Numan Ahmad NaseerMuhammad Masaud Ahmad

Syed Shujat AliAhmed Osman Salad

MOBILE BANKING SYSTEMS

MOBILE BANKING SYSTEMS

INDEX• INDEX• INTRODUCTION• HOW IT WORKS• POPULAR EXAMPLES IN PAKISTAN• MOBILE BANKING SERVICES• MOBILE BANKING SECURITY ISSUES

INTRODUCTION

• Mobile banking is a system that allows customers to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant(PDA)

• Mobile Banking is a range of services, products, tools and calculators, customized for and accessible on your mobile

HOW IT WORKS

HOW IT WORKS• Mobile banking enables mobile phone users to: Access basic financial services even when they are miles away from

their nearest branch or home computer. 

STATS• Mobile banking is already flourishing. But in

the United States, only about 10 percent of consumers about 1.7 million people currently use their cell phones to conduct bank transactions. 

POPULAR EXAMPLES IN PAKISTAN• Easypaisa• Mcb mobile• Timepey• Mobicash• Upayments• KASB Mobile Banking• Almost Every Banks Provides His Own Service

POPULAR EXAMPLES IN PAKISTAN

MOBILE BANKING SERVICES Mobile Banking is generally used for:• Money transfers • Financial services• Payments• Investments• Cheque book and card requests

MONEY TRANSFERS

Users can send money using their phone to any other customer in the country by:• Depositing• Withdrawing

FINANCIAL SERVICES

It Includes: • Solutions • Facilitating savings • Insurance (according to the country)

PAYMENTS

It Gives users a way to:• pay their bills (and buy mobile phone credit)• pay for goods at shops that accept Orange Money

electronically without cash

INVESTMENTS

• Allows Investing Without wasting Time• Consume Less time While Investing• Strong And secure Network to prevent any Mishap

CHEQUE BOOK AND CARD REQUESTS

It Includes: • Exchange of data messages• Email including complaint submission and tracking• ATM Location

MOBILE BANKING SECURITY ISSUES• Rapid growth• Need for new security controls• More players, More risks• Privacy issues• Role of consumers• Anticipating Risk

MOBILE BANKING SECURITY ISSUES

RAPID GROWTH

• Because the channel is convenient and can be customized

• Users are migrating from PC banking and payments to mobile

• The more mobile users, the greater the security risk.

NEED FOR NEW SECURITY CONTROLS

• Symantec in its just-released Internet Security Report says targeted attacks on mobile phones are increasing

• Financial institutions must be diligent in their efforts to keep up with emerging mobile threats

• That means they have to make investments in security controls specific to mobile.

MORE PLAYERS MORE RISKS

MORE PLAYERS MORE RISKS

• The mobile system depends on a number of players• Device manufacturers, operating systems, network

operators, application developers and others all are involved

• And they all need to address security

PRIVACY ISSUES

PRIVACY ISSUES

• Revolving around geo-location will become more critical• As more mobile technologies emerge, institutions will

have to balance customer and member convenience with security and fraud prevention

ROLE OF CONSUMERS

ROLE OF CONSUMERS

• Financial institutions must develop strategies to educate their customers

• Members about actively managing their own mobile-device security

ANTICIPATING RISK

• Banks and credit unions must balance innovation with fraud protection

• More threats will emerge as adoption grows• Anticipating new risks will be paramount