Mobile Banking system securityand MicrofinanceByNaser DolehMSIS Capstone spring 2013
Mobile Banking
Mobile Banking• What is Mobile banking?Is a system that allows customers of a financialinstitution to conduct a number of ...
Mobile Banking• First European banks• Implementation of Mobile banking• Third of banks have mobile device detection
Why Banks Going Mobile• Reasons why banks are going mobile• 1. Improve customer Service• 2. Reduce costs• 3. Increase the ...
Why Banks Going Mobile• Mobile financial services could be more thansuccessful in rural area• Add real value to the lives ...
MODELS OF MOBILE BANKINGARCHITECTURE• Mobile phones have three architecturealternatives when interactive with banks’mobile...
Message Based services Model• Message based systems work through textmessaging.• There are two types of message systems:SM...
Mobile Browsers Model• The ability to access the bank’s Internetbanking website from a cell phone• Advantages:1. Ease of u...
Client Application Model(app)• Download the mobile banking software ontotheir phone.• Easy to use applications to provide ...
SECURITY THREATS ANDCONCERNS• Mobile handhelds are compact, portable andeasily lost or stolen• Security requirements:1. Co...
Authentication• There are three forms of identification:1. What you have (ex. include a debit cardsmart card, or your mobi...
VPN Authentication
Encryption• 1) Encrypt the information stored on mobiledevices• 2) Encrypt the communication so that if anattacker is able...
Mobile banking architecture Diagram
Mobile banking
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Mobile banking

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Mobile banking

  1. 1. Mobile Banking system securityand MicrofinanceByNaser DolehMSIS Capstone spring 2013
  2. 2. Mobile Banking
  3. 3. Mobile Banking• What is Mobile banking?Is a system that allows customers of a financialinstitution to conduct a number of financialtransactions through a mobile device such as amobile phone.• SMS banking
  4. 4. Mobile Banking• First European banks• Implementation of Mobile banking• Third of banks have mobile device detection
  5. 5. Why Banks Going Mobile• Reasons why banks are going mobile• 1. Improve customer Service• 2. Reduce costs• 3. Increase the reactivity of the company• 4. Increase market share• 5. Improve branding• Bank of America: 500,000 users after sixmonths, and 1.6 million after a year (Holland,2008)
  6. 6. Why Banks Going Mobile• Mobile financial services could be more thansuccessful in rural area• Add real value to the lives of consumers
  7. 7. MODELS OF MOBILE BANKINGARCHITECTURE• Mobile phones have three architecturealternatives when interactive with banks’mobile banking systems. Each is furtherdescribed.1. Message Based services Model2. Mobile Browsers Model3. Client Application Model (app)
  8. 8. Message Based services Model• Message based systems work through textmessaging.• There are two types of message systems:SMS and MMS
  9. 9. Mobile Browsers Model• The ability to access the bank’s Internetbanking website from a cell phone• Advantages:1. Ease of use and user familiarity2. Users don’t have to download anyspecial software• Disadvantages: risk of confidential informationbeing at risk as these phones are more subjectto attack
  10. 10. Client Application Model(app)• Download the mobile banking software ontotheir phone.• Easy to use applications to provide a variety ofservices
  11. 11. SECURITY THREATS ANDCONCERNS• Mobile handhelds are compact, portable andeasily lost or stolen• Security requirements:1. Confidentiality2. Authentication3. Integrity4. Non-repudiation5. Authorization
  12. 12. Authentication• There are three forms of identification:1. What you have (ex. include a debit cardsmart card, or your mobile device)2. What you know (usernames, passwordsor pin numbers)3. Who you are (requires biometrics)• Another authentication technique is out-ofband communication
  13. 13. VPN Authentication
  14. 14. Encryption• 1) Encrypt the information stored on mobiledevices• 2) Encrypt the communication so that if anattacker is able to intercept the message it’sstill useless without the key.• Advanced Encryption Standard (AES).• The OS and digital signatures
  15. 15. Mobile banking architecture Diagram

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