Mobile Security in BoroBit: How We Protect Your Finances - BoroBit

Mobile Security in BoroBit: How We Protect Your Finances

Смартфон, показващ катинарче

Security is a top priority for BoroBit. With the latest app update, we introduce features that enhance access protection while following the best industry practices. In this article, we will explore why financial app security is critical, what technologies we use, and how BoroBit complies with security standards.

Why is financial app security important?

Financial apps contain sensitive information and often provide access to bank accounts, expenses, and other personal data. Therefore, it is crucial to protect them against the following risks:

  • Unauthorized access – If a device falls into the wrong hands, lack of protection may allow someone to access financial information.
  • Phishing and social engineering – Malicious actors may use deceptive methods to gain access to sensitive data.
  • Data leaks – Without sufficient protection, data may be compromised in case of device loss or theft.

One of the key security mechanisms is app locking. At BoroBit, we have integrated this feature to allow users to restrict access using biometrics or a PIN code, minimizing the risk of unauthorized access.

What security methods does BoroBit use?

BoroBit offers multiple layers of protection that users can customize according to their preferences:

  • Biometric authentication – We support facial recognition and fingerprint scanning based on device capabilities.

  • System PIN/pattern – If biometrics are unavailable or the user prefers, a PIN or pattern can be used for security.

  • Auto-lock – Users can choose the duration before the app automatically locks upon exit, with options ranging from immediate locking to several minutes or longer intervals.

How do we ensure security from a technical perspective?

To provide maximum protection, BoroBit relies on the following mechanisms:

  • Local authentication – Biometric data is not stored in the app but is used directly through iOS and Android system mechanisms.

  • Encryption of sensitive data – Any sensitive information that must be stored is encrypted using state-of-the-art algorithms.

  • Secure session management – When logging into the app, secure sessions are utilized, automatically expiring after inactivity, with locking providing an additional layer of protection.

How does BoroBit follow industry security standards?

BoroBit adheres to leading security standards in financial technology and mobile banking.

Regulations and standards:

  • PSD2 and Open Banking Security – As part of the Open Banking ecosystem, we implement security principles required by the PSD2 regulation.

  • ISO 27001 – We follow best practices for information security, complying with international standards such as ISO 27001.

Technical measures:

  • OWASP Mobile Security Best Practices – We adhere to OWASP recommendations for mobile applications to protect users from potential vulnerabilities.

  • Data encryption – All data is transmitted and stored in encrypted form, using proven security algorithms.

What are the challenges in securing financial apps?

Financial apps are prime targets for cybercriminals due to the sensitive data and access to bank accounts they contain. Here are some of the main threats facing the industry:

  • Phishing attacks – This technique involves fraudulent messages or websites designed to trick users into revealing their login credentials.

  • Device spoofing – Cybercriminals may attempt to replicate or clone a user’s device to gain access to their account.

  • Man-in-the-middle (MitM) attacks – These occur when a malicious actor intercepts communication between a user and the server, allowing them to steal or manipulate data in real time.

  • Unauthorized access from lost or stolen devices – If a device falls into the wrong hands without proper security measures, financial data may be at risk.

At BoroBit, we strive to implement the best industry practices to minimize these risks and ensure reliable protection for user data.

Implementing app locking is just one of the steps we are taking to enhance security at BoroBit. Security is never a static state – it is an ongoing process. We continue to improve BoroBit to meet the highest industry standards and the expectations of our users.

Share: