Developing a Secure FinTech App – Best Practice for 2020 | The Union Journal

Over the years, we have seen a large increase in the usage of technology in finance and financial transactions. The introduction of financial applications has ensured that the ease of use and effectiveness, which has been on a constant rise over the decade, is made possible. Here is developing a secure FinTech app — the best practices for 2020.

End users can now make financial transactions through a snap of a finger through tech ease of access. But, we have to be wise in how we use the new FinTech apps.

With the ease of apps comes the danger of financial security, which is largely due to sensitive personal and business data shared on financial platforms. Care must be taken or it may result in major vulnerabilities such as data leakages and breaches.

Recent studies reveal that FinTech startups, about 98% are vulnerable to cyber attacks, risk of theft, and phishing. Considering that the finance industry is one that should be 100% secure in the protection of client data, it begs a question on aspects to consider while developing a FinTech app to make it more secure, while performing other functions as required.

We need to look into the possible ways of developing a finance app — keeping in mind that the security of data is paramount. Many companies forget security in their rush to get an app to market.

With the focus on finding a solution to the vulnerabilities associated with developing a fintech app, this is some…

Source: https://theunionjournal.com/developing-a-secure-fintech-app-best-practice-for-2020/