Connect With Friends. First of all, a lot of financial applications make user of a person's bank account or card number for establishing identity. This data travels over the Internet whenever a new transaction and balance is received. There is absolutely no reason to send the data over the wire, or worse, to store in on the device. To identify a user's account, an application must always use a different key.
With each mobile banking app installation and activation, additional precautions must be taken so as to ensure the user's authenticity. When passing a token to the user, an SMS, phone call or email should not be used for obvious reasons. Regardless of credentials, web service permitting data consumption should check if the device making the request is on a list o known devices. Read the definition of smartphones here at http://dictionary.reference.com/browse/smartphone.
The issue of password access is also important. Usually, app users will disable the passcode or PIN access to an application if the security password for their device has been enabled. Ensure that you check your app if users shut off the security settings on the device. If they actually do, they must be immediately prompted to re-enable the settings or turn on the app's security features. A user should also be revalidated when doing fund transfers, bill payments, peer to peer payments or RDC after the action is submitted. This does not delay user experience but will serve as a confirmation for the action. If malicious activity is detected from the side of the web services, the app should ask the user an additional question prior to completion of the action.
In terms of text data storage, native apps at www.connekd.com can quickly show the account balance, along with previous transactions. If a user opens the app, the data would be refreshed and data that was stored before usually goes into a split database. A lot of developer tools will permit raw access to the underlying database which also accommodates data queries, whether there is a password on the device or not. This can be used to get data such as account number, along with the four latest transactions. Pairing this data with a user's name and phone number linked to the device in the contacts, permits a hacker to call the financial institution and ask for password reset or to move funds.
Finally, all data must be requested over a secure socket layer (SSL) to ensure that communication travels encrypted. SSL Certificate strength should be 256-Bit Encryption. The native app client must make use of a system that connects to data services without needing to store passwords and usernames on the device, or forward credentials over the wire each time there is a request.