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Mobile Banking

Mobile Banking. By: Chenyu Gong, Jalal Hafidi , Harika Malineni. Background. According to Forrester Research, approximately 46% of bank accounts will be in mobile format by 2017 Definition: Conducting financial transactions through mobile devices. Three types of mobile banking

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Mobile Banking

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  1. Mobile Banking By: Chenyu Gong, Jalal Hafidi, HarikaMalineni

  2. Background • According to Forrester Research, approximately 46% of bank accounts will be in mobile format by 2017 • Definition: Conducting financial transactions through mobile devices. • Three types of mobile banking • SMS Mobile Banking • Web Banking • Mobile Applications • Need multi layer controls

  3. Risks Internal External Security Authentication Unauthorized system access • Security • Employees fraud • Lack of maturity of Fraud tools and controls of Fraud tools and controls • Privacy violations relative to application collection and distribution of data • Reputation

  4. Confidentiality Risks • Employees fraud • Authentication • Transaction • Privacy • Application collection and distribution of data • Phishing Attacks

  5. Integrity • Manipulation of Data • In Use • In Transit • At rest

  6. Availability Risks • Maturity of wireless Infrastructure • Service Interruption (Uptime/ Down time) • Natural Disaster • Hardware and Operating System failure • Targeted Attacks- Ex: DDoS

  7. Other Risks • Complexity of the network • Multiple players involved in the attack • Effects All (C.I.A) • Security of the operating system of the device

  8. Controls • One-Time Password / Security Token • Strong BCP / DR plans • Segregation of duties • penetration testing for vulnerabilities, • monitor to detect anomalies • Deployment of communication security measures • firewalls, password management, encryption techniques, and proper authorization of end use • SSAE 16 to validate third party operations • Customer Awareness program • Email Alerts/ Liability Agreements • Periodic external audits • Mobile malware protection • Pending Transactions/ Clearing period.

  9. Residual Risk • Inactive/ Dormant accounts

  10. Questions??

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