Top Ways to Keep Embedded Finance Platforms Secure

Date:

Share post:

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.

Securing APIs:

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.

Securing iFrames

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.

Also Read: Benefits of Embedded Finance for B2B Marketplaces

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

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

BNP Paribas and Ant International Partner To Improve Cross-Border Payment Solutions In Europe

BNP Paribas, a bank in the European Union, has partnered with Ant International, a digital payments and financial...

Wirex And Visa Collaborate To Promote Use Of Digital Currencies In The UK And The European Economic Area (EEA)

Wirex, a Web3 money app, and Visa, a leader in digital payments, have announced a partnership to promote...

Transend Partners With Midland States Bank To Offer Innovative POS Solutions

Transend, a company that offers working capital solutions to businesses, has announced a new partnership with Midland States...

Three in ten adults have been a victim of financial fraud; spurring industry to continue investment to protect consumers

As fraud rates continue to rise, nearly all adults in the UK (94%) now say they are taking...