Achieving Security to Overcome Attacks and Vulnerabilities in Mobile Banking Security

Abstract

Mobile Banking is a means of connectivity between bank and its customers. It would be impractical to expect customers to regularly visit banks or connect to a web site for regular upgrade of their mobile banking application. Mobile Banking is a provision and availability of both banking and financial services with the help of mobile telecommunication devices as an Application. It would be expected that the mobile application itself check the upgrades and updates and download necessary patches. Mobile banking has brought the advantage to have an alternate to debit and credit card usage. Mobile banking has the below three inter-related concepts: Mobile accounting, Mobile brokerage, Mobile financial information services. Mobile banking services are Account information provision, Monetary Transaction, Investment facilitation, Support and Content services. The threats involved in Mobile Banking are categorized as, Threats against end user and end user device, Threats against communication network, Threats against remote banking service. The impact of various threats is discussed below.