As Fintech apps evolve to meet the needs of customers, cyber criminals tend to be one step behind. Customers are concerned about identity theft and data, and as such, are skeptical about conducting financial transactions on mobile apps. That being said, with active monitoring, it’s completely feasible to catch questionable activity, isolate possible threats, quickly respond to attacks, and prevent them from extending. As a protector of consumer financial data, Fintech organizations have a responsibility to do everything they can to safeguard their mobile platforms. With our mobile application security technology, Fintech security and IT personnel have a bird’s eye view of all user behavior and actions. We can prevent shady user requests before any incident occurs. We regularly track traffic all day and night, year-round, in order to provide complete security, and maintain the activity of application backend servers. By taking such measures, Fintech organizations can continuously do whatever they can to alleviate security dangers, and as such, enhance customer trust. This in turn will encourage customers to keep using and trying out Fintech apps.
Those who use mobile apps over public Wi-Fi are easy prey for cyber criminals. For instance, a Man-in-the-Middle (MitM) attack lets a hacker take over a user’s connection, modify login credentials, and get access to their personal information (consisting of residential addresses, email addresses, passwords, cell numbers, and more). Our built-in VPN uses strong encryption to conceal data sent over backend business systems and the apps themselves, making sure any online activity is safe, particularly over public Wi-Fi.
Fraudsters and hackers can take advantage of financial apps, swiping data like debit/credit card numbers very easily. This can lead to monetary losses, blindsiding users who suddenly develop bad credit ratings through actions out of their control. Jeopardized businesses endure the ramifications of such criminality - they’ll lose the trust of their customers, lose revenue, and may even be threatened with legal action. As Fintech grows their presence in the financial environment with new mobile platforms and apps, they require cutting-edge mobile app security technology to protect consumers, businesses and financial institutions. Battling fraud is of paramount importance to Fintech companies. Our technology aids in isolating fraudulent and suspicious activity occurring on Fintech apps, via the individual transaction scoring utility. It verifies legitimate transactions with strict enforcement of data-in-motion security, protecting the customer’s financial and personal details.
Fintech’s mobile apps involve private data about financial institutions and customers. As such, it stands to reason that Fintech apps necessitate appropriate security protection and powerful customer measures that adhere to industry standards. To abide by regulations warranted by the financial service industry, Fintech companies need to adopt a holistic security-by-design approach during the development and operation of the mobile app. Our mobile app security technology provides by-the-book security standards regarding authentication, data-in-motion protection, public key infrastructure and more. This ensures confidentiality and integrity of application data and availability of the application backend in any scenario and helps fintech companies comply with strict regulations of the financial industry.
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