security risks in mobile banking

Security Risks in Mobile Banking

Quick Heal Technologies Private Limited

Agenda For the Webinar

Mobile Banking – Background

Services available on mobile devices

Evolution of mobile banking

M-banking in India

Types of Mobile Frauds

Mobile Threats

What can you do

How can Quick Heal help

Mobile Banking - A Brief Background

Mobile banking or mbanking is a term used for performing banking activities on mobile phones and tablets.

SMS, mobile banking apps & mobile websites are the modes through which banking services are made available to the customers on their mobile devices.

Services Available On Mobile Devices

• Account statements

• Alerts on account

• Ordering of cheque books

• Monitoring of term deposits

• Balance checking

• Fund transfer & bill payments

• Access to loan statement

• Access to transaction history

• eCommerce transactions

• Book a locker

& a lot more....

Evolution Of Mobile Banking

1947: AT&T creates the “Mobile Telephone Service” allowing customers to make calls using a simple, 79-pound device.

May 1995: Wells Fargo – the first bank in the world offer customer access to their accounts over the internet

The earliest mobile banking services were offered over SMS

With the introduction of the 1st primitive smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking.

M-banking reaps fruits of India’s digital embrace

Mobile Banking in India is growing like never before.

Mobile banking transaction volumes have now touched Rs 17,000 crore on monthly basis

That’s growth at a scorching pace of five-fold in 10 months.

From June 2014 to March 2015, m-banking worth Rs 95,000 crore was conducted through 15 crore transaction

In terms of value of transactions in March 2015, HDFC Bank leads the pack, followed by ICICI Bank, Axis Bank

Threat landscape

• Prime targets for attackers • Data

• Identity

• Availability

• Attackers and their motives • Professionals

• Thieves

• Black hat hackers

• Grey hat hackers

• Consequences

53% Indians worry over security in mobile financial services: Survey

Types Of Mobile Frauds

• Fake Mobile Banking Apps

• SMShing

• Lost and stolen devices

• Traditional online threats

TYPES OF THREATS TARGET MOBILE BANKING USERS

• Trojans

• Rootkits

• Spyware

• Other threats relating to banking

Security Checks & defenses

• Increase in Mobile App usage

• Mobile device has greater security risks than other platforms

• Increasing security concerns

What can you do

• Update your mobile devices

• Guard your personal information

• Think before you app

• Update Your Mobile Device

• Protect your money

• When in doubt, don't respond

• Stay informed

How can Quick Heal help

Scan Device

Optimize Device

Secure data

Set Privacy

Background Scan

Activity Monitor

Anti-theft Security Shield Automated Virus updates Trusted Sim List Remote Device Management Intruder Detection Quick settings notification

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Thank You!

References

http://blogs.quickheal.com/wp/the-savoir-faire-of-safe-mobile-banking/ http://blogs.quickheal.com/wp/internet-banking-faces-increased-risks-due-mobile-banking-apps/ http://blogs.quickheal.com/wp/top-7-mobile-banking-security-tips/ http://bitcast-maa1.bitgravity.com/quickheal/documents/others/quick_heal_quarterly_threat_report_Q1_2015.pdf http://bitcast-maa1.bitgravity.com/quickheal/documents/others/quick_heal_annual_threat_report_2015.pdf