Mobile application development companies
encounter challenges at every step towards designing applications and need
observing stringent security measures to offer a safe and incredible user
experience. Yet their apps often fall a victim to the cybercriminals lurking to grab the loopholes in
steering the wheels of modern technology to their advantage. Cyber offenders
mostly steal confidential user data through security breach of the mobile
device, profiting from vending such data to interested parties without
acknowledging the owners. And the financial sector forms the current hub of all
criminal attention which all the more entails ironclad measures adapted to
safeguard sensitive user data pertaining to their bank card numbers. Most of us
have the tendency to save passwords and account details into our smart handset
caring little that such an act raises the risk of losing data to hackers,
waiting to breach the device. Developers involved with designing finance management apps need to be on
high alerts and incorporate high tech cybersecurity measures to offer a safe
haven for storage of customer's financial information thereby enabling a
secured payment system. Failure to accomplish such a task will lead to dire
consequences accompanied with the complete loss of trust on the part of the
customers, also loss of business with legal and financial consequences adding
to it.
Addressing the ongoing issue require
the investment of time and money to design a highly secured payment portal
rendered through an amalgamation of latest technologies, high level of
expertise and capacity to withstand sudden challenges. Coupled up with few
common security issues mostly erred by FinTech
application developers, avoidance of which offers a safe platform to
indulge in online financial transactions. Let’s figure out the 5 common mistakes mostly committed by
FinTech firms to offer tough cybersecurity:
ü Failure
to manage digital identities- Installing
authentication measures such as biometrics (e.g., fingerprints), one-time
passwords, and code-generating apps, along with AI enabled authentication tool
analyzing user behavior offers an added layer of protection to accessing
FinTech application on mobile devices.
ü Unsecured
data transmission and payments- The
challenge often faced by FinTech experts is to offer a proper blend of security
and convenience when it comes to payment gateways. Users need to have a trusted
vendor convenient enough to cater online payment across such apps. Also
adopting encrypted format in data transmission entails secured user data
storage and sharing which requires expert touch and experience of the
developer.
ü Making
use of public cloud- It is
advisable to adopt a private cloud server for data storage or else harnessing
public cloud servers exposes the user data to the cybercriminals waiting to
manipulate as and when needed.
ü Lack
of regular audits- Regular
auditing is but essential to remain on high alert to watch out for potential
threats. FinTech app developers must
have an in-house security expert with intimate knowledge of the application
architecture to aptly cater to fixing bugs and errors.
ü Minimal
know how on latest security updates- The
tech world is highly volatile and continuous updates bring forth new surprises
to the users but the cybercriminals are also getting smarter updating
themselves to stay at par with the new inventions. Fintech app experts need to
stay abreast of all the possible latest technologies the cybercriminals are
likely to be familiar with to remain prepared in countering any security
breach.
Time to wrap up
The mentioned common errors described
clear out any confusion pertaining to banking
app development by top mobile
application development companies leading to a robust financial platform
facilitating secured monetary transactions for the end users. Promoting
cashless transaction calls for a trustable source which is guaranteed if
careful measures are adapted to avert any errors and protection against
cybercriminals.
Fluper, one of the top-rated mobile app development companies, houses the right set of
skills required for the deliverance of a highly trustable and secured FinTech
application.
To avail their service, contact them
at:
skype.fluper
enquiry@fluper.com
WhatsApp
on 9811214178
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