Mobile banking was becoming increasingly popular even before the COVID-19 lockdowns. Before the epidemic, 33% of bank clients used a pay app, according to research done for the American Bankers Association. A mobile app is used by 44% of bank customers nowadays.
How secure is mobile banking, though? Still, we see cybercriminals coming to the headlines for stealing personal information and frequently committing bank fraud to make money. So, one of the primary goals of every payment bank app is ensuring the security of their customers’ hard-earned money from these cyber frauds.
Here are the ways how a financial app can enhance its security system! Keep reading to know!
Promote the adoption of SIM cards with NFC technology:
While you cannot compel your customers to use this security feature, you can strongly advise them to do so. A Near Field Communication (NFC)-embedded SIM card is a SIM card that enables customers to safely download their credit card information into the NFC SIM card.
By not using their actual card or swiping it when they want to pay bills online, they lessen the probability that their credit card information could be stolen, potentially granting access to their mobile banking application. This mobile banking security tip is more of a way to protect the information of their financial accounts.
Add a feature for multi-factor authentication.
A defense system that only needs one password before allowing access to a customer’s bank account can be overpowered. You can add a layer of protection that is difficult to breach by implementing multi-factor authentication or two-factor authentication features, such as randomly generated one-time passwords or biometric authentication techniques like fingerprints.
Encryption from end to end
Online transactions involve a variety of organizations, including issuing banks, retailers, card brands, and payments card companies. Tonnes of private information worth billions of dollars are exchanged yearly, making it a popular spot for hackers. End-to-end encryption ensures that data is secure, providing a defense against this enormous threat. It does security audits and penetration tests, going above and beyond the standard security precautions.
Fingerprinting devices add another degree of security. It gathers a variety of signals, including IP address, location, remote server, time of day, device kind, location, PIN code, information about public Wi-Fi, screen seize, and a mobile internet browser.
You can engage expert mobile app developers here. They will enable you to develop an application with a fingerprinting feature. The mobile app development team can also create a tool that will be compatible with fingerprinting the cell phones of your customers.
Provide quick email and text notifications.
A customer using mobile banking on a mobile browser to Pay bills is probably also directly connected to their email and text messaging. They can stop fraud, social engineering scams, or identity theft by delivering a quick, real-time email or SMS notice to a consumer informing them of transaction activities.
You can get notifications on your mobile from several banking apps if more money than the customer-specified threshold is spent. Since they would be conscious of such an amount of money being withdrawn from their bank accounts, this security feature may instantly alert someone if sensitive user information has been compromised.
Ensuring security is not a convenience that a financial app should offer its users; rather, they must consider it as the primary objective to achieve. By following these ways, the banking apps will be able to provide top-notch security to their customers.