Introduction
Mobile banking or as it is commonly referred to as mBanking is banking that is executed through the mobile phone device (Siciliano). It is a means of managing one’s finances in his or her bank account by carrying out transactions through a mobile phone device. There are various challenges and opportunities that mobile banking presents. This paper analyses these advantages and disadvantages analyzing the weaknesses and strengths of mBanking in regard to what clients of mBanking should do in order to ensure the security of their finances when transacting through mBanking.
Mbanking Opportunities and Challenges
The earliest form of mBanking was carried out through SMS where an individual could access their bank information and transact business on their bank account through the short messages service (SMS). However in recent times sophistication of mobile phone technologies have resulted in advance gadgets that incorporate software and hardware that support mobile applications that have made mobile banking feasible. Today mBanking has been taken online making it possible to run a bank account from a mobile phone just as if one was doing so from a remote personal computer (Siciliano). James Lyn of the British Broadcasting Corporation (BBC) observes that mobile banking is overtaking traditional personal computer banking with regard to the advantages on security although analysts argue that mobile banking may be better than PC banking it as well presents several security risks that open an entirely new chapter on the security of online banking technology.
Obviously, the greatest advantage that mBanking offers is mobility, flexibility and convenience. Unlike conventional banking activities, mobile banking can be done from any remote location so long as there is a secure internet connection to link the mobile banking services. Further, the customer is always able to access his or her bank information at any time without necessarily having to visit the bank in person. In this way, mobile banking has made banking so much easier for individuals and businesses (Siciliano).
One of the challenges that are a matter of concern for banking through a mobile phone is insecurity. The safety of transacting business through a mobile device has been marred with instances of security breaches. People have recounted instances where they lost substantial amounts of money through insecure mobile networks through online banking. The security risk is heightened when mBanking transactions are carried out through unsecure networks, in such an instance crucial information can be accessed by identity thieves and fraudulent individuals who may use it to their advantage (Siciliano).
Similar sentiments by Fuscaldo (2013) point to the fact that mBanking is prone to security risks that are characteristic of PC banking. However, the risks in mBanking are more pronounced. This is because as a computer may effectively be protected using an anti-virus software, the case is not as simple or similar to what is required to protect information in one’s phone. Vulnerability of banking information stored in the mobile phone requires vigilance on the part of the phone user so as not to fall victim of scammers.
However, there is some form of reprieve users of mBanking provided that there are efforts to develop technologies that serve to secure mBanking services. Among these efforts is the establishment of secure networks to transact mBanking activities on. Further, the incorporation of various levels of security checks also ensure that fraudulent persons have a hard time hacking into people’s bank accounts. Moreover, mBanking software that are specific and original have also been developed so as to secure mBanking transactions. Additionally, there are software that are available to ensure the security of the transactions particularly in regard to the state of the mobile device and software used to transact through mBanking. A host of these include; anti-virus software, anti-theft software, anti-phishing and app protection software. Majorly, these provide additional security to ensure that mBanking transactions are secure, and the client is not vulnerable to loss of any bank information in their mobile device (Siciliano).
As earlier mentioned vigilance on the part of the phone user will ensure that the mBanking service does not place finances in jeopardy. A phone user, for instance, should never log into his bank account using the phone on a public Wi-Fi connection. This is majorly because, their log-in information can be accessed by whoever is monitoring the network who may then proceed to use such information for fraudulent purposes. Similarly, individuals are advised not to log into their bank accounts for transactions using browsers. Rather, they should ensure that they download an application from their bank’s website that they can then use to transact mBanking services. Vigilance should be taken to ensure that the downloaded applications are authentic as fraudsters have also developed fake replicas to lure persons into providing their login and password information. A means to ensure that this does not happen is by downloading the applications directly from the bank’s website (Fuscaldo).
In some instances, mBanking services users lose their phones and find that fraudulent persons have gained access to their financial information. To guard against this occurrence, it is safe to ensure that automatic login settings is disabled. Requiring a password each time you log in reduces the chances of one accidentally accessing an account that they do not have a password to. Further, it helps as well to have multiple layers of protection that include among other factors creation of unique passwords to make it difficult for hackers to establish information to log into your account (Fuscaldo).
Lyn notes that to secure transactions done through your mobile device, it is important that one keeps the authentic application downloaded from the bank’s software updated. This enhances the security of the transactions conducted through the device since software developers continue to add security features in the form of updates when they discover fraudsters are devising ways to hack into their systems. In addition, mBanking customers are advised to install phone tracking applications on their mobile devices so that they can be located when they are stolen. Further, such tracking applications should also allow an individual to erase the information in the phone to ensure that hackers do not obtain it. Similarly, mBanking requires vigilance on the part of the user concerning activities taking place in their bank account. To keep track of these, the user can instruct the bank to send him or her a text message every time a transaction is completed through his mBanking service. In this way, the user can immediately take notice of irregular activity and bring it to the attention of the bank and antifraud authorities. Above all, the mBanking user should be in constant communication with the bank in case of any irregular activity in their bank account through the mBanking service that they may take note of (Lyne).
Authorities are as well catching on with respect to gaining intelligence of internet crime especially in regard to the vulnerability of fraud through mobile phones. An assortment of smartphones has hit the mobile phone market which have in turn become popular among users because of the myriad of applications that the smart phones offer. Equally, the advent of smart phone technology also presents a variety of challenges in regard to security risks as presented herein. This is why forensic investigations on mobile phone devices have been developed in the recent past, dating from the year 2000 onwards to apprehend fraudsters who manipulate vulnerable and unsuspecting people through their mobile phone devices (Eoghan).
Mobile phone devices are increasingly adopting computer technologies to become mini computers with capabilities that are as differentiated as the purposes that each mobile device is meant to achieve. Android operating system, windows mobile and iPhone operating systems are a few examples of software technologies that have been developed to enhance mobile phone technologies. Through such technologies mobile phones have the capacity for storing a variety of information from SMS, pictures, videos, sound records, multimedia messages etcetera.Relevant to the security of mobile banking is the fact that smartphones have the capacity of storing browser history information, location information through global positioning service (GPS) in addition to storing contact information and records of banking transactions (Tsukayama).
Forensics in mobile technologies is presented by challenges in the continuous development of software and hardware technologies in the mobile phone industry. As such, these make it impossible for the forensics to standardize methods of carrying out investigations on mobile phone devices. Hence, as mobile technologies continue to advance and become complicated so are forensic approaches required to adapt. Ultimately, this ensures that the forensic investigations are aligned with the technologies and capabilities used in advanced mobile phones and devices (Murphy 1 - 2 ).
Conclusion
The evaluation reveals that mBanking is a continuously developing aspect in contemporary times despite the fact that is faced by numerous security concerns. Mbanking is faced by the challenge of vulnerability of personal information getting into the wrong hands. In this regard, mobile banking has been found to present a task for app developers to ensure users of the security of their information and essentially the security of their money in their bank accounts. Whereas mBanking has been termed to be more secure than traditional personal computer online banking, it has also been found to present unique security risks. These security risks make the user vulnerable to manipulation by fraudsters who await to take advantage of the information that they obtain by hacking the online communication between the bank and the mBanking service user.
In the same right, technologies in forensics are also being developed to help carry out investigations on mobile phone fraud. Due to the advanced nature and continually technological improvement of mobile devices; various approaches to forensic investigation are also being developed. This is in an attempt to keep up with the constantly advancing technologies that require sophisticated forensic approaches to counter efforts of fraudulent persons who are ever seeking means to hack into technical systems especially those of mobile banking. Notwithstanding, mBanking offers clientele ease of access to financial services that are advantageous based on the convenience that it provides them as discussed.
References
Eoghan, Casey. Digital Evidence and Computer Crime. Elsevier, 2004. Web. 8 7 2014.
Fuscaldo, Donna. "How to Stay Safe Banking on your Phone." FOX Business 30 September 2013. Web. 8 7 2014. <http://www.foxbusiness.com/personal-finance/2013/09/30/how-to-stay-safe-banking-on-your-phone/>.
Lyne, James. "Are Mobile Banking Apps Safe?" BBC Consumer 25 February 2014. Web. 8 7 2014. <http://www.bbc.co.uk/consumer/25953741>.
Murphy, Cynthia A. Dvevloping Provcess for Mobile Device Forensics. 4 August 2013. Web. 8 July 2014. <http://www.mobileforensicscentral.com/mfc/documents/Mobile%20Device%20Forensic%20Process%20v3.0.pdf>.
Siciliano, Robert. "What is Mobile Banking? Is it Safe?" Huff Post Tech 25 July 2013. 8 7 2014. <http://www.huffingtonpost.com/robert-siciliano/what-is-mobile-banking-is_b_3652771.html>.
Tsukayama, Hayley. "Two-thirds of mobile buyers have smartphones." The Washington Post 13 July 2012. Web. 8 7 2014. <http://www.washingtonpost.com/business/technology/two-thirds-of-mobile-buyers-have-smartphones/2012/07/13/gJQANanTiW_story.html?wpisrc=nl_headlines>.
