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Critical Security Measures for Financial Mobile Application

Application developed by companies from BFSI sector are always the preferable target of hackers. The reason for this is not mobile application security, but the critical information these apps exchange with the customer, and that is what motivates hackers to break into these financial apps.Out of the 781 data breaches tracked in the United States in 2015, just 71 were banking-related, according to the Identify Theft Resource Center.

As the number of people who use financial apps is rising, we’ll likely see more hacks in the future. Apps from BFSI institutions are considered fairly safe, considering the amount of money they spend on mobile application security testing services. However, even big security budgets can’t always guarantee the security of the mobile application. Not all financial companies have such big security budgets. Many start-up companies don’t have enough resources for mobile application security.

Learn More: A Deeper Insight into Mobile Device Security

Below are some of the measure which a BFSI company should take to protect its financial app from hacking:

Security measures for logins from the unknown device: When the app does not recognize the device from which the customer has logged in, it should ask the customer a series of questions to verify his identity. It should also send a code to a trusted device, like an email address or mobile phone.  This adds another layer of authentication beyond a login and password.

Educate customers about Phishing: Most financial breaches don’t happen at the corporate level, hackers tend to trick customers into handing over login credentials through phishing. A hacker shoots emails to users that look like an email from a bank or another company. When the user clicks on file, it installs data-collecting malware onto a computer. They may also send a link that takes the customer to a page where they’re then asked to enter their account information. Users should be educated about phishing periodically, and they should be encouraged to have a different password for your financial app. Hackers often steal information from the sources that don’t have strong security and then use that information to hack into a financial application, since most people use the same login information for every app.

Don’t bank in public: It is wise not to use financial apps on public Wi-Fi, such as ones you get at an airport, as they are easy to hack. Users should be educated not to use your financial application on a public wifi.

Compatibility with Updated OS: It is essential to make sure that your financial app is compatible with the update the operating system since companies often release security patches in updates which are critical for mobile security.

Learn More: Different Methods for Auditing of Mobile Applications Annual Security

Avyaan has a pool of mobile application security testers having ample of experience in working on various financial apps. Whether you are a BFSI or any other company, we offer cost effective mobile application security testing services.

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