8 Ways to Improve Security of Mobile Banking AppsBy Kuldeep Rawat
Banking has gone digital! You can now avail banking services through a mobile application.
The world of technology has been hit hard with fraudulent activities and malware attacks. This makes it difficult for one to be fully convinced with banking apps security.
Below mentioned are some of the banking mobile app security checklist which financial institutions must follow to gain the user’s confidence back:
1. Multi-factor Authentication
2. NFC-embedded SIM Cards
3. End-to-end Encryption
With the online transactions happening regularly, a lot of sensitive information gets exchanged which are worth more than billions of dollars, and this is one of the main reasons for being targeted by fraudsters. The best solution to preventing a scam from happening is the use of End-to-End encryption. Your information is secured with locks, and only the app and you have the special keys needed to unlock and view the information. It keeps the data secure and makes sure that the transaction is processed without any exposure. End-to-End encryption makes an additional effort to improve security.