Mobile banking apps open a wealth of growth opportunities for financial institutions. Unfortunately, they also create an avenue for criminals to steal the personal information these apps collect.
Mobile banking security is a huge concern for mobile users; it’s t he number one reason why mobile banking adoption hasn’t caught on more than it has. Mobile apps are one of the biggest targets of cybercrimes, and mobile banking apps are the cybercriminal’s version of the holy grail.
Here are five security features you should include in your app to keep your customers’ banking data secure and earn their trust.
1. Add Multi Factor Authentication
Today, using a password alone to secure your data is asking for trouble. Adding a multi-factor authentication feature, such as an SMS message or a fingerprint scan, will add a critical extra layer of defense, which will be far more challenging to beat.
2. Suggest NFC-Embedded SIM Cards
You can’t force all of your consumers to use an NFC-embedded SIM card, but you can suggest they do.
An NFC-embedded SIM card will let consumers download their credit card information directly onto it. This feature enables people to pay without taking their credit cards out of their wallets and swipe it. As a result, they reduce the risks of having their credit card information compromised.
3. Utilise Biometric Measures Like Fingerprint Scanning
Biometric security adds yet another dimension to banking app security. With modern smartphones now including fingerprint readers, banking apps can take advantage of this additional security feature by reading your biometric data and critical data like your location, the type of device, and the time the transaction was made.
4. Use End to End Encryption
Online credit card transactions are attractive targets for cyber thieves. End-to-end encryption protects your data in these transactions. This encryption works by doing numerous security audits and penetration checks to ensure your data is safe and sound.
5. Set Up Notification Email and SMS Messages
Setting up email and SMS notifications allow the customer to get notified every time a charge gets placed on their cards; they can also see how much was taken from their accounts. If they see a charge they don’t recognize, they can immediately report it as fraud and get their money back.
This feature allows customers to get real-time warnings if their accounts get breached; they can take immediate measures to secure their accounts to prevent more thefts in the future.
Get in touch with app development companies and make sure they incorporate the features mentioned above in your banking app. These features go a long way in keeping your customers’ data safe and developing trust with them that their information is secure with you.