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Security risks in mobile banking

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Mobile banking may be convenient but it has its own share of disadvantages when it comes to security. In this presentation, we help you understand:

a. Mobile banking facts and statistics
b. Emerging threats, & vulnerabilities in mobile banking apps/websites
c. Countermeasures against mobile banking threats
d. How can Quick Heal help?

Published in: Software
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Security risks in mobile banking

  1. 1. Security Risks in Mobile Banking Quick HealTechnologies Private Limited
  2. 2. Agenda For theWebinar Mobile Banking – Background Services available on mobile devices Evolution of mobile banking M-banking in India Types of Mobile Frauds MobileThreats What can you do How can Quick Heal help
  3. 3. Mobile Banking - A Brief Background Mobile banking or mbanking is a term used for performing banking activities on mobile phones and tablets. SMS, mobile banking apps & mobile websites are the modes through which banking services are made available to the customers on their mobile devices.
  4. 4. ServicesAvailable On Mobile Devices • Account statements • Alerts on account • Ordering of cheque books • Monitoring of term deposits • Balance checking • Fund transfer & bill payments • Access to loan statement • Access to transaction history • eCommerce transactions • Book a locker & a lot more....
  5. 5. Evolution Of Mobile Banking 1947: AT&T creates the “MobileTelephone Service” allowing customers to make calls using a simple, 79-pound device. May 1995:Wells Fargo – the first bank in the world offer customer access to their accounts over the internet The earliest mobile banking services were offered over SMS With the introduction of the 1st primitive smart phones withWAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking.
  6. 6. M-banking reaps fruits of India’s digital embrace Mobile Banking in India is growing like never before. Mobile banking transaction volumes have now touched Rs 17,000 crore on monthly basis That’s growth at a scorching pace of five-fold in 10 months. From June 2014 to March 2015, m-banking worth Rs 95,000 crore was conducted through 15 crore transaction In terms of value of transactions in March 2015, HDFC Bank leads the pack, followed by ICICI Bank,Axis Bank
  7. 7. Threat landscape • Prime targets for attackers • Data • Identity • Availability • Attackers and their motives • Professionals • Thieves • Black hat hackers • Grey hat hackers • Consequences
  8. 8. 53% Indians worry over security in mobile financial services: Survey
  9. 9. Types Of Mobile Frauds • Fake Mobile Banking Apps • SMShing • Lost and stolen devices • Traditional online threats
  10. 10. TYPES OFTHREATSTARGET MOBILE BANKING USERS • Trojans • Rootkits • Spyware • Other threats relating to banking
  11. 11. Security Checks & defenses • Increase in Mobile App usage • Mobile device has greater security risks than other platforms • Increasing security concerns
  12. 12. What can you do • Update your mobile devices • Guard your personal information • Think before you app • UpdateYour Mobile Device • Protect your money • When in doubt, don't respond • Stay informed
  13. 13. How can Quick Heal help Scan Device Optimize Device Secure data Set Privacy Background Scan Activity Monitor  Anti-theft  Security Shield  AutomatedVirus updates  Trusted Sim List  Remote Device Management  Intruder Detection  Quick settings notification
  14. 14. Write to us at: CorporateCommunications@quickheal.co.in Follow us on: Facebook - www.facebook.com/quickhealav Twitter - www.twitter.com/quickheal G+ - bit.ly/QuickHealGooglePlus YouTube - www.youtube.com/quickheal SlideShare - http://www.slideshare.net/QuickHealPPTs Visit us: Website - www.quickheal.com Official Blog - blogs.quickheal.com
  15. 15. ThankYou!
  16. 16. References http://blogs.quickheal.com/wp/the-savoir-faire-of-safe-mobile-banking/ http://blogs.quickheal.com/wp/internet-banking-faces-increased-risks-due-mobile-banking-apps/ http://blogs.quickheal.com/wp/top-7-mobile-banking-security-tips/ http://bitcast-maa1.bitgravity.com/quickheal/documents/others/quick_heal_quarterly_threat_report_Q1_2015.pdf http://bitcast-maa1.bitgravity.com/quickheal/documents/others/quick_heal_annual_threat_report_2015.pdf

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