by With more mobile apps streamlining investments, stock market investments have become simpler today. This has naturally made it crucial to maintain security of the money that you earn. In a scenario where digital financial transactions are growing fast, it is essential to ensure that the stock market app you select is completely secure.
Here are five essential security features that you should look for in stock market apps.
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Two-Factor Authentication (2FA)
2FA or two-factor authentication will lower the chances of unauthorized access. This will enable an extra security layer for your trading account. Creating a robust password is often par for the course, you will have to provide other details like OTPs (one-time passwords). These are unique to the users and may be used for a single time only. With 2FA, even if someone gets your password, they will be unable to get account access minus the second verification factor.
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Biometric Authentication
Many stock trading apps now have biometric verification, like fingerprint or face recognition. This also gives an added layer of protection and is much more convenient for users than typing passwords every time. Also, this is faster, particularly in a rapid market where moments are essential for transactions. Yet, the nature of biometric data is completely unique, making it difficult for hackers to imitate the same.
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Complete Encryption
When you use a stock market app, you are transmitting sensitive information like bank details, PAN numbers and transaction data. In case any fraudulent individual/entity or hacker gets access to data of a sensitive nature, then your investments and funds will be at higher risks alongside. Complete encryption will make sure that your data will be fully encrypted while in transit. This will ensure that even if hackers intercept the same, they will be unable to use or read the same.
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Regulatory Compliance
A reputable stock market app should comply with the Securities and Exchange Board of India or SEBI and its guidelines. You can thus be sure that the market app is functioning in a legal way and adheres to higher security protocol levels. In many cases, you will find such data in the terms and conditions of websites or mobile apps.
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Regular Security Updating
Technology has witnessed rapid evolution in recent times and this has led to more cyber frauds and threats alongside. A trusted stock market app may offer security updates regularly for tackling new security challenges that may crop up. Regular updates add new protection protocols and fix any existing security lapses in the app, saving you from becoming a target for incoming or existing security threats. So, always check if the app you are using is up-to-date and if security patches are frequently released by the developer.
Final Thoughts
Before plunging into the world of stock trading via an app, first of all, think about security. With these key features in an app, you can securely trade with complete peace of mind.
