Mobile Banking Security is Paramount for Your Banking App

MOBILE BANKING SECURITY IS PARAMOUNT

Azure has worked with clients on enhancing security of their Apps – mainly for mobile banking. Most banks have strict guidelines of mobile banking security that range from password restrictions, 2-factor authentication, encryption rules, hashing algorithms, business logic that resides only on the server-side code and so on. Most financial apps require to go through strict Penetration Testing conducted by 3rd party firms, and we have worked with those firms in ensuring that the App is “Pen-tested” before it is launched on the App stores. If clients require, we can share our experience in working with such 3rd party Testing firms and how we worked with them to ensure the security of the Apps on behalf of our clients.

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CUSTOM ADMIN PANEL

Our digital banking applications come with a robust, secure back-office access dashboard that allows you customize, configure, and control their application. Configure your text or email offerings, release new product/service ads, modify your banking rates, add or remove ATM locations for your bank. You could also provide Help Desk support to users through role-based restricted access. Things like reseting user passwords, unlocking their accounts and even updating user info is a breeze with our custom admin panel.

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Encryption for backend services:

Is the process of encoding information as a means of protecting data form unauthorized third parties. AES Encryption and RSA Encryption use a process of generating and sharing public and private keys to decrypt the protected data.

AES Encryption

All sensitive data in the app are encrypted and decrypted using AES SHA-256 algorithm. The encrypted data sent from UI side are decrypted on middleware side using SHA-256 algorithm and vice-versa.

RSA Encryption

Communications from the front end are first encrypted with a public key and shared with the middleware.From that point on, that message can only be decrypted by a private key generated by the middleware.Then the process reverses and a public key is generated by the middleware and a private key is decrypts the message on the UI side.

HMAC Signing

Hash-based Message Authentication Code is a mechanism for calculating a message authentication code involving a hash function in combination with a secret key. The App uses this feature to verify the integrity and authenticity of request and response and it happens on both the UI and middleware sides.

JWT Token Authorization

JWT is a secure method of passing information between sender and recipient as a JSON object. The app uses HMAC SHA256 to digital sign the verified data being passed. This also happens on both the UI and middleware side.

SAMPLE PLATFORMS INCLUDING, BUT NOT LIMITED TO:

MULTI-LAYER SECURITY FRAMEWORK:

We use open-source technology to combat attacks like “man-in-the-middle” and authenticate both users’ passwords and transactions. These technologies work in concert to protect your bank’s data and your customer’s information.

OAuth2

OAuth2 is a preferred method of authenticating access to the Backend API services. All APIs in the app are authenticated and authorized using OAuth2. The APIs use access token to authorize the user.

SSL Pinning

SSL Pinning is a technique that we use in the client side to avoid man-in-the-middle attack by validating the server certificates again even after SSL handshaking. The app uses this extra level of security to provide secure communication between app and middleware.

Password Policy Enforcement

As a part of user registration process, the app enforces strict username and password rules. User is enforced to change the password during first time login. The app maintains 3 previous password history, which means while changing password, user cannot provide any of the 3 previous passwords, thus preventing user from alternating between several common passwords.

OTP/MPIN Based 2-Factor Authentication

The app uses OTP/MPIN along with user id / password to implement 2-factor authentication and validate all transactions before processing. User can enable either MPIN or OTP as a second authentication factor in the app.

SECURITY ARCHITECTURE

We deploy a myriad of proven mobile banking security technologies together to keep your bank’s, and your customer’s data, safe. Our mobile application security uses tried and true end to end encryption methods that make accessing and using this data, virtually impossible. Below is an example of our standard security solution.