A Survey: Online and mobile banking risks, security issues and challenges on mobile devices and its user awareness

Abstract

With the growing use of mobile devices, it is a known fact that more people use internet from mobile devices than the conventional desktop PCs. Specifically, mobile devices are gaining popularity and with ease of availability its usage is a global phenomenon, creating a market and eco system of its own. Similarly online and mobile banking facilities have made a mark of its own, as consumers can now easily access their financial information from anywhere in the world and commit transactions without physically being present in financial institution of their choice. Combining the above two technologies opens a new arena of challenges, where a balance of functionality and security is to be carefully considered. Using online and mobile banking systems from mobile devices, either via browser or mobile business application, both the consumer and the institution are required to adopt a paradigm shift with respect to understanding the risks and required controls to mitigate those risks. In this research we attempted to study security issues and risks related to mobile devices faced by the banking industry, more particularly, mobile banking. Further, we shall look into the current trends, future challenges and solutions available in order to secure the communication between mobile devices and business application and how they can be mitigated. Furthermore, we will conduct a survey within the banking industry to understand the current security mechanisms adopted by these institutions. Moreover, consumer awareness, their thought process and views related to security threats shall be studied to identify their understanding of the risks and challenges and their comfort level while using mobile devices for financial transactions.