security risks in mobile banking
TRANSCRIPT
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