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Transcript of Mobile Banking
67% of the world’s population represents around 4.6B people, up from only 1B in 2002, indicating staggering continued growth. In developing nations, however, the uptake is even more substantial with 57% of the total population in these nations being mobile subscribers, even though other technologies are scarce. The potential for mobile banking is obvious, especially in developing nations, with cellular penetration (CP) more than doubling in developing nations such as Africa and India since 2005. The CP in emerging markets exceeded 50% for the first time in 2009, reaching an estimated 57% by the end of the year, the report claims. Types of M-banking Interactive Voice Response (IVR)
Short Message Service (SMS)
Advanced Mobile Banking Technologies:
Wireless Application Protocol (WAP);
Standalone Mobile Application Advanced M-banking Technologies Merchant Services
Transaction History Money Transfer
Delete Biller Standalone Mobile Application These mobile applications offer a reliable channel and enable users to conduct even complex transactions. They also allow banks to customize the interface and brand it accordingly Is mobile banking safe? Security Concerns Devices are easy to lose/ steal and get misused
Mobile communication being sent as clear text can be read or interrupted
Location-aware applications are considered to be invasion of privacy
Lack of standardizations in payment solutions
Security measures PIN Authorization and Lockout
to use the app each time it's launched, you have to enter a six-digit PIN. After three failed login attempts, the app locks, also helping to prevent unauthorized usage
our enrollment process includes strong user authentication on mobile devices. And all mobile apps contain digital signatures to help prevent malware and viruses.
during enrollment, your mobile device is activated as a "what you have" authentication factor.
No Personally Identifiable Data on Mobile Device
no personally identifiable information is ever stored on your mobile device within this app — in fact, an ATM receipt contains more information than this app.
all sensitive data is stored encrypted in a protected database.
Data Center Security
systems and networks are regularly scanned for vulnerabilities to promote a protected operating environment.
a comprehensive program designed to detect and prevent vulnerabilities in the apps at all times.