Banking Apps Security

Banking Apps Security Flaws

Since technology has become more advance in the past few years, things are evolving at a faster pace. Also, with the advent of digital marketing, both of the fields have been seen intertwining to produce some awesome results. One of such mixing gave birth to the apps that have become a huge part of every business now. From grocery to fashion, traveling to health, and banking to financing every business involves phone and web apps.

Businesses claim that the involvement of apps is making tasks easier for people as they can access information in just one click. However, with the passage of time, it has been discovered that it makes hacking easy for cybercriminals as well. According to research, about every second banking app has security flaws that put users at risk. Due to such studies coming to the surface, banks have started hiring a baking app testing company to help them eliminate flaws. Would you like to know the flaws these apps have in common? If yes, here is the compiled list of banking app flaws for you.

Mobile Platform Usage

The majority of the banks prefer to build their apps for iOS and Android. However, they try to design an app that can be used on both platforms forgetting that their security features are unique such as permissions systems and TouchID. Failing to use these features properly ends up putting the user’s sensitive data at stake.

Flawed Data Storage

Every banking app has to deal with data of thousands of people every hour. Hence, data storage must be completely secured and safe. Banking apps usually lack proper use of security barriers for sensitive data hence, making it easy for hackers to access unprotected confidential data. This increases various illegal activities, such as identity theft and stealing money from a victim’s accounts.

Open Communication

Mobile apps are always communicating with external data sources like NFC, servers, Bluetooth devices, etc. Whether you like it or not you can’t end this communication as it is one of the core functionalities of apps. A lot of banks hire a banking app testing company to add protective measures to avoid data leaks.

Authentication Issues

Modern banking apps need one or more authentication measures to keep users secure. These authentication methods include user ID with strong passwords, secret PINs, fingerprint scanning, etc. If the banks fail to add strong authentication methods in the app, the chances of a malware bypassing the weak security checks increase by multiple folds.

Conclusion

To sum up, adding apps in the services is indeed a great step in the history of the banking sector. However, the need to make these apps 100% safe and secure is the utmost need of the time. While banks are busy introducing new apps now and then, it is important that they take the help of a banking app testing company to make sure that are no security flaws left for the hackers to use against the banks and harm the customers in various ways.

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