4 innovative ways to strengthen your bank security systems

People do not have complete faith in technology. The idea of having all of their banking data in the palm of their hands, on a mobile app, concerns them more than it fascinates them.

But how can you persuade the remaining portion of bank clients to benefit from the convenience of mobile banking when fraud, intellectual property theft, and malware are so pervasive in our technologically advanced world?

In this article, you’ll learn four cutting-edge methods from SmartOSC Fintech for enhancing bank security systems.

Add a multi-factor authentication feature

A protection system that only needs one password to be provided before allowing access to a customer’s bank account can be overpowered.

You may add an additional layer of bank security systems that is difficult to breach by implementing multi-factor authentication or two-factor authentication features, such as randomly generated one-time passwords or biometric authentication techniques like fingerprints.

Encourage the use of NFC-embedded SIM cards

While you cannot compel your customers to use this security feature, you may strongly advise them to do so. A Near Field Communication (NFC)-embedded SIM card is a SIM card that enables customers to safely download their credit card information into the NFC SIM card.

By not using their actual card or swiping it, they reduce the likelihood that their credit card information might be stolen, perhaps granting access to their mobile banking application. This mobile bank security systems tip is more of a way to secure the information of their financial accounts.

The power of paperless banking

The introduction of IT technology and mobile apps has significantly impacted every industry. The majority of its procedures have been revolutionized by digitization, and banking services and the financial industry are no exception.

With digitization, banks are able to fully eliminate paper from the majority of their processes, including those as simple as creating a bank account, activating accounts, providing precise account activation instructions, confirming money transfers, and managing online transactions.

Because all the files are in digital form and easy to access, using digital or online platforms helps to increase efficiency and transparency. Bank security systems will need a mobile app solution supplier who can offer them an enterprise mobility solution in order to accomplish all of these.

Utilize behavior analysis

There is specialist software available that can track and examine users’ online account activity and banking login locations.

Your mobile banking app may identify various business logic issues, unusual activity, or illegal access thanks to this technology for further examination.

An email or text alert informing the client of suspicious activity may be followed up by a call from the bank security systems to further investigate the matter.

Conclusion

There is no denying that internet platforms and smartphone applications have made banking procedures easier for users. However, there is also a greater chance that hackers may compromise the data, creating a massive state of chaos. Therefore, the secret is to carefully put these online security measures in place.

The solutions for mobile application security that we discussed in this article may help you greatly to overcome all the drawbacks of traditional approaches and improve the bank security systems.

SmartOSC Fintech will assist banks in their next step, which must entail getting in touch with seasoned mobile application developers and finding out how much it would cost to construct an app with all the capabilities listed above. Please contact us right away!