Cybersecurity! Are you new to the word? Well, you might be new to the name, but you must be aware of cybercrimes and threats. With the evolution of technology, people can access everything easily. But this blessing can also turn into a curse. It has already turned into a curse. In recent times, you may be encountering many cybercrimes that include theft of money from mobile banking apps. And the primary reason behind it is not using a robust SSL certificate.
SSL certificate is security encryption that protects the network of communication between the vendor and the consumer. However, many platforms do not use a secure SSL certificate that leads to cybercrimes. The platforms that need SSL certification most are the mobile banking apps. This is because; these Fintech apps involve money transactions.
Besides, having security certifications, these apps also sometimes witness cyber threats. And when any app includes money, it becomes more open to cybercrime. So, if you are developing Fintech/mobile banking, here is how you can check all the cyber threats.
The threats include a device, transit and server. So, here you will get to know the different levels of threat in detail.
Threat at the device level
In this level of threat, the attackers gain access to sensitive data on a user’s device. And this mostly happens when the user is using mobile apps with poor coding. There are even some apps that collect the data and transmit it via the HTTP protocol. So, in such cases, these apps can also collect data from your Gmail and mobile banking app unless they have secure coding.
Threat at transit level
This is a type of threat in which the attackers access your data while it is in its transmitting stage. For example, several Fintech apps transmit your data to the bank server to update your account balance. It also transmits data while money transfers. So, at this stage, the attackers can invade your information if they are poorly encrypted.
Server level threat
This is the threat level where the attackers reach your data stored in the cloud or any other server. The attackers can easily access your data by using advanced APIs without creating any security flaw. It happens when the admin does not change their standard credentials regularly. As a result, this helps hackers manipulate user data by modifying, copying, and replacing it.
Knowing the cybersecurity threats
Now that you are clear about the initiation of the threats, you should also know what cyber threats are? So, here take a look at the Fintech cyber threats.
Trojan virus
This is a malicious code that works within the applications and then steals all the sensitive data. This Trojan virus pretends to be a Fintech app and steals all the data, including the mobile banking credentials.
Deep attacks
This is a type of attack where the attackers change the code and modify the app’s working. Recently WhatsApp witnessed such interventions. Now imagine an app with access to your camera, mic, location, and photos attacked by hackers. They can easily steal all your information.
Screen loggers
In this type of threat, the attackers make codes that sit inside the device and track your on-screen movements.
Accessibility to framework attack
In this threat, the attackers attack via the weak points of your OS.
Overlay attack
It is a type of attack in which the attacker puts a layer on the app to trace data.
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How can you prevent cyber threats on the mobile banking app?
Mobile banking apps are more prone to threats. But you can still make your Fintech app secure by implanting some efficient security solutions. So, here are ways to prevent cyber threats in the mobile banking app.
Protect the infrastructure
Beginning of all, this is all about the preference of your cloud provider. If you are building a Fintech app, always give the highest priority to the cloud provider. In extension, there are some other factors that you should also consider. It includes:
- Immediate OS updates. It would help if you also offer security updates of your app regularly.
- Users must keep a separate drive for web files. And create credentials to access all the files. It will restrict attackers from using the data.
- Always use HTTPS in your app for data transfer. This keeps the connection secure.
Creating a thought-out logic for your app
The app logic is usually a set of programs that performs from a user’s perspective. So, the app logic of Fintech apps includes sending, receiving money, making purchases, and many more. If you are creating a Fintech app, you must concentrate on app logic and implement cybersecurity. It includes steps like:
- Only store essential data in the app, and don’t keep any card number.
- Always appoint permissions to access any feature of the app. For example, for making payment, the user must require approval.
- Always deny easy passwords. Your app must accept passwords that are stronger with all special characters.
- Set up multiple authentications; if you want your app to be safe for users, you must use multiple authentications for your app.
- Log all the transactions.
So, these are some details that can help you keep your app safe.
Safe coding
The safe coding feature is another feature that you must aim at. You have made your app with robust codes and identified all those weak points in your code that can affect the app’s sensitivity. To keep your code safe, you can always integrate the following approaches:
- Always check the input values of the code
- Review all those data that you transmit to external sources
- Always be cautious in offering rights to any third-party application
- Defend your code against SQL injection
Make the workflow smoother.
Users always make errors while they are configuring their devices. And it leads them to click on links that are threat full. So, please minimize such threats by:
- Following the standards of ISO: 27001 accreditation
- Creating the guidelines and security policies for your app
- Always make a back-up for essential data
- Set up work for each employee and distribute the influencing area of your app
- Sign a non-disclosure agreement with all your employees
Conduct a robust app testing
App testing is the most crucial part of app creation; it finds out all the flaws in your app that can create a potential error. So, if you are making a Fintech app, always concentrate on the app testing. It would help if you filled all the gaps like App configuration, security policy, authentication, and many more.
Secured API
All the Fintech apps communicate with the back end team with API. so you must secure your API to secure the app from cyber threat.
Data encryption
You must always use the data encryption in your app. Encrypt all user data like name, DOB, address, security numbers, and many more.
Educating users
An essential way to protect your app also includes educating users on how to use your app safely. It would help if you guided them about what they should avoid while making any transaction. If you want to protect your app apart from having an SSL certificate, you must educate your users.
Conclusion
Winding up, this is how you can prevent cyber threats to your mobile banking apps. The technology may be evolving at a faster pace, but it also brings numerous threats with it. So, you must give it your best to create the most robust app.