Security Framework for Mobile Banking

Abstract

The banking sector is always looking for new services delivery platforms to improve customer confidence and satisfaction. To achieve this, the banking service delivery platform must provide end-to-end security to safeguard the information exchange between the bank and the customer. With the increased penetration of mobile phones in the market place the banks are looking for mobile phones as the major revenue generating platform for the delivery of banking and financial services. Today a number of banks offer mobile banking service to their customers. However, still banks have been adopting the generic user authentication systems that was developed for the desktop environment or other complex authentication systems with a number of user intrusive activities. Therefore, the usability and adoption of the mobile banking technology has been extremely slow. This paper presents a novel authentication and authorization framework for secure mobile banking applications. The proposed protocol enables users to authenticate with the banking services with minimum user interactions but with novel advance security features.