A Framework for Security Assessment of Android Mobile Banking Applications

Abstract

Mobile banking applications make users' daily lives easier by allowing them to access banking services, such as balance inquiries and bill payments, anytime and anywhere. Since these applications manage very sensitive financial data, special attention must be paid to data security. Several works in the literature assess the security of mobile banking applications. However, we observe the lack of a widely adopted framework among researchers for assessing the security of mobile banking applications. In this paper, we propose a framework consisting of twenty-six criteria for assessing the security of Android mobile banking applications. These criteria are divided into five categories: mobile device security, data in transit, data storage, cryptographic misuse, and others. Subsequently, we evaluate the proposed framework based on predefined requirements. These requirements are no redundancy, no ambiguity, and comprehensiveness. As a case study, we assess the security of the Android mobile banking applications of seven major Canadian banks. The results show that data in transit is adequately protected by these applications.