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Data Security in Fintech App Development: How

PHP Can Help

December 20, 2022 6 Minutes read

Rohit Rawat
Author

/ Blogs / Technology / PHP

Given how quickly the fintech sector is evolving and how fiercely competitive it is
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becoming, it is crucial to take all the necessary precautions to maintain dominance. UPDATES

Developing web applications for the fintech sector is not without its difficulties. And in this Enter your email
blog, we are going to discuss the biggest challenge the industry is facing and how to
overcome it. Subscribe

Data Security: The Biggest Challenge of Fintech

Industry
Making products that are both user-friendly and secure is the biggest challenge in Fintech
software development right now. Since financial institutions store large amounts of
sensitive customer data, even a small weakness in the code can have serious
repercussions.

If you want users to make your product the go-to place for their financial needs, then you
must balance functionality and simplicity.

You may run the risk of losing customer data to hackers if it does not have sufficient data
security measures in place. That will make your reputation suffer, and there could be
significant financial losses.

How PHP Can Help With This?

There are many advantages of PHP including the many ways to protect databases from
unwanted cyber attacks. And with Fintech, the need to secure them is at an all-time high.
Here, we will mention the top ways you can use security features of PHP.

What are SQL Injections?

SQL injection is a kind of injection attack where an attacker submits a maliciously crafted
input. These attacks force an application to take an unintended action. SQL injection is one
of the most prevalent cyber attack types due to the widespread use of SQL databases.

How PHP Can Protect Your Fintech Software

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1. Parameterized Statements

An application can create and execute SQL statements against a database, retrieving and
transforming data as necessary with the help of database drivers. These drivers also let
programming languages communicate with SQL databases. Therefore, inputs (also known
as parameters) passed into SQL statements are handled safely with parameterized
statements.

2. Object Relational Mapping

When converting SQL result sets into code objects, many developers favor Object
Relational Mapping ORM frameworks. Because of ORM tools, developers rarely need to
write SQL statements in their code, as these tools internally use parameterized statements.
So you can hire PHP developers who can use these tools effectively.

However, using an ORM does not make your software invulnerable to SQL injection. When
performing more complex database operations, many ORM frameworks let you construct
SQL statements or portions of SQL statements. So it is important to be prudent about the
code your developers write in these situations.

3. Escaping Inputs

There will be situations where you won't be able to use parameterized statements or a
library that generates SQL for you. In that case, the best alternative is to make sure that
your developers properly escape special string characters in input parameters.

An escape character invokes a different interpretation for the characters that follow it in a
character sequence.

The ability of the attacker to create an input that will close the argument string early in
which they appear in the SQL statement is a common requirement for injection attacks.

There are common ways to describe strings with quotes in them in programming
languages, and SQL is no exception. It prompts the program to treat the quote as part of
the string and not the end of the string. That happens when the quote character is doubled
up and single quote is replaced with double quotes.

The majority of SQL injection attacks can be easily thwarted by escaping symbol
characters, and many languages have built-in functions to do this. The best PHP web
development services will make sure of that.

4. Validating and Sanitizing Inputs

Input validation resembles running tests on the information a user is entering into a form.

If there is an email field, you should make sure it is not blank and that the email format is
as specified. If the form has a name field, make sure it's not blank. Also, it must be a string,
and of the right length.

The user can use these tests to determine whether the data they have entered is correct or
not. You can even send them a message if they are incorrect.
For a better user experience, user input values can be validated on the client side, but it
should also be done on the back
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Bypassing the client-side code allows users to send incorrectly formatted data to the
back-end. So it is important to validate the code in the backend too.

For all applications, sanitizing inputs is a good practice. Always try to dismiss inputs that
appear suspicious right away, but be careful not to unintentionally punish authentic users.

Client-side validation is useful for providing the user with immediate feedback when they
fill a form. However, it is no match for a determined hacker. Instead of the browser itself,
hackers use scripts in the majority of hacking attempts. Therefore, you must hire PHP
developers who have the expertise of thwarting these attacks.

PHP Security Tools That Protect Your Fintech Software

1. PHP IDS Intrusion Detection System)

PHP IDS an efficient, well-structured, and cutting-edge security measure for your PHP
based web application. It does not validate, sanitize, or filter any malicious input. The IDS
identifies when an attacker attempts to break your site and responds according to a set of
approved and tested filters.

Every attack is given a numerical impact rating, making it simple to choose what course of
action should be taken in response to the hacking attempt. This tool is one of the best
benefits of using PHP in web development.

This involves -

Alerting the development team via email

Showing a warning message to the attacker
Terminating the user's session

2. Securimage

Securimage is a PHP CAPTCHA script that is open-source and free. Developers can use it
to create challenging images and CAPTCHA codes to secure forms against spam and
abuse. It is simple to incorporate into already-existing forms on your website to offer spam
bot defense.

If PHP and GD support are installed on your web server, it should be able to run on almost
any web server. From creating the CAPTCHA images to validating the entered code,
Securimage handles it all. Make sure this tool is a part of your PHP web development
services.

3. Pixy: PHP Security Scanner

Pixy is an open-source scanner static code analysis tool that scans PHP applications for
security vulnerabilities. It mainly detects cross-site scripting vulnerabilities in PHP scripts.

Why Narola?
We all understand how critical data security for Fintech apps is. So if you are building a
financial app, you wouldn’t want just anyone to be handling that project, right?
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Watch on

Narola Infotech is a PHP development company with more than 17 years of experience.
Our 350 IT experts have worked with over 1500 clients around the world in every major
industry. In fact, our clients have appreciated our efforts and results over the years.

Do you want to build a secure and functional fintech platform? Feel free to contact us at
any time, and our experts will get back to you to discuss your dream project.

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