Mobile Banking

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Security of Mobile Banking and Payments

A clear and emerging new channel in the space of banking and payments is mobile. A key challenge with gaining user adoption of mobile banking and payments is the customer s lack of confidence in security of the services. Understanding the mobile banking and payments market and ecosystem is critical in addressing the security challenges. There are new security risks introduced with mobile banking and payments that must be identified and mitigated. There are risks that have both an existing mitigation method as well as t...

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Security of Mobile Banking and Payments

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GIAC (GSEC) Gold Certification Author: Vanessa Pegueros, vpegueros@gmail.com Advisor: Johannes B. Ullrich, Ph.D. Accepted: November 1, 2012 Abstract A clear and emerging new channel in the space of banking and payments is mobile. A key challenge with gaining user adoption of mobile banking and payments is the customer’s lack of confidence in security of the services. Understanding the mobile banking and payments market and ecosystem is critical in addressing the security challenges. There are new security risks introduced with mobile banking and payments that must be identified and mitigated. There are risks that have both an existing mitigation method as well as those that do not have a clear risk mitigation solution.

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1. Introduction

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