Due to its ease of use, speed and convenience, the number of mobile banking users has grown exponentially with the pandemic, customers demand more and more access and banks must respond to this without neglecting their security for a second .
Likewise, in security aspects there are many variants and even abysses between the methods used between the different financial entities, from the traditional username and password, sending codes by SMS, tokens and even applications that self-generate codes.
However, the theft of credentials through phishing and malware so prevalent in the digital age means that users do not fully trust operating online. Below we offer you a series of recommendations to consider to improve the security of mobile banking.
1. Add a multi-factor authentication feature
Multi-Factor Authentication (MFA) refers to a layered security construct by requiring users to prove their identity using two or more technology verification methods before they can authenticate.
In this way, if a factor is compromised or broken, the attacker still has at least one more barrier to break through before entering the target.
The authentication methods used are divided into:
Something you know. For the most part, a password is used that the back-end can compare with the one that has been previously configured or stored.
Something you have. The use of a smart card, tokens that generate a login pin, and even an accompanying mobile app that generates unique access codes.
In addition, it enters the mobile authentication that verifies the device itself through which you enter asking for an additional verification when you do it from a location or device other than the usual one.
Something that you are . This is anything from fingerprints, retinal scans, facial recognition, voice recognition, or the behavior of a user to the unique ways they interact with their computer or mobile device via keystroke, swipe pattern, movement. mouse and more.
2. Encourage the use of contactless payments with NFC
Encourage your users to activate payments with NFC from your mobile banking application , the merchant must enter and confirm the amount of the purchase at the POS, the Pos will notify on the screen that you can make the payment and allow your user to use their cell phone as a contactless card.
This option is more a means to protect the general information of your account, by not carrying your real card and not swiping it, you can avoid cloning problems for example.
3. End-to-end encryption
End-to-end encryption is a solution that ensures data is safe and sound.
Carrying out security audits and penetration tests is a practice that must be constant in any financial company , since they must not only protect their clients' money, but also their data and that these cannot be compromised causing damage to them.
Within this category , application shielding is a method that is gaining strength, as it protects a mobile banking application from the inside when it interacts with the outside.
Likewise, it allows the application to operate safely even in potentially hostile environments such as jailbroken or rooted devices, and it only denies the service when absolutely necessary.
4. Fingerprinting device
The use of fingerprint devices adds another dimension to mobile banking applications. Get various sets of signals, such as IP address, location, time of day, device type, screenshot, browser, etc.
At Antit we specialize in the incorporation of biometric security methods and data encryption to mobile applications , therefore with us your users will have the security that their data will be protected at all times.
5. Offer real-time email and text alerts
Offering the user text messages or emails in real time to notify a customer of their account activity could easily prevent fraud or allow them to react more quickly if it happens. This type of notification lets you know if your information has been compromised and is used by third parties.
6. Use behavior analysis through Artificial Intelligence .
The inclusion of specialized software through machine learning that monitors, analyzes the location and login activity of your users with the use of artificial intelligence, will allow the bank to notify its client of suspicious activity in a more effective way. Thanks to this technology, your mobile banking app could flag abnormal behavior for further investigation.
7. Secure digitized documentation
The use of KYC applied to mobile banking will optimize the collection of more reliable and secure data but in a faster way than the traditional one.
Likewise, you will achieve greater customer loyalty retention since they will be able to open an account or request a new product from their mobile phone in an easier way. Electronic signature can help in various verticals such as e-commerce, call centers, retail branches, etc.
8. Use secure access
By using secure connections through technologies such as HTTPS, customer account information can be better protected between the browser and the website to which it is connected.
In the same way, the user must be educated so that they avoid connecting to public Wi-Fi when accessing sensitive information such as mobile banking.
In addition, never send confidential information over an insecure wireless network as well as keep the operating system and antivirus updated on all personal devices. This technology will further protect customers against data theft and fraudulent logins.
At Antit we have extensive experience not only in security matters, but also in the development of FinTech applications such as neobanks, payment gateways and more.