data is safe if you don’t give them any chance to infiltrate. Given is the checklist by OWASP for creating a secure code:
- Cryptography practices
- Data input validation
- Protecting Data
- Managing passwords
- Authentication
- Handling the errors and logging
- Secured communication
Secure Authentication
Authentication is a process by which a user is identified and provided access to his role’s data. And there are numerous ways in which you can complete the authentication process. Password authentication, email authentication, biometric authentication, and OTP are some types. In addition, you can incorporate some of the authentication methods into your app development project.
- Multifactor authentication and password expiration
- Role-based access control
- Track attempts of failed sign-in
- Shorter sessions
Tokenization
Tokenization is one of the best practices to keep the data secured of any FinTech application. All crucial data that needs protection gets secured by converting the information into random strings of tokens. Also, using a particular token vault database is where all the connections between original data and the token get stored. However, the token can reference only original information; it can be put to decrypt the original information. To accomplish such a task, you must access the token vault; without a database, tokens are invaluable.
Undoubtedly, tokenization is one of the widely used methods to secure data; only an experienced FinTech app development company can integrate such a feature into your application. Thus ensure your app data and transmission with high-end security protocols.
Have a Solid API Security Strategy
Usually, the interaction with back-end data happens through APIs of mobile applications. Thus APIs and tokens are crucial to the app’s security and better performance. Implementing an automatic API token rotation is one of the best practices for safeguarding an API.
APIs also enhance the content, functionality, and data, thus making sure to keep API security at high priority. It is also another critical aspect to consider for FinTech application security. Whenever you develop an app, you must consider the given three security measures:
- Identification
- Authentication
- Authorization
Conclusion
There is no better way to get user engagement than offering your services via a mobile app. And for a FinTech application, data security is the most crucial thing to consider. Moreover, the above information would help you a lot while developing your application. You must collaborate with an application development company with experience developing a FinTech app. Only an experienced agency can provide you with a secured mobile app. Thus, connect with the experts now!