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Security Issues in Mobile Banking

[ by Rajnish Tiwari, Stephan Buse and Prof. C. Herstatt ]

Security concerns have been plaguing all banks, customers and technology providers worldwide, who are actively offering or utilizing electronic channels of banking. The distrust of the mobile channel of banking ("Mobile Banking") is even greater, particularly amongst many customers. This phenomenon in itself is a paradox, as many experts would agree that the mobile channel is one of the safest channels available today. The "fear of Phishing" is however so present that even many current users of Mobile Banking (up to 75%) expressed security concerns in a survey conducted by us for our Mobile Banking Study.

On the other hand many banks are facing trouble finding a suitable, and acceptable, authentication procedure for their Mobile Banking customers. This project intends to identify and evaluate (potential) security risks that the mobile channel might be exposed to. The project intends to make use of experience that some banks have gathered with their mobile offers up to now. Working closely together with diverse industry partners (including with technology providers) we propose to develop an authentication procedure, if required/feasible, that is easy-to-use and secure.

Talks with some potential partners are in an advanced stage. Other potential partners are welcome.

For further information:
Rajnish Tiwari / Dr. Stephan Buse
Tel: +49 - (0)40 - 428 78 - 39 51 / 38 29
rajnish.tiwari@tuhh.de / stephan.buse@tuhh.de