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What are the key challenges in developing mobile banking application?

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Banking institutions are trying to make the service conditions for clients comfortable and convenient. Today applications for portable devices help to cope with this task. The main problem for clients has always been long queues at large banks, which resulted in spending a lot of personal time waiting. Mobile banking has helped to effectively eliminate these inconveniences. Now you can make money transactions via the Internet. All you need to do is install the utility on your smartphone, register, create your account and interact with the financial institution remotely.

Mobile banking application development has become a modern alternative to classic sites, which are designed to be installed and used on the phone. This is a big step in the financial world, albeit with some challenges that are more related to the application development phase. Let’s consider this issue in more detail.

Mobile Application Protection Measures for Banks

There are many different security threats not only to web development for financial institutions, but also to the smartphone itself. To avoid hacks and protect the device on the phone itself, the developers of gadgets and applications have thought out some points. The main protection in a mobile device is the activation of information security functions during the development of mobile software.

Creation of software for smartphones has its own characteristics and nuances. Despite the experience and professionalism of the developers, they often do not take into account all of them to the last. This creates a security hole in the phone.

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Key mistakes in the development of mobile banking

There are several key disadvantages that developers can make when creating software for mobile gadgets. Among them:

  1. The information is stored in the smartphone’s memory in an open form.
  2. Flash cards are used to store personal data.
  3. Cryptographically weak encryption codes are used to encrypt data.
  4. General availability of information storage on the phone.
  5. Sensitive data is stored in the cache.
  6. The information is transmitted in an open format.
  7. Confidential history is carried over to mobile development.
  8. Weak typing of information or poor filtering of data processed by the device.
  9. The information that comes from the application server to the gadget is not monitored or verified.
  10. The specificity of the mobile platform was not taken into account.
  11. Keys are stored in the same storage with encrypted information.
  12. Banal codes and predictable values ​​are used to identify a person;
  13. Using screenshots, temporary files and log folders to accommodate critical data.

Logical flaws are in a separate category of errors. These are the types of problems that cannot be detected by automated means. And even with tests, specialists often fail to detect them.

To minimize these threats, they use special methods of protection against attacks that tame the security of the device and the safety of the personal information of the bank user.

To increase your confidence during the operation of mobile banking, it is better to give preference to proven programs like insurance software solutions that have passed a multi-stage data protection system. 

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