Most financial apps fail miserably when it comes to protecting their apps, and the customers who use them. These security deficiencies expose the app’s source code, sensitive customer information, and access to backend systems.
This article will go over the most common app vulnerabilities and the sensitive information they can reveal, and the steps that you will need to take to patch these vulnerabilities and protect your institution and your customers.
Common app vulnerabilities and sensitive data they can reveal
A study performed by Arxan Technologies suggests that financial apps are inherently insecure due to poor app development practices. Here are some of the vulnerabilities they spotted:
Lack of binary protections
Binary protections make a finished app harder to reverse engineer to exploit weaknesses. Unfortunately, all apps Arxan tested had zero application security, which makes hacking the app easy for bad actors.
Lack of secure data storage
Financial apps do a terrible job securing user data; they usually place the data on the device’s local storage, allowing criminals to access your information easily.
Accidental data leakage
Financial apps share their data with other apps on your device; this could potentially lead to a disguised malware app stealing your sensitive information.
Weak or broken encryption
A large number of financial institutions are using MD5 encryption, or they have a more reliable encryption system in place, but it’s improperly configured. This security gap allows hackers to decrypt and steal your data easily.
Trusts all certificates too easily
Most financial apps don’t check other certificates, making these apps vulnerable to MiTM (or “Man In the Middle) attacks when hackers or malware developers inject fake certificates. Hackers can easily take advantage of this security gap and intercept data exchanges between the app and the bank.
Database parameter and SQL query exposure
Financial apps tend to show readable code when decompiled. Hackers with a trained eye can spot important code like sensitive database parameters, SQL queries, and other configurations. When a hacker has this information, they can perform SQL injection and manipulate your database.
To avoid the above vulnerabilities and more, it’s vital to improve your banking apps’ security. To solve the problems that come with a banking app’s structural weaknesses, you need to involve people from different organizations to cooperate in making the app as secure as possible. Deploy the latest security tools to monitor your app and rectify any weaknesses that you spot immediately.