Improving Data Security in Banking and Financial Services Through API Design and Transaction Management
Keywords:
organizations, regulatory, exposure, transaction, authenticationAbstract
The constant integration of new and innovative financial services has transitioned API users from traditional financial systems in which API-dependent transactions provide clear visibility into an environment where dependency rises as the need for visibility decreases, increasing the instance of cyber threats. The following paper outlines the new approaches that can enhance data security in banking and financial services, API, and transaction authentication measures, and protection of data. In addition to the best practices illustrated in the enterprise the study also outlines modern sophisticated preventive measures including MFA, machine learning (ML) based fraud detection, blockchain for transactions and encryption. It reveals that the MFA method can minimize unauthorized access by 91% on average, and the use of ML-based fraud detection system shortens the fraud detection time up to 92%. Moreover, tokenization and AES–256 encryption does not allow 96.7% of data exposure cases and guarantees data protection in data transfers. Blockchain integration guarantees the complete chain of transaction and has 96% less fraud rate due to behavioural biometrics. This study aims at evaluating how value added through the integration of conventional security solutions with advanced IT solutions in protecting important financial data with specific reference to improving security, customer trust, and compliance to regulatory standards among the financial organizations.
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