• Evaluate the effectiveness of the app’s authentication and authorization mechanisms
• Assess how the app secures sensitive sensitive data (user credentials, personal information & financial details)
• Verify the security of data transmission, including interactions with APIs and servers
• Examine the security of APIs used by the mobile app to ensure data integrity and confidentiality
• Checking SSL pinning implementation 
• Evaluate Jalbreak / rooted device detection
• Review the app’s source code for security issues & vulnerabilities

Security is of paramount importance for banking and finance applications. These apps deal with highly sensitive financial data and transactions, making them prime targets for cyberattacks. Here are key reasons why security is crucial for banking and finance apps:

• Protection of Sensitive Data: Banking and finance apps handle a treasure trove of sensitive information, including account numbers, personal identifiable information (PII), Social Security (ID) numbers, and transaction history. Ensuring the security of this data is non-negotiable to protect customers’ financial well-being.

• Prevention of Fraud: Security measures are essential for preventing fraudulent activities such as unauthorized access to accounts, identity theft, and financial fraud. Robust authentication and authorization mechanisms are crucial to verify the legitimacy of users.

• Customer Trust: Security breaches can shatter customer trust, potentially leading to reputational damage and loss of business. Maintaining a strong security posture demonstrates commitment to safeguarding customers’ financial interests.

• Compliance with Regulations: The banking and finance industry is heavily regulated, with stringent data protection and privacy laws. Compliance is mandatory, and failure to meet regulatory requirements can result in severe penalties.

• Cyber Threat Landscape: The cyber threat landscape is constantly evolving, with cybercriminals devising new tactics and techniques. Security measures must adapt to protect against emerging threats.

• Financial Transactions: Banking and finance apps facilitate financial transactions, including transfers, payments, and investments. Any security compromise during these transactions can result in financial loss.

Sabean Technology, provide mobile application security assessments based on OWASP standards, ensuring comprehensive protection for sensitive financial data. Our approach asses beyond OWASP Top Ten and Mobile Top Ten risks, it incorporates secure coding practices review, and API security.