Trading on the commute to work or while waiting for a morning coffee are just two of the benefits individuals around the world get when downloading and using a trading app.
Today, apps are big money makers and it’s anticipated that by 2020 they will generate $189 billion, which makes app development a lucrative and growing business, but it’s vital to get it right.
Therefore, before releasing a product on the market, developers should focus on keeping sensitive data secure and implementing as many functions as possible to keep user’s data safe. Let’s take an example of the most popular mobile app for tracking stocks and shares SeekingAlpha that faced a serious security flaw leading to information leaks.
It had been discovered by Derek Abdine of Rapid7 that the app leaks personally identifiable and confidential information, comprising the username and password that connected with the account, lists of stock symbols and HTTP cookies.
In this blog, we will have a look at the different ways how developers can keep user data safe and secure while developing a trading app.
5 Proven Ways to Keep User Data Safe & Secure When Building Trading App:
1. Learning From Others
Cryptocurrency receives good and bad press coverage on a day to day basis. Many people benefit from these types of programs and make a considerable amount of money from them. However, others are finding themselves being targeted by scammers.
Evidence suggests that investors shouldn’t leave cryptocurrency coins on the exchange as it’s not the most secure of storage facilities. Instead of leaving coins on the exchange, alternative and safer homes for them should be sought, such as in a hardware or paper wallet.
Developers can learn a lot from the cryptocurrency industry and use this knowledge to improve the data security in the apps they offer.
2. Data Security
To make your app as secure as possible, use a 128-bit algorithm encryption level – the highest level that US law allows. It’s almost impossible for hackers to steal user’s information with this level of encryption due to the sophisticated algorithm used. It’s highly recommended that file-level encryption is incorporated to protect any data stored or entered.
Most people like the benefits that come with their details being auto-filled when they return to a login page, however, this function can put the individual’s data at risk due to it being housed within the app. Therefore, when using this feature, arrange for any sensitive information to be kept in a secure, encrypted storage space.
Typically, a user will log into a piece of software using a username and password. If this is the login method you choose to use for your piece of technology, be sure to build in some rules regarding the password to ensure individuals like they have to select upper and lower letters, special characters and meet a word length threshold. This provides maximum protection and stops hackers from easily guessing login details.
3. Automatic Features
Developers should look to build in an automatic logout function which activates after some seconds when an individual closes their screen. This prevents the software from being open to vulnerabilities and ensures that only the authorized account holder can access their data by being forced to log back in.
It’s also recommended that any update made to your application automatically download onto your customer’s devices, rather than relying on them to check and manually process them. By doing this, you’re making sure that everyone using your product’s safest, securest and latest version.
Moreover, fingerprint recognition is a great tool that is utilizing many pieces of technology. It’s a brilliant way of ensuring that only authorized persons can access their data, and it provides a reassurance that transactions made are legitimate.
Before releasing your product onto the market for the general population to download and use, it’s vital that you test every aspect of your design multiple times. Ideally, you should use penetration testing to seek out weaknesses. This should then be followed up by in-depth authentication, authorization, data security issues and session management testing. Before signing off the app, using emulators to test how it will perform in a specifically designed environment would be a good idea.
Even when your product has gone live, regular testing should continue to be done to check for bugs and flaws. If anything, untoward is found, measures should be taken to protect anyone who has the app installed and a quick resolution implemented to limit downtime and any potential damage that could be caused.
5. Prompt Users
Individuals who have downloaded your program may think that they know exactly how to use the system and know what they need to do to stay protected when trading. However, don’t be afraid to remind them of the ways in which they can keep themselves and their personal information safe online.
Simple things like prompting a user to log out of the system, reminding them not to trade while using public Wi-Fi and encouraging them to use a unique password when signing in can all be helpful reminders which can even be incorporated in a fun way into your specifications.
A Concluding Note,
In short, trading apps are a brilliant way for people to trade on the go, but it is must that it is built with complete security to give users the safest experience. So, if your app has well thought out features to protect users’ data, you can be sure of a trustworthy product with a long and healthy future.
However, you make sure that while discussing your trading app idea with any leading mobile app development company, you discuss the security features that you are looking for. In case, if you still have any confusion or query related to data security feature in the trading app, you can get in touch with us through below given form and our business team will get back to you with required answers to your questions.
This page was last edited on April 29th, 2020, at 7:08.