In line with cybersecurity best practices, Balance will run frequent vulnerability testing. These regular tests will move across the Balance network, system, and application. In addition, through using threat intelligence and vulnerability databases, user's data will be protected from any potential security flaws and weaknesses.
While passwords can occasionally become compromised, multi-factor authentication provides an extra layer of safety to keep financial and personal details safe. Balance allows users a high level of security by offering several login options. These include fingerprint or face ID security. Using these biometrics means that the user can access financial details in an incredibly secure manner. Users can also set up this security feature by requiring SMS, email, or authentication app verification upon login. By adding multi-factor authentication into the verification methods, Balance users can feel confident their information is locked down.
To link banking applications together, Balance uses an Application Programming Interface (API). APIs are software that lets different apps talk to each other. In addition, to ensure that the information stays safe and out of the hands of bad actors, transport layer security (TLS) is used as a security protocol. This means that all Balance user's information is encrypted by 256-bit AES keys and RSA encoded public keys. This process ensures that the encrypted information users send between apps needs to be decrypted by the API. This provides users with industry-standard security.