8 Ways to Improve Security of Mobile Banking Apps

By Kuldeep Rawat
on April 7, 2020

Banking has gone digital! You can now avail banking services through a mobile application.

Not only do you receive a quick response but also get an effective way to manage your finances. With the improved banking apps 2019, you will be able to check your account balance, pay your bills, transfer money and do more with ease.
The key reason why banking mobile apps have not been adopted to its full potential is because of lack of trust. People are not confident about sharing their bank details on a mobile banking 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

To access different service of a mobile application you need to submit a set password. This defense system is surely not secure. It can be trespassed easily resulting in huge loses. So, computing multi-factor authentication might just be the right thing to do. With this, one can avail OTP feature or even use their fingerprints to gain access to the account. These additional security features are certainly not easy to get beaten.

2. NFC-embedded SIM Cards

Asking users to consider an NFC-embedded SIM card might see a better response. This cannot be enforced onto someone, but can be suggested as it helps them to get their credit card details saved securely. The reason behind this that you don’t have to carry your credit card with you all the time, reduce the chances of losing it and your account information is more secure.

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.

4. Fingerprint

With technology constantly evolving, devices now have fingerprint sensors enabled in them. These sensors can take in a lot of information location, IP address, type of device, time of the day, browser, screen size, and more. All these information are processed only to provide the right user with access to the application.

5. Real-time Alerts

Getting real-time alerts of any kind related to your account will certainly prove to be effective. It plays a big role in preventing any kind of fraudulent activity. You are constantly notified of any changes in your account. These real-time notifications can let you know whether your bank details have been exposed or not.

6. Behavior Analysis

Assessing consumers behavior can help banking organizations get rid of any kind of security lapses. Organizations can now use custom software to analyze and monitor consumers activities. With the use of technology, applications can now track any kind of strange activities and investigate accordingly.

7. Secure Digitalized Documentation

Using digital signatures has been proven to increase security, especially in sectors like retail, e-commerce, call centers and more. This allows a certain percentage of documentation to take place digitally which helps customers avail a lot of benefits from different banking institutions.

8. Using Secure Access

Mobile application banking for iOS and Android platforms can be more secure with the use of technologies like HTTPS. This will keep the customer account information completely confidential and secured between the website they are working upon and the browser. So, this will surely protect customers against any kind of fraudulent logins. There is no doubt that mobile applications have exclusively made banking procedures easy and convenient. But it is important that they put more focus on security by following the above-mentioned points.