The best kind of financial security is one that does not undermine user experience. This is the principle behind the security infrastructure that protects Fintava from breaches.
Financial security is more crucial today than ever before, especially as the world becomes increasingly digital. As someone who leads security for a fintech company, I understand that protecting users’ financial data isn’t just a nice-to-have — it’s a necessity.
Cybercrime is on the rise, and with the growing sophistication of hackers, companies must invest in cutting-edge security measures to stay ahead. Customers trust us with their sensitive information, and one breach can not only result in significant financial losses but also erode that trust, which is much harder to rebuild than to maintain.
At Fintava, this trust is even more important for us because as a banking as a service company (BaaS), we cater to businesses that trust us with a significant part of their finances.
To keep these businesses safe we have security protocols that protect against attacks like race condition which compromises data integrity. If successful, attackers can manipulate account balances leading to losses.
The security protocols we have are up to global standards, ensuring our users’ data is protected at every level. We use end-to-end encryption to secure all transactions, meaning that any information sent between our platform and the user is fully encrypted and unreadable to outsiders.
While we do our best to ensure top-notch security, we regularly undergo third-party security audits to ensure that our systems meet and exceed industry standards. These independent reviews help us identify potential vulnerabilities and reinforce our commitment to maintaining a secure environment for all users.
They also help us make sure we comply with ISO/IEC 27001 the world’s best-known standard for information security management systems (ISMS).
However, strong security should never come at the cost of user experience. Balancing both is essential to retain customers in a competitive market.
But at one point, I almost considered reducing request and response speed to decrease the possibility of race condition attacks. But our “the best kind of financial security is one that does not undermine user experience” helped kill this thought.
We can’t overwhelm users with complicated verification processes or create friction in their journey, as that leads to frustration and, often, abandonment.
While we do not want to undermine user experience for security, we also understand that some security responsibility rests on the customers. However, we still make it as seamless as possible.
For example, while multi-factor authentication (MFA) is a proven method to enhance security, it needs to be implemented in a way that doesn’t disrupt the flow of user experience.
Ultimately, it’s about making security seamless. In our company, we focus on integrating security into the background—like encryption and fraud detection systems that run automatically—so users aren’t burdened by it.
By embedding security into the product design from the start, we can ensure financial safety while still offering a smooth, enjoyable experience. This balance of security and usability not only protects our users but also strengthens the brand and boosts customer loyalty.
