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Techniques to Secure Mobile Banking Apps

Is finance management possible without using apps? For financial companies and their clients, it is currently unfeasible, if not impossible, to consider this scenario. This statement forces decision makers to go ahead and think about a great challenge: using mobile banking apps and, at the same time, guaranteeing protection of monetary assets and confidential data in the face of the increase in thefts and cyber attacks.

Is finance management possible without using apps? For financial companies and their clients, it is currently unfeasible, if not impossible, to consider this scenario. This statement forces decision makers to go ahead and think about a great challenge: using mobile banking apps and, at the same time, guaranteeing protection of monetary assets and confidential data in the face of the increase in thefts and cyber attacks.

At this time, apps are the great enablers of any company, without forgetting the importance they have for the user and end customers, so the financial sector cannot leave these platforms out of the equation of its business model.

There is no better time than now for the financial sector to accelerate its digital processes to offer the best secure mobile banking apps service to end users.

With the evolution of financial processes to adapt to the digital area, such as new payment methods, automation of operations and the increase in online transactions, the financial sector finds in apps the true protagonists of its digital services.

According to data from the consulting firm Statista, it is estimated that in 2022 there will be 74,062 million fintech users, of which 86% will participate in digital payments, making the sector grow by 12% in the coming years until reaching a value of 213,718 million dollars by 2024.

The truth is that financial apps are gaining popularity and assume different realities:

  • Users say goodbye to cash and contact with bank terminals.
  • Companies take these apps as a starting point to formulate their new payment methods.
  • Banks as a service (BaaS) are still profitable for the financial sector, which is why they are in a process of migrating their services, offering technology and a better experience to their consumers.
  • Given the exponential increase in the use of these mobile banking apps, emerging technologies are expected to evolve in order to create security locks that block the theft of money and sensitive information.

Not everything is honey on flakes

The reality is that cybercriminals take advantage of the technological acceleration that the pandemic or recent social and political events caused to create new and increasingly sophisticated ways to steal information and money.

A clear example is the Russia/Ukraine conflict; At its beginning, cyberattacks focused on attacking government websites and banking departments in Ukraine, which caused some crashes and collapses in their systems, endangering resources and confidential information.

The truth is that the financial sector is one of the most affected by the increasing use of mobile devices and the subsequent cyberattacks, since its assets and those of its clients can be easily compromised by cybercriminals.

A report by the Bank for International Settlements (BIS) revealed that the financial sector has the highest proportion of cyber attacks classified as related to Covid-19 in recent months. Some are phishing and malware attacks, which use the uncertainty surrounding the pandemic to entice users to open fraudulent attachments or grant access to network attackers. It also pointed out that payment companies, insurance companies and credit unions have been especially affected.

5 techniques and a promising future

On the other hand, financial institutions and their clients are aware of the importance of the use of secure mobile banking apps for the management of monetary resources, despite the fact that they are in constant danger of cyber attacks, which generates a greater interest in securing and protecting information effectively.

Take note, these are some techniques for the protection of these secure mobile banking apps that continue to be a fundamental element for the financial sector:

  1. Strengthening authentication and authorization methods

Currently, a username and a password are enough to compromise systems, so authentication methods must be more robust than ever to ensure that only authorized users have access to the information. At this point, biometric technology assumes a more than relevant role in the use of fingerprints or facial recognition.

  1. Final authorization of transactions

As an additional step to authentication, financial apps must request confirmation to carry out movements, transactions, among other operations through special codes that only the client has.

  1. Provide constant information to the user

Notifications never become old, and they are one of the preferred features for users. Whenever a movement is registered in the account, it is essential that the secure mobile banking apps user knows it to avoid hacking or unrecognized movements.

  1. Special attention to unusual behavior

Strange or extraordinary amounts, radical location changes or too many login attempts are some examples of unusual user behavior. It is the responsibility of financial institutions to develop the processes that allow users to be attentive to them, reinforcing the credibility and trust in the banking app and the institution in question.

  1. Apps can always get better!

Likewise any other digital platform, apps dedicated to the financial sector always have areas for improvement, both in terms of security and user experience. Continuous improvement will ensure customer loyalty and increase of market reputation.

At Icalia Labs we know for certain that the process of digital transformation of the financial sector cannot be reversed. That is why we help companies that provide financial services to provide the best digital experience to their clients, allowing them to make use of their monetary resources wherever they are, without the fear of suffering malicious attacks or monetary theft.

Our extensive experience and trajectory in the technological development market has allowed us to create apps and software focused on the financial sector so that our clients can meet their objectives. We have a broad portfolio of solutions such as Consumer Fintech Software, Digital Banking Solutions and Portfolio Investment Tools, which lead to the digitization of financial industry businesses.

We want to hear from you! Tell us more about your project! Contact us, we are ready to be your digital partner and accompany you in this technological transition.

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