There is no doubt that there is a rapid improvement in the market for money transfer applications at present. It is expected that the volume of online payments in the US will cross the $300 billion mark by the conclusion of the subsequent year. Moreover, in China, it is likely to touch the $6.3 billion mark.
Are you aware that approximately 80% of mobile applications are abandoned after one single use only? This signifies that you have to be conscious of the challenges of creating a money transfer application before investing your money into the procedure.
With the development of mobile payment applications, the number of risks is also quite high. A committed approach will be imperative for tackling these types of threats, beginning in the initial stage of the mobile payment application development procedure. A comprehensive risk assessment, as well as a mitigation plan, needs to be in place.
Below, we have mentioned the possible threats which might be troubling you while creating a money transfer app.
Everything has to be correct with cash being involved. There ought to be a 100% zero-tolerance policy so far as data accuracy, and quality assurance is concerned. Hackers might attempt to manipulate the information received. The development team needs to be prepared to protect the system from any kind of mischief whatsoever.
Applications having sensitive information are susceptible to cyber threats such as hacking and data leaks. Hackers will be keeping an eye on these types of applications for using the stored information for their interests, and the apps’ security becomes compromised on most occasions. It is essential to take adequate measures to keep the information safe and protected and avoid any type of illegal access.
It is possible for the system not to work properly because of a slow Internet connection or technical issues. This might lead to conflicts and anomalies between the transacting systems.
In online payment systems, frauds are quite common. Everything will be okay as long as the password is entered correctly or the security questions are answered properly. However, there is a possibility of fraud if your information becomes leaked, or somebody close to you can get hold of your info. Consequently, it will be a good idea not to share sensitive data with anybody, including even your close friends. In the past, we have seen cases where the users have been deceived for sharing their passports or OTPs, which has resulted in the emptying of their digital wallets instantly.
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.
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.
