5 Must-Have Security Features in Finance Apps
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With the prevalence of different cybersecurity risks, such as fraud, hackers, scams, artificial intelligence, and deep fakes, asset security remains the utmost priority for several digital tools. This is especially true for apps that hold private and sensitive information, such as finance apps. This article explores security features you should always look for when choosing a secure financial app.
The Rise of Finance Apps
Using finance apps to easily access and manage your finances is a standard practice. In fact, 67% of Americans use a finance app, with daily active users steadily increasing for the past year. From neobanks to personal budgeting, finance apps have become an evolving tool. They not only give us control over every expense, but they also give us statistics to track our progress and get valuable insights.
Learn more about how you can examine your finances with “The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness” by Morgan Housel. This book elaborates on how we can evaluate our behavior to execute money management effectively.
Is it secure?
Finance apps hold confidential data ranging from personal to financial information that must be protected at all costs. Access to this information may lead to financial loss and identity theft without the necessary layers of verification. By using multiple asset security features to secure financial data along with built-in protection such as passwords and PIN codes, the security of your finance app can be more advanced. The following are security features you must set up in your finance apps.
1. Biometric Pass
Biometric pass features secure financial apps from fraud and identity thieves. By using your fingerprint or eye scan to lock your information, a Biometric Pass ensures that you are the only person physically capable of accessing the finance app.
2. 2-Factor Authentication
2-Factor Authentication (2FA) is a common security barrier in addition to casual password protection. This can come in the form of text messages, calls, or an application authenticator to secure financial apps’ log-in with a unique code.
3. Third Party Sharing Off
Sharing data for advertising and analysis purposes is a fairly common feature of most applications. However, this could make the application susceptible to security threats. Providing the option to turn this off to secure financial apps is an important step to prevent unnecessary leakage.
4. End-to-End Encryption
End-to-end encryption ensures that private information is converted and hidden in code to avoid unauthorized access. When finance apps use this feature, transactions are indecipherable as they happen between the user and the finance app.
5. Security Updates and Alerts
It is important to be mindful of recent security threats. Keeping your finance app updated with asset security safeguards you from new threats as soon as possible. Notification alerts regarding security concerns also keep you well-informed about your finance app. To stay informed, read our article “Money Mindset: 7 Powerful Ways Mindfulness Boosts Your Finances,” which outlines how you can enhance your attitude toward finances. This article describes how you can implement a healthy mindset for more informed choices.
Financial security beyond applications is a different responsibility to tackle. Watch our video on “The Shocking Truth About Financial Security Through Savings” to learn how to be financially secure.
Key Takeaways
- Cybersecurity risks are prevalent, prioritizing asset security to secure financial apps holding confidential information.
- Finance apps have become a standard tool for safely managing your finances, with increasing usage over the past year.
- With multiple authentications, finance apps can have several layers of security measures that meticulously verify the user.
- Some of the common security features that users must look for are Biometric Pass, 2-Factor Authentication, End-to-End Encryption, and Security Updates and Alerts.
- The asset security mentioned can be a guide to finding a secure financial app.
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