The latest embedded finance solutions are tech-driven, integrating financial services and payments into businesses’ infrastructure.
Like other financial services platforms, embedded finance platforms usually remain at risk of fraud and threats. So, they need good, robust security tools to secure the platforms.
Here are the ways to keep them secured.
Financial organizations should enforce encryption for SSL (Secure Socket Layer) and HTTPS (HyperText Transfer Protocol Secure) protocols for all API calls. In this, data transmitted is encrypted to reduce or eliminate data extraction and modification risks.
There should also be rate-limiting requests that restrict the number of API calls from a particular IP address. This protects against Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) attacks in embedded finance platforms. Moreover, organizations should also have Robust Access Control Limits (ACLs) and do penetration testing for platforms to keep removing potential threats.
Mostly, iFrames contain malicious codes that harm the platforms. Financial organizations can initiate security measures for the platforms by running scripts and accessing the DOM to provide an additional layer of security.
Additionally, user input validation and refinement are essential for preventing platforms from Cross-Site Scripting (XSS) attacks. Moreover, refinement techniques will help neutralize infected characters in HTML, thus reducing code injection attacks on embedded finance platforms.
Include SOC2 attestation
It helps with external testing and security of other platform controls, ensuring they meet industry-leading standards in safeguarding customer data and maintaining secure operational processes across the embedded finance space.
Look out for Vulnerabilities in platforms
As embedded finance applications are used for non-banking organizations without taking any significant regulatory standards, it creates a unique risk across customer ownership and financial organizations. It also creates vulnerabilities in the platforms. So, it is essential to check such weak points to reduce threats efficiently.
Read More: How to Optimize Security in Embedded Finance