How to Build a Highly Secure FinTech Application?

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FinTech Application
How to Build a Highly Secure
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Introduction

• For cybercriminals, the data is a very easy
  target in reality. The notorious example of
  the Equifax breach, responsible for some of the
  most significant data breaches in the past, and,
  most recently, Earl Enterprise, proves that
  neglecting security can be disastrous.
• The data revealed by independent investigators
  brings troubling news some of the most
  popular FinTech mobile applications are insecure
  and virtually expose their users data to the
  risk of theft. Under these circumstances,
  building secure FinTech application with data
  protection in mind is not only a symbol of a
  responsible and trustworthy company. Also, it
  will give your FinTech application a distinct
  advantage over competitors.

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Recent Data Breaches and Events

• In the case of a data breach, frauds and hackers
  can use this information to create new bank
  accounts, steal money, open credit card accounts,
  file for tax returns, and many more. Data
  breaches have affected various financial service
  providers, including loan providers, banks,
  payment processing companies, credit reporting
  bureaus, and many other financial service
  providers. For better clarification, here Ive
  mentioned a few breaches that happened in recent
  years

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How to Create Secure FinTech Application?
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1. Security Starts With the App Logic

• If youre going to develop a FinTech app,
  integrating security in each step of the app
  usage process is of utmost importance. But,
  unfortunately, a lot of imperfections happen in
  this first crucial step. A security policy for
  all members in the project ensures a safe
  environment. Therefore, it becomes essential for
  you to discover the most sensitive data you will
  deal with and how you will protect it.

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2. Write Secure Code

• Writing code securely is one of the essential
  components of the FinTech app. Therefore,
  critical personal data will be saved on the
  users device and secured on the server. This is
  why its crucial to create proper algorithms,
  which can help you quickly find any flaws in the
  code. You must scan the source code often and
  test it for any vulnerabilities. 

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3. Infrastructural Security

• Ensuring the best viable infrastructural security
  is a must for any FinTech app. By implementing
  perimeter defense, you can achieve this because
  this layer is similar to proxy servers and
  firewalls. Also, make sure that routers are
  adequately configured because that will protect
  against internal attacks.

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4. Integrate Security in Your Regular Workflows

• Every business admits that their employees are
  their biggest weakness when it comes to IT
  security. Thus, the human factor can
  significantly impact the companys security. Lost
  devices, system misconfiguration, clicking on an
  insecure URL are just some of the ways that
  employees compromise their organizations
  security. 

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5. Include the Testing Stages

• Indeed, Testing is an integral part of every
  software development process. FinTech apps are
  specific because they need to be constantly
  tested for security. While youre working on
  building a FinTech app, there are a few testing
  stages that require to be included in the process

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Conclusion

• Indeed, The FinTech industry is a specific sector
  where developing a successful mobile solution
  necessitates some extraordinary measures to
  capture clients loyalty. The takeaway is that a
  good FinTech app is more than simply an excellent
  companion. So, if you want to add value to your
  FinTech app development, prioritize app security
  as mentioned above, because users demand bank
  accounts with high safety features rather than a
  seamless user experience. You should approach an
  expert FinTech app development company to work
  with to ensure your FinTech application is
  integrated with all the necessary securities.

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Thank You

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