Security Concern in Mobile Banking

8/6/2019 Security Concern in Mobile Banking

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DEVANSH WAGHELA

OM THAKER-WRO0370098

NEEL GAGDANI

VIRAJ BHAYANI-WROo361246


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Mobile banking (also known asM-Banking, SMS Banking etc.) isa term used for performingbalance checks, accounttransactions, payments etc. viaa mobile device such as a mobile

phone.

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Mobile banking is a way for the customer to perform

banking actions on his or her cell phone or any othermobile device. It is a popular method of banking that

fits in well with a busy, technologically orientedlifestyle.


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Enable new revenue opportunitiesfor financial services organizations.

Used to attract prime customersand enhance loyalty.

Offering a wide possibility of services to customers

freedom from paying bills manually.

Receiving notification of a changein stock price at frequent intervals.


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- Account balance enquiry.

- Account statement enquiry.- Cheque status enquiry.- Cheque book requests.- Fund transfer between accounts.- Credit/debit alert.

- Minimum balance alerts.- Bill payment alerts.- Recent transaction history request.- Information request like internet rates exch-rates.


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Check your balance

Check on your last three transactionRequest for a statementRequest for a cheque bookEnquire on a cheque status

Instruct stop cheque payment.View fixed deposit detail...And much more.


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ICICI BANK

HDFC BANKPUNJAB NATIONAL BANKBANK OF BARODAUNIT TRUST OF INDIADENA BANKKOTAK MAHINDRA BANKDEVELOPMENT CREDIT BANKSBI


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REGISTRATION OF CUSTOMERS

FOR MOBILE SERVICEy Banks shall put in place a

system of document based

registration with mandatory

physical presence of their

customers before

commencing mobile banking

service

y On registration of thecustomer, the full details of

the Terms and Conditions of

the service offered shall be

communicated to the

customer


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Mobile banking process

(bank specific)

a. If you are opening an account with the bank, you canapply for Mobile Banking through the account openingdocument.

b. If you already have an account with the bank, you canapply for Mobile Banking through the combined DirectBanking Channels form.

c. If you already have an account with the bank and if youare registered for Net Banking services, then you canregister online using the 'Mobile Banking Registration'option available inside Net Banking.


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At the ATM:

You can register or update registration of only theprimary account linked to your debit card.Insert the card and enter PIN number Select the 'Other Services' menu itemSelect 'Mobile Banking Registration/Update' menu

itemEnter the mobile number you want to register orupdate

Re-enter the mobile number


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At the Branch:Kindly submit your request for mobile banking in writing at

any branch near you.


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How to begin using Mobile

Banking?

y Enter the initial codeprovided duringdownload

y Select a six-digit PIN code

y Manage your financesfrom your AT&T phone


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BENEFITS

yLowCost

yHigh Security

yHigh User Acceptance

yFully-Customizable UserInterface

yPortable i.e. usable everywhere


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Security Concerns

y Devices are easy tosteal and get misused.

y Susceptible toPhishing.

y Difficult to login

y Can be slow

y

Low literacy rateamong clients


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Security concerns

y Weak authenticationof mobile devices.

y Plan for living withmalware.

y Transfer of virus fromcomputer to mobile.


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Phishing

y Phishing is thecriminally fraudulentprocess of attempting

to acquire sensitiveinformation bymasquerading as atrustworthy entity in

an electroniccommunication.


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Malware

y Malware, short formalicious software, issoftware designed to

infiltrate a computersystem without theowner's consent.


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Security measures

y Encryption processes canbe used to protect data.

y Work in co-operation with

device vendors andnetwork operators.

y A specific phone numberadded to the details of aclient.


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Security Measures

y Implementation ofsecure pintransactions.

y Using out-of-handtechniques tostrengthenauthentications.

y Blocking doubtfulconnections.


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Mobile banking is safe and equally dangerous. Its is a bane and a boon. It needsto be explained properly to the clients beforeit is implemented. It is an effective tool withits own share of difficulties, care should be

taken to work with and against theseproblems.


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Security Concern in Mobile Banking

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