3 Strategic Ways to Foster Mobile Banking Security

Banking CIO Outlook | Tuesday, May 12, 2020

As the popularity of mobile banking grows, service providers are vying to enhance credibility by fostering security.

FREMONT, CA: Banking apps have attained unmatched levels of popularity today. Large segments of customers prefer the convenience of online banking over paying a visit to actual banks.  Although banks offering online services through apps have been able to benefit from the trend, they are also facing a number of challenges owing to escalating security threats. Banking over the internet is often exposed to a number of cyber risks. Hackers are constantly on the prowl, and one security glitch can result in sensitive customer information leaking into the wrong hands. Subsequently, customers might lose money. In order to prevent any such security compromises, banks can consider the following means of fostering mobile banking services.

Enhancing Security Features with Regular Upgrade

The dynamic nature of threats in today’s banking ecosystem renders security measures insufficient unless they are regularly updated. Thus, banks need to be tracking every new development in the security landscape and consistently introduce necessary measures into mobile banking applications. In addition, banks should also take the initiative of pushing users to update their apps as soon as new updates are made available.

Introducing In-App Protection

The umbrella term in-app protection covers several security technologies that banks can leverage to optimize mobile banking security. With in-app protection technologies, it is possible to significantly reduce the surface of attack and prevent vulnerabilities in smartphone-operating systems from compromising the security of banking apps. According to a report published by Gartner, about 50 percent of mobile banking attacks could have been prevented with in-app protection. 

Providing More Controls to  Users

Apart from incorporating security features into the apps, banks should also ensure that enough controls are provided to the users. Advanced authentication methods that users can activate by themselves and deploy whenever they want are vital for bank account protection. The options of biometric verifications using fingerprint sensors or facial recognition through smartphones can empower customers to consolidate mobile banking security.  

A fine balance between all the above-mentioned aspects of security can help service providers optimize their mobile banking offerings against potentially deplorable threats.

See Also :- Top Banking Technology Companie


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