Do you think your Banking apps are secure? Well! Think again

Since the emergence of mobile devices, Banks have moved their entire services and transactions online. Most banking-related transactions are now managed through official banking websites and mobile applications.

Nowadays, it’s becoming popular among customers to use mobile banking services for online transactions rather than visiting banks directly. With this approach, banks are also trying to encourage customers to use digital transactions more, and it helps banks to reduce customers walking to banks every day.

But how reliable are the banking apps? It has been reported that numerous banking apps have been hacked or infected with malware. So, how can customers completely rely on banking apps? What countermeasures does the bank have in place against cyberattacks, and how will they assist users effectively?

And how the AuthX application can assist banking apps in enhancing security and providing customers with a safe environment for money transactions? Let’s take a closer look at it.

Adapt a facility that implements industry-standard security for Banking Applications

To buy things online, people use a variety of shopping apps such as Amazon, Flipkart, and Alibaba and all of these apps are linked to our banking apps which contain our username and password, credit card information, as well as addresses, and phone numbers.

If these applications are hacked, there is a significant risk that your banking information will be exposed as well, and this might lead to hackers hacking into your banking apps.

So, how can you avoid all of this, and how do you protect your financial websites and applications? How to keep hackers out of your digital wallet apps. And how to keep all the apps, such as banking apps, shopping apps, streaming services, and all the apps that are synchronized with your banking information.

All this information can be preserved and securely accessed with a single download.

AuthX – Integrating with Banking apps

 AuthX is a user identity and access management application that assists external apps with security enhancements, frictionless access to restricted applications, and user identity management solutions.

 AuthX App is dedicated to supporting applications, particularly financial apps, in conducting safe transactions among all financial service apps.

AuthX provides many solutions for banking apps, where users can utilize it to protect their bank accounts and all the transactions with them.

The following are the ways to secure your banking apps with AuthX
  • Multi-factor Authentication.
  • Single credentials for Authentication.
  • End-to-end encrypted.
  • Biometric for enhanced security.
  • OTP and Call option for Mobile security.

5 Reasons how AuthX can help Banking Apps 

1.Multi-factor Authentication with AuthX.

Having a single login credential to access banking applications can be duplicated and hacked easily. Adding AuthX Multi-Factor Authentication (MFA) or two-factor authentication (2FA) such as Mobile Authentication which involves Push Notification, One-Time Password (OTP), Time-Based One-Time Password (TOTP), and Phone Calls, Biometric Authentication such as fingerprints and Facial Recognition and – creates an additional layer of security which cannot be manipulated.

Users can integrate with AuthX and implement a solid security framework around their banking application, allowing them to use it seamlessly.

2.Single Credentials for Authentication with AuthX.

Today, people carry more than one bank account and are using multiple banking apps and third-party wallet apps. This makes it difficult for users to remember login credentials for all these apps. This is where AuthX comes in.

 By integrating all the apps in one place with AuthX, you can provide users with a single login credential for multiple banking apps and enjoy a frictionless login experience.

3.AuthX – end-to-end Encryption.

In an online transaction, many organizations such as payment card companies, payment wallet companies, and card brands play an important role in banking apps. Every year, massive amounts of sensitive banking data worth billions of dollars are exchanged. As a result, hacking and malware attacks are very frequent in the banking industry.

AuthX end-to-end encryption, which ensures that data is safe and secure to access, offers the safest response to cyberattacks. It performs security audits and penetration tests, ensuring that security procedures are taken to the next level.

4.Biometric for Enhanced Security with AuthX.

Banking Industries are beginning to implement biometrics for authentication purposes. Since biometrics needs an individual’s unique physical characteristics to authenticate, biometrics proves to be a better security factor compared to other authentication factors.

AuthX provides a quality range of biometric authentication for banking apps, like Facial Recognition and Fingerprint.

  • Use Fingerprint to Authenticate.

Use a fingerprint scanner or built-in scanner with Smartphones to get access to the banking apps. Fingerprint can provide quick and secure access to applications since it is unique, difficult to manipulate, and simple to authenticate.

AuthX app provides the best fingerprint solution in the industry. Users can utilize banking apps and all other apps where bank accounts are integrated for secure authentication.

  • Use Facial Recognition to Authenticate.

One of the modern methods of authentication is facial recognition. With the use of facial recognition as an authentication factor, banking apps can be more efficient and reliable.

Authentication by facial recognition is the primary method available in AuthX for all users. Secure all your financial-related apps and live a stress-free life by integrating your face with the AuthX app.

5.AuthX, OTP/SMS and Call option for Mobile Security.

For all online transactions, the banking app should send an OTP code to the user’s registered mobile number for user identity and device verification. AuthX offers a secure channel for receiving OTP, SMS and Phone call. AuthX provides seamless access to applications by verifying users through OTP codes sent to the users’ registered mobile numbers.

If someone steals your phone and tries to authenticate your bank’s mobile app, AuthX can add two or more layers, such as OTP and any biometric authentication, to ensure that the application is secure.

Monitor and Generate reports.

Once the banking app is integrated with the AuthX platform, create and generate reports of your digital footprints of all the integrated apps. Keep track of when and where you logged in, as well as the performance of your apps and keep unauthorized access in check.

You haven’t downloaded AuthX yet?

All customers’ life savings are now managed digitally without any supervision, which could lead to bank accounts getting compromised. Unless we start using a standard authentication app like AuthX to secure your banking app or any other transaction-related app.

Sign up for AuthX now and connect all the apps on your mobile or in your workstation which need to be protected.