How to Build a Money Transfer App?
Tags: blockchain, security, privacy
Published: 2021-04-08 10:24:06

How to make the business of money transfer application development more secure?

Several measures can be taken by a business dealing in money transfer to safeguard its users’ data. Here, we will look at the most typical security measures that a digital wallet app development company can implement to guarantee security to their customers.
1. 2-factor authentication

2-factor authentication is going to be the most commonly used practice. A user has to go through a couple of levels before logging in or before the final cash transfer step. On most occasions, a real-time OTP is going to be sent to the user’s registered email address or mobile gadget.

On some occasions, it happens to be a security question such as your mother’s maiden name or your favorite teacher, whose answer will be unique and will only be known to the account owner. This question will pop up every time a request is made for accessing a digital wallet or logging in.

 
2. TLS and SSL

Known as TLS (Transport Layer Security) and SSL (Secure Socket Layer), both of these happen to be cryptographic protocols that make use of symmetric and asymmetric encryption techniques for safeguarding user information. The protocols will grant an extra level of security for protecting user data. You can find these on chat messengers such as Whatsapp, where plenty of information is shared regularly.

 
3. Blockchain technology

Blockchains can be considered a fantastic method of transferring funds between different accounts at low prices, compromising the security front. The security level will be higher when it comes to blockchain technology. It is mainly its decentralized nature that enables anybody across the globe to send and also receive money safely while eliminating any 3rd-party verification services. It is quite tough to hack something written in the distributed and decentralized blockchain ledger, which helps make it extremely reliable and safe.

 
4. Data Encryption

Data encryption happens to be one more well-known technique for keeping data secure. This information can be accessed by only those involved in a transaction by a hardware device, binary data, or paraphrase keyword. These are known as access keys. Data encryption helps to make the digital payment app development process a completely secure and safe transaction at all times.

 
5. Biometrics

It will be possible to recognize the device’s ownership with the help of biometrics utilizing Touch ID or Face ID. This helps validate the proper user and enables funds to be transferred to the destination account smoothly and seamlessly. Biometrics is used by apps such as USDX Wallet and Azimo for logging into the app. They likewise come with this astounding feature known as “auto-lock.” The app will become locked automatically after a few minutes of inactivity, and validation is mandatory upon every single re-entry.

 
6. Address Verification System (AVS)

It is a fact that online commerce can be susceptible to fraud. However, this risk can be reduced to a great extent by the usage of AVS. It functions by verifying the address which is mentioned in the transaction against the address which has been listed at the issuing bank. It will be possible to complete the transaction without any issue once the verification has been completed.

 
7. On-demand server solution

It is important to monitor the server load. Although it should not be a problem initially, servers incapable might cause interruption of service at later phases. A phased solution will be the most effective way to prevent the exceeding of load on a server. Commencing with the minimal application consisting of the important set of features as the number of market or users becomes more will be a good idea. This is because the overloaded server might lead to slower processing, which might interrupt transactions in the long run.

 
8. PCI Compliance

Referred to as PCI DSS (Payment Card Industry’s Data Security Standard), it happens to be a set of standards responsible for safeguarding the users from data breaches and online cash transfer frauds. One significant step of the money payment application development process will be to obtain a PCI DSS compliance certificate. Companies that are unable to hold the compliance will be required to submit a substantial fine.

Learn more here:https://www.rlogical.com/blog/how-to-build-a-money-transfer-app/