In recent times, it has become increasingly difficult for financial institutions to protect themselves and their customers from financial frauds and to safeguard their critical information without mobile app security testing. Financial apps are being introduced to meet customer’s needs is at the same time as increases in cybercrime have put users more at risk of losing their financial data through the use of mobile technology. Incidents of identity theft are on the rise, calling for a secure development lifecycle and for mobile apps to go through a thorough mobile app security testing process prior to release.

As more people become affected by cybersecurity, the reputation of the mobile banking industry is at stake. According to a recent survey by Jumio, more than 75 percent of millennials are not satisfied with their experience of mobile banking with security as their concern. Other than mobile app security testing, it is now time that financial institutions consider these important measures to build customer trust and loyalty.

Multi-factor Authentication

A simple password is not enough to provide complete protection of email or bank accounts. Yahoo’s recent data breach resulted in more than 500 million accounts being exposed, with multifactor authentication, this breach might have been avoided.

For mobile banking apps in particular, single verification is not enough. To ensure that customer data remains protected, they need to add an extra layer of security apart from password such as biometric recognition or facial recognition. Whether it is opening a new account or conducting a financial transaction, banks need to fulfill the “Know Your Customer” requirements through multi-factor authentication.

Regulatory Compliance

A robust strategy for mobile security requires compliance to security regulations. This not only enables organizations to adhere to best practices but also to avoid facing fines for noncompliance.

Regulations help banking organizations identify the identity of their clients and also prevent financial fraud, money laundering and identity theft.

End-to-end Encryption

Just like multi-factor authentication, end-to-end encryption is a much needed requirement for strengthening mobile security. When used along with mobile app security testing and security audits, end-to-end encryption ensures adherence to industry-specific standards and protection of data at both sending and receiving ends. 

While banks provide convenience to customers through mobile banking apps to conduct quick online transactions, they also need to ensure that a good user experience does not come at the cost of their personal information being compromised.

Mobile app security testing

Mobile app security testing needs to be incorporated as part of the Software Development Lifecycle. A “DevSecOps” approach helps to find and remediate problems early before the time and cost of changing the code becomes unmanageable. This helps to align goals between developers and the security team and maintain the app’s security from each new build to each new release.

Codified Security is here to help make your mobile app secure whether it’s for iOS, Android, or to make sure you’re clearing the OWASP Mobile Top 10. For mobile app security testing try out Codified Security.