Fintech Application Security

All fintech Apps must pass security requirements.

To protect users' financial data to achieve this, We should take care of encryption, blockchain, biometric, and two-factor authentication.

These applications must go through the Security Audits. The audits always help to find the security issues, for example, if logs are exposed while doing reverse engineering of apps, the security team can communicate to developers and the dev team need to use an extra level of protection. Apart from this, we can use other levels of protection as well.

*Mainly, we have to work on the local and remote levels of security*

Secure the API for security —

  • Use token — Establish trusted identities and control access to services and resources by using a Token assigned to those identities.

2. Security With Data — This is the most important part of application development. We are storing the Data in three formats

  • Internal Storage — by default, the files that we create are only accessible for our app, Android Implements this protection.

Encryption involves mathematical algorithms that convert data into code that makes sense only to the intended receiver. Unauthorized users or hackers cannot decipher it without the correct decryption key. Therefore, even if they hack the data, they won’t be able to access any sensitive information.

3. Apply for signature-based permissions — While sharing Data between the two Apps, we should use signature-based permission. These permissions don’t require user confirmation and instead check that the apps accessing the data are signed using the same signing key. Therefore, these permissions offer a more streamlined, secure user experience

5. Implement Root Beer — We can apply a root check on the Device, so it should not open on the Rooted device. The root check library will use for a series of detection mechanisms to detect any apps running on the rooted devices.

6. Implement Proguard/R8 — R8 and ProGuard are the default application shrinker for Android provided by Android Studio that can secure our app against Reverse Engineering. Obfuscation makes it difficult for hackers to analyse the app’s code and understand the work of its algorithms

7. Сache strategy — Applications uses many default cache strategy, but most of them are not secure .here we can follow some steps to protect our data-

  • Turn off the default cache entirely and use an encrypted database to save the data.

Or

  • add the encryption to the default caching system.

8. Application passcode and biometrics — Passwords are still a popular authentication method. For fintech applications, this is the main part of the authorization. The system-controlled API provides biometric protection, It could be a remote passcode stored on a server and working as a regular password in web applications.

We can have more levels of protection for mobile or web applications. It's not possible to cover everything because every app's requirement is different, and we have to handle it according to that . I am always curious to understand the more options for Security

Please help me in the comment if you implemented something to secure the data which is not covered here…

See you in the next article...

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Prachi Mishra

I am an Android Developer. Working for BMW group. In my development path if I find something interesting I like to share with you guys. Happy coding…