The Dark Side of Fintech: Cybersecurity and Hidden Risks

Fintech

The Dark Side of Fintech: Cybersecurity and Hidden Risks

By: Siddhi Tamby

Increasing cybercrimes and Instamo's take on this situation

The pace of growth and innovation in the fintech sector is flourishing rapidly. However, it does come at a cost - rise in security and data breaches. With more companies going online and venturing into fintech, protecting consumer's privacy is often neglected. According to PwC’s Global Fintech Survey, 56% of respondents identified information security and privacy as threats to the rise of fintech. The United States alone faced a staggering 164.6 Million data breaches last year and unfortunately these numbers continue to rise all across the world.

The consumer’s data including personal, financial and health information is often collected to generate insights about buying, acquisition and retention patterns. Protecting this data and providing it to relevant third parties in a secure manner is an ever-going challenge for the fintech industry. Although many companies often neglect doing so , there are many which treat it as top priority. One such fintech startup which pays exceptional attention to protecting consumer’s privacy is Instamo.

How we protect our consumers:

Instamo is an API international payment hub which provides real time cross border transaction capabilities to individuals, companies and financial institutions in the United States , Canada and South East Asia. Dealing with personal and financial information of customers comes at the pivotal responsibility of protecting it and Instamo takes various measures for the same.

Instamo has a dedicated team of security engineers who develop, evaluate and integrate security technologies, frameworks and solutions.

This means:

  • Regular vulnerability scans and external penetration tests are conducted to monitor and audit the system .

  • Encrypted consumer data using server side encryption with AWS key management service ensuring there are no data leaks.

Instamo takes the responsibility of protecting all sensitive data very seriously so its customers can have the best experience using its services to send money to their loved ones.

To learn more about Instamo, log on to their website https://instamo.io/ or drop them an email @ contact@ instamo.io .

Source: https://www.pwc.in/assets/pdfs/consulting/cyber-security/banking/security-challenges-in-the-evolving-fintech-landscape.

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