Security vs Convenience

Parpera takes security very seriously and implements many defences at various levels to achieve comprehensive coverage across our platform. One important member facing strategy is to impose more confirmations and checks to ensure the user is who they claim to be. However this often comes at the expense of convenience and sometimes even consumer confidence.

I’ve received lots of feedback over the years regarding fintech app security. Some refuse to upload their driver license to an unseen entity, others lament yet another PIN to remember.

Do you feel comfortable sending a video snippet of yourself reading out your passport number via your finance app?

Monzo bank in the UK have completely removed the need to login to your app after an initial sign in. It simply relies on your mobile’s login to protect your financial and personal banking details. It still authenticates you before performing actual transactions, but you can now quickly access your banking data without the login screen getting in the way. Does this type of convenience excite you or cause you concern?

I’m keen to hear your thoughts on security of modern fintech apps versus traditional finance institutions. Which one are you more confident in?

Do you think about security when choosing a fintech app?

Are there security trends or practices you are impressed with?