More and more consumers are relying on their smart devices to shop, browse the Web, and even take care of their banking. And as apps become more a part of everyday life, many financial institutions take advantage of these convenient devices. Financial apps should have the highest levels of security and protection. To make sure yours is ahead of the game, use these tips to stay secure and safe.
Many financial app developers make the mistake of using bank accounts or card numbers to establish their users’ identities. Every time the user log in or checks their account balance, this sensitive data is sent over the Internet. While there are standard secure ways of minimizing the risks, using confidential data for identification is very unwise. Even worse, this same data may be stored on the user’s device making it prone to hacks. Financial apps should use complex numerical combinations to identify a user’s account.
Most smart devices collect a disturbing amount of information about the user’s identity from their SIM card. For example, many phones store messages, browsing history, the model number, and the mobile equipment identifier (MEID). Additional security steps should be taken to confirm the device identity. For example, when the user accesses the financial app, the Web service should request validation through the device’s internal credentials list. Certificates are an excellent way to encrypt connections and identifications, such as the standard Internet SSL certification for online financial transactions. A device signature is one of the best ways to prevent hacking and fraudulent activities.
When shopping, all online consumers expect to see the highly recognizable padlock icon in their web browser. This applies to shopping for home products, or even a home loan in Austin or mortgage. SSL certificates are tiny data files that digitally secure the transaction details through cryptography. SSL certificates create secure connections between a web server and browser. All your financial app data should sent through SSL encrypted communication. Keep in mind that the SSL certificate should be a 256-bit encryption strength.
Technology users must remember dozens of different passwords to access everything from websites to their own mobile phone. As a result, many mobile device users will turn off the passcode access to their financial app because they feel safe with having their device secured with a PIN. However, the financial app should be built to restrict this function. Users should be gently prompted to re-enable the passcode security features. In addition to this, financial apps should require users to enter their passcode a second time before any major transaction. While this may slightly slow down the process, it will prevent major problems from occurring.
Online consumers will continue to utilize financial apps to take care of personal banking. However, financial apps must be made secure through property identification, security and encryption. Use these tips to make sure yours is keeping up with the competition.
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