4 Ways Banking Protect Mobile Banking Applications
The internet has permeated every aspect of life, including health, education, business, etc. The banking industry appears unwilling to fall behind in technological advancements. This is evidenced by the development of banking services compatible with information technology advancements. Mobile Banking (M-Banking) is one of the banking services that has followed the development of information technology. Wherein this service provides an alternative to online banking transactions. Mobile Banking facilitates banking transactions such as checking balances, paying bills, transferring funds, and others for bank customers. Mobile Banking is extremely susceptible to security breaches or crimes because it utilizes the internet. This article explains how banks can safeguard mobile banking applications.
How to Protect Mobile Banking Transaction Security with Mobile Security
As the name suggests, mobile banking is a mobile application-based banking service. The offered convenience, from registration to the transaction process, enables users to conduct banking transactions at any time and location. Mobile banking activities are rising because everything is in the customers’ hands. However, this convenience should not cause you to disregard the security of customer transactions. Consequently, you must employ the following measures to ensure the security of mobile banking transactions.
- Modernize to strong customer authentication.
Companies must implement a more stringent authentication process for customer transactions to protect and increase the security of transactions. This procedure ensures that the customer is a legitimate cardholder. The process of thoroughly verifying the identity of a banking customer is strong customer authentication. In other words, the customer must use two or three authentication methods to demonstrate that they are a legitimate cardholder.
- Using contextual authentication and behavioral analysis.
To improve mobile banking security, companies must adjust security requirements based on a combination of contextual and behavioral factors. Thus, enabling the security system to determine an individual risk assessment for each interaction. By implementing this step, administrators can grant mobile banking users access to their previously determined applications and services.
- Enable end-to-end encryption.
The company must implement encryption methods because it is concerned about the privacy and security of its customers. End-to-end encryption can secure text, image, voice, and video messages so that only the intended recipient can view them. End-to-end encryption signifies that all customer messages are protected and can only be accessed by their intended recipient.
- Implement advanced mobile security.
In addition to focusing on solutions to overcome the security challenges posed by digital services, as one of the superior amenities provided to customers, banks must also pay close attention to solutions to address these issues. Good mobile security is the most important step in protecting the security of banking services’ customer transactions. This is done to prevent security breaches in mobile banking applications utilized by banking customers. If such a security breach occurs, it will result in losses, so the bank must assume responsibility and assume the risk.
In conclusion, by implementing a mobile security solution, financial institutions can protect the mobile banking applications used by all customers from various security threats. In addition, the security aspect of mobile banking services must be the primary focus of every banking institution when accelerating the development of mobile banking services. Phitraco Technology, a subsidiary of the Phitraco Group specializing in IT infrastructure, offers mobile security solutions as one of the best ways to overcome the security challenges of digital banking services.
For more information about mobile security, don’t hesitate to get in touch with us at marketing@phintraco.com.
Reference:
https://www.onespan.com/blog/how-banks-can-protect-mobile-banking-apps-transactions
Related article: Ways to Prevent Cyber Attacks on Financial Institutions
Baca juga: Cegah Fraud dengan Solusi Mobile Security
