How to Secure Android Shared Preferences?

You need to handle Verisons under API 23

fun providesSharedPreference(): SharedPreferences {
    var sharedPreferences: SharedPreferences

    if (Build.VERSION.SDK_INT >= Build.VERSION_CODES.M) {
        sharedPreferences = EncryptedSharedPreferences.create(
            application,
            Constant.SHARED_PREFERENCE_NAME,
            getMasterKey(),
            EncryptedSharedPreferences.PrefKeyEncryptionScheme.AES256_SIV,
            EncryptedSharedPreferences.PrefValueEncryptionScheme.AES256_GCM
        )

    } else {
        sharedPreferences =
            application.getSharedPreferences(
                Constant.SHARED_PREFERENCE_NAME,
                Context.MODE_PRIVATE
            )
    }
    return sharedPreferences
}

private fun getMasterKey(): MasterKey {
    return MasterKey.Builder(application)
        .setKeyScheme(MasterKey.KeyScheme.AES256_GCM)
        .build()
}

UPDATED ANSWER:

Android has released a security library with EncryptedSharedPreferences in their Jetpack library.

Edit: With version v1.1.0 you can support Lollipop (API level 21) and above

String masterKeyAlias = MasterKeys.getOrCreate(MasterKeys.AES256_GCM_SPEC);

SharedPreferences sharedPreferences = EncryptedSharedPreferences.create(
    "secret_shared_prefs",
    masterKeyAlias,
    context,
    EncryptedSharedPreferences.PrefKeyEncryptionScheme.AES256_SIV,
    EncryptedSharedPreferences.PrefValueEncryptionScheme.AES256_GCM
);

// use the shared preferences and editor as you normally would
SharedPreferences.Editor editor = sharedPreferences.edit();

Google has released EncryptedSharedPreferences as part of it's androidx, I believe this should be the preferable way of encrypting the preferences.

See https://developer.android.com/reference/androidx/security/crypto/EncryptedSharedPreferences