A Study on Enhancing Mobile Banking Services using Location based Authentication

Abstract

Every now and then mobile users are increasing in exponentially all over the world, which leads to the growth of mobile-enabled services like mobile banking. The smart phone now available in the market having the ability to do all the functions that people can do olden days using their personal computers. The introduction of mobile communication technology modernization, innovation and globalization are increasingly driving the banking services to become ubiquitous, personalized, convenience, disseminative and secured. Mobile Banking Authentication has evolved over time to include several parameters such as Biometric, Location, Context, History, Profile etc. In this paper, we discuss new mobile banking services like Digital deposit apps, advanced bill payment apps, and Electronic meeting for mini loan services and Mobile payment apps. We can provide higher security for these new services through an intelligent multi-modal Authentication with Location Awareness. Here the location, where the mobile banking transaction has been executed is captured giving the additional option for a Bank to verify if the transaction has been executed normally or if the parameters are at variance with normal practice. If the Location happens to be very in a different country, an additional verification process can be introduced adding to the entropy of Authentication. If the Location happens to be a Bank Branch or an ATM, where there is a proper iBeacon or GPS providing additional information about identification, then in such a situation the Authentication can be further simplified based on the type of transaction. In this paper, we discuss in detail location based authentication and how these can be effectively applied in enhancing the mobile banking services.