At Compileinfy, we understand that security forms the foundation of every financial application. Our experience with implementing AWS Amplify solutions has shown that integrated security measures protect not just data, but build lasting trust with users. In this article, we will look at different tools and infrastructure offered by AWS Amplify for enhancing fintech app security thereby safeguarding sensitive user data and financial transactions.
Introduction
Did you know ? Data breaches in 2024 alone resulted in an average cost of $4.88 million, a 10% rise from the previous year. Almost 46% of these data breaches involved sensitive personal information like tax IDs, emails, and phone numbers.
Developing secure fintech apps requires implementing multiple protective measures to prevent unauthorized app access and data breaches. AWS Amplify provides a comprehensive solution for building financial apps which are secure by integrating various security protocols across both frontend and backend services. By leveraging Amplify, fintech companies can mitigate the risks of financial and reputational damage caused by these data breaches.
Web Application Firewall (WAF) for Fintech App Security
In order to allow businesses to further secure their web and mobile applications, AWS Amplify Hosting has launched new Firewall Capabilities, a direct integration with AWS WAF. This will allow developers to directly connect a Web ACL (Access Control List) to their Amplify hosted application. AWS WAF is an essential tool for protecting mobile and web applications hosted on Amplify. It enables centralized management of security rules, thereby protecting fintech apps from common vulnerabilities.
Key use cases of AWS WAF:
- Implementing rules to block SQL injection attempts that target database security.
- Applying rate limits to prevent brute force attacks, such as restricting requests to 2000 per IP within five minutes.
- Creating custom rules to identify and block suspicious traffic patterns.
- Monitoring real-time security events with alerts for immediate action.
Advanced WAF Configurations for Fintech Apps
AWS WAF enhances fintech app security by filtering traffic and restricting access based on specific criteria like IP addresses and geographic regions.
Advanced configurations include:
- Blocking known malicious IP ranges based on Amazon internal threat intelligence to reduce attack risks.
- Allowing admin access only from approved corporate IP addresses for enhanced control.
- Enforcing geo-restrictions to align with regulatory requirements.
- Disabling default Amplify URLs, restricting access to the default Amplify generated amplifyapp.com domain. This is particularly useful once we add a custom domain to prevent bots and search engines from crawling the domain.
Strengthening Authentication with AWS Amplify Auth
Authentication is a critical component for fintech app security. AWS Amplify Auth, powered by Amazon Cognito, enables secure user management and access controls. Cognito User Pools handle user registration, authentication, and account recovery processes whereas Cognito Identity Pools manage access to AWS services through role-based permissions.
Authentication features for fintech app security:
- Verifying user identities through email during registration.
- Adding phone number verification for sensitive transactions.
- Implementing role-based access control for different user groups, including administrators and auditors.
- Supporting social login options for streamlined user experiences.
Best Practices for Authentication in Fintech Apps
AWS Amplify Auth supports multi-factor authentication (MFA), robust password policies such as requiring password updates every 90 days, and secure account recovery mechanisms to strengthen fintech app security.
Here are some of the best practices which we follow at Compileinfy for secure authentication :
- Using time-based one-time passwords (TOTP) for added protection.
- Verifying critical transactions with SMS codes.
- Enabling biometric authentication for secure access on mobile devices.
- Requiring password updates every 90 days and enforcing complexity rules.
- Integrating external identity providers for seamless yet secure authentication.
- Passwordless authentication options like magic links to provide an additional layer of convenience while maintaining security.
Authorization Strategies for Fintech Applications
Authorization is the process of validating what a user can access. It ensures users have access only to the features and data they are permitted to use in the application. AWS Amplify helps enforce granular control with custom backend logic and IAM policies.
Common authorization practices include:
- Limiting transaction values based on user roles, such as standard users versus premium clients.
- Applying time-based restrictions to minimize risks outside business hours.
- Restricting access to specific geographic locations based on compliance needs.
- Enabling multi-level approval workflows for high-value transactions.
- Keeping detailed logs of authorization activities to support audits and compliance.
Key Decisions When Using Amazon Cognito for Fintech Security
Configuring Amazon Cognito for fintech apps requires thoughtful planning to meet long-term security needs. Certain configurations, like user attributes and authentication methods, cannot be changed once the backend resources are configured.
Critical Considerations:
- Determining required user attributes such as email, phone, and name to identify the user. These cannot be renamed or deleted at a later stage.
- Choosing reliable password recovery options like email or SMS.
- Setting appropriate session timeouts for balancing security and usability.
- Implementing device tracking to identify trusted devices and flag suspicious ones.
- Using adaptive authentication to adjust security measures based on user behavior.
Compliance and Monitoring in Fintech Apps
Fintech apps must adhere to stringent regulations, such as PCI DSS for payment security, GDPR for data protection, and SOX for financial reporting. AWS Amplify supports these compliances through monitoring and built-in security features.
Compliance best practices include:
- Conducting regular security audits to identify any application vulnerabilities.
- Performing penetration tests to evaluate the app’s defenses against cyberattacks.
- Setting up continuous monitoring for anomalies and threats.
- Using real-time alerts for prompt action against suspicious activity.
Conclusion
AWS Amplify provides security tools for financial applications through integrated services and configurable protection measures. The combination of AWS WAF, authentication, and authorization helps create defense layers that protect sensitive financial operations. Regular security assessments and updates ensure continued protection against emerging threats.
How Compileinfy Supports Fintech App Security
At Compileinfy, we provide end-to-end support for securing fintech and mobile applications by leveraging AWS Amplify’s advanced features. Our expertise includes designing security architectures tailored to specific business needs, implementing authentication and authorization mechanisms, and configuring Web Application Firewalls to shield apps from threats.
With a focus on proactive security measures and continuous monitoring, we help fintech companies protect sensitive data, streamline user management, and build trust with their customers. Our team ensures your applications are equipped to handle evolving security challenges, allowing you to focus on delivering exceptional services to your customers.
Book a free consultation today to understand how we can help your business in your Fintech App journey.
