Downloadable! THE IMPACT OF MOBILE BANKING: A CASE STUDY OF M-PESA IN THE KENYAN SOCIETY BY GEOFFREY NDERITU MUNGA D61/70080/2007 A MANAGEMENT RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI OCTOBER 2010. SMS and MMS can also be used to spread viruses and malware. Mobile banking’s growth is fuelled by increasing adoption and migration by older demographics, in particular wealthier older families and the pre-retired. However, customers still had to use their credit/debit cards for payments. 0000002459 00000 n
A large number of antivirus, antimalware/spyware etc. Research has suggested that for better security at least two or preferably three factors be verified. Attacker found?? In 2005, KDDI and Vodafone also adopted FeliCa. Mobile phones, palm PCs and PDAs were lacking hardware and software support. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. It provides all four of the security feature for e-commerce: confidentiality, integrity, non-repudiation and authentication. The mobile banking platform provides simple uncomplicated banking, value for money, convenience and superior customer service. However, the phone number that connects to the automated voice response system has become more common. The mobile banking platform provides simple uncomplicated banking, value for money, convenience and superior customer service. A few ALLTEL customers had their phones cloned during their visit to different places. However, many individuals can find mobile connectivity at places where internet connection cannot be found. It is easy to be integrated to other banking channels such as ATMs. 29A report on biometric security for mobile banking in March 2008 discusses the different issues of the mobile banking and suggests use of biometric system for more robust security with the help of a user’s fingerprint as a biometric element. Of those 80 million were smartphones, which have operating system and can store all kinds of information. In some parts of the world, such as the Philippines, Brazil and Africa, mobile banking is already flourishing. The older phones are not capable of running this application because of technical limitations. 0000000016 00000 n
There is an added cost for data plans and only customers can initiate communication. However, technological advancements in mobile devices have enabled users to use mobile banking related services via SMS, web browser and mobile web applications. Credit/debit card systems are also fully developed and people were able to use their cards at merchants’ point of sale and online for payments. As consumers are increasingly moving online and becoming ever more mobile, digitalization is forcing banks to undergo the most extensive transformation in their history. Mobile banking also carries the risk of some attacks called Vishing, SMishing and spoofing that are only possible in mobile devices. This service is therefore only available to people who possess a formal bank account. Mobile banking is a service provided by financial institutions in cooperation with mobile operators. 6,11SMS banking works in two different modes. 30Encryption means changing or transforming the information in an unreadable form to anyone with the help of algorithm. Disclaimer: This work has been submitted by a university student. If two elements are required for authentication it is called as two-factor authentication while two or more than two factors authentication is known as multi-factor authentication. Vishing is a social engineering attack over the telephone system. 17In 2006, over 1 billion phones were sold worldwide. There are three different kinds of architecture for mobile banking. Digital signature also represents non-repudiation. 35WAP (wireless access protocol) is developed by WAP forum to provide a common format for internet transfers for mobile devices. Also, Visa and MasterCard have successfully operated in South Korea since 2006. 6,11There are two different kinds of text messaging systems: SMS and MMS. Mobile banking (also known as M-banking, SMS-banking) is a term used for performing banking transactions, payments, etc. Japan and South Korea are the world leaders in adopting mobile banking technology. In 1999, European banks started to offer mobile banking on this platform to their customers. startxref
MB system is a further development upon earlier customer channel extensions such as phone banking and online banking. So the attacker can get only half of the pin from the phone’s memory. 25The mobile devices running windows operating system are a favorite target for the hacker community. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. [vii] They offer the service via use of the MicroSD card, which fits in most existing mobile devices. Mobile banking is a financial service often available in … However, as number of people enrolled in mobile banking increases and banks offer more services with a full range of solutions in the US, the line between mobile banking and online/credit/debit card banking will get thinner and, in the future, mobile banking will provide a combination service of online and credit/debit card banking in the US. 0000001905 00000 n
It can be used with encrypted or unencrypted message. In mobile banking, adding a digital signature to the transaction proves that a customer authorized the transaction. Mobile financial information divides into account information and market information. Safety and security of the personal and financial information stored and managed in the devices are the key factors for users, banking organization and the security community. A key is required to make the information readable again. Evolution of Mobile Banking Regulations: A Case Study on Legislator's Behavior ... View Enhanced PDF Access article on Wiley Online Library (HTML view) Download PDF for offline viewing. The reasons for the superiority of this approach to banking with internet banking are no restrictions in space, using the minimum facilities and another reason is the great growth of mobile phone use among users. Image Credit: Jacob Ammentorp Lund/iStock/Getty Images When cellphones turned into smartphones, and began to mimic the power found in most computers, banks have been able to provide consumers with powerful mobile banking apps that allow you to complete your banking from wherever you are. studies done so far in Kenya on the socio-economic impact of mobile banking in Kenya (Gikunju. 0000008964 00000 n
It is based on plain text message interaction. This is one the biggest threats for mobile banking. 21With less than $2000, any attacker can build a cloning device that can capture the signals from a mobile device. Cracking a mobile device means modifying its software to gain control of that particular mobile device. Mobile browsers are little safer at this point compared to computers. Security of mobile banking is an important and a crucial issue. It is fast and easy to use and saves time. Different kinds of security attacks are as follows: What kinds of attacks are more on which types of architecture model? 7Many banks in the world have offered mobile banking and financial services for years. Currently available mobile devices have the same processing power as computers and they are still evolving. MMS, known as multimedia messaging service, is the second type of messaging service, which can carry larger text messages and works on the same platform as SMS. Banking system usage behavior of the population understudy. Academia.edu is a platform for academics to share research papers. This special issue of the International Journal of Bank Marketing focuses on mobile banking, which has recently received a dramatic increase in attention among practitioners and academics alike. However, there is less number of users for mobile banking than online/credit/debit card banking, which reduces the risk of security threats. Smishing is also a social engineering attack similar to phishing. Mobile banking requires very basic stuff such as a smartphone, the availability of internet, an app that is meant for mobile banking, a platform to perform the transaction, linking the bank with the app and obviously having money in the bank. With the introduction of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers. Several benchmarked apps were updated after the study was already finished, thus making the research out-of-date in terms of certain parameters before its publishing. Study for free with our range of university lectures! Introduction to Mobile Malware. Security issues are the major concern. PDF | In India, we have more than 900 million mobile users but still mobile banking is used by 40 million customers approximately. 0000006045 00000 n
A spoofing attack causes the telephone network to display a number on the recipient’s caller-id-display. If the user fails they are locked out. The name is derived from ‘SMs phiSHING’. And given the overlap of this demographic with the “traditional saver”, our attention has turned to the growth in digital savings. Cloning new phones is difficult while older phones were easy to clone with some basic equipment. It affects the victims’ private data, applications, operating systems or sometimes just annoys the users. The earliest mobile banking service used SMS which was then known as SMS banking. Presenters 2 Moderator Christine Ahlgren Director, Strategic Business Alliances Stephen Nikitas Senior Strategy Director. Authentication of the user and encryption of the data presents serious challenges to the mobile banking system. Each bank has its own SMS banking number and commands for mobile banking. HISTORY. 2.3 Mobile Banking Business Models A wide spectrum of Mobile/branchless banking models is evolving. Sponsoring USAID Office: Micro Enterprise USAID Contract Number: FOG Award Number MO-061, under GEG-I-00-02-00025-00 32TPM chip has a unique RSA key embedded in it during production. It can also be carried out by instant messages. They increase the speed of encryption and decryption and currently they are the most powerful technology available for encryption. Mobile brokerage is related to buying and selling of stocks, securities, and obtaining current information about securities. 6Authentication techniques based on what user knows including a combination of the pin number, the username, the password and the onetime password for mobile banking. Free resources to assist you with your university studies! 0000000653 00000 n
A valid digital signature indicates that the message or document was sent by a known person and it was not altered in transit. It is an emerging field in the banking segment. It is cost effective and familiar technology, virtually available in each and every cell phone regardless of manufacturer, model or carrier. Some providers charge for software and mobile banking services as well. It does not transmit or store the confidential information in the mobile device. 0000002649 00000 n
The primary intent of inserting the software is to gain private personal and financial information of the user and compromise the integrity and confidentiality of the system. With the help of Mobile, Banking user can transfer funds, and pay bills, checking account balance, study your recent transaction, block your ATM card, etc. Mit dem Begriff Mobile-Banking (auch M-Banking oder mBanking genannt) wird die Abwicklung von Bankgeschäften bezeichnet, die unter Zuhilfenahme von mobilen Endgeräten wie Mobiltelefonen oder PDAs stattfindet. The wireless data is encrypted with AES and the encryption key uses ECC to encrypt this data. The applications are also susceptible to attacks and only customers can initiate communication. Mobile banking until 2010 often been performed via SMS or the Mobile Web. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. About this page. bill payment, and transaction history via a mobile phone (Stair & Reynolds, 2008). People are using their mobile devices to replace cash and cards. 6FFIEC requires banks to use multiple forms of authentication for electronic banking. 6Bluetooth can be used easily to spread these viruses. 6CellTrust uses AES and micro clients to protect the SMS messages and send encrypted SMS messages. Therefore, this threat is a recent major concern for banks and users. It does not work with all kinds of phones and requires smart or PDA phones. For online banking, an internet connection is an essential which is a major problem in developing countries. an exploit in the iPhones web browser, deployed a fussing attack and injected invalid data into a program looking for the buffer overflow. The biggest advantage of this architecture is most of the processing is done at a remote server at the bank and much less information is stored in the mobile device. 18Clarke and Furnell found in a survey that 83% of populations were in favor of using biometric system for authentication. Cracking can be used to get sensitive data from the phone or to install malware while cloning can duplicate all information from the phone and an attacker can get about half of the information to identify the phone. The Commwarrior virus spreads over Bluetooth and MMS. MOBILE BANKING – THE KEY TO BUILDING CREDIT HISTORY FOR THE POOR? So mobile banking systems in the US are less developed compared to online, credit/debit card banking in terms of services. In 2004, NTT DoCoMo started using FeliCa contactless IC chips developed by Sony for mobile devices, which can carry personal and financial information that facilitated remote payments and substituted mobile devices for cash and cards at merchants’ points of sale. These kinds of software can be inserted into a system without the knowledge of the user. It can store keys, passwords, digital signature and certificates. In 2003, LG Telecom started South Korea’s first IC chip based mobile banking service, which significantly increased the market share of LG Telecom. 34PKI (public key infrastructure) is a security mechanism for wireless internet and uses public key cryptography and certificate management for communications. 0000003886 00000 n
Therefore, ones the message has been sent and digitally signed, the signer cannot deny that he/she did not sign a message. Before 2004, the Internet was the only way of using mobile banking in Japan, which enabled customers to browse the merchant website through a web browser. trailer
A month before that, U.S. bank launched a full suite mobile banking solution for prepaid cardholders with bill pay capabilities. 0
Mobile phones are small and portable and could be easily lost or stolen. Initially, the services offered were funds transfer, bill payment, branch and ATM locations, account balance, etc. 33Digital signature is an electronic signature that can be used to identify the authenticity of the message of the document. (1) Encryption of information stored in the phone and (2) Encryption of the information during communication. History of Banking in India PDF gives the brief history of banking sector in India. Understanding Why Mobile Malware Matters Today . It has been improved with the advancement of the technology, the hardware and software. It is mainly used in wireless network. However, at present, the increasing number of viruses and Trojan horses is the biggest concern to mobile banking security. In 1994, the Cabir worm spread as an infected SIS package called caribe.sis. The earliest mobile banking service used SMS which was then known as SMS banking. It provides two-way communication between the bank and the user, so either the bank or the customer can initiate communication. or send that data to their machine. Additive mobile banking (m-banking) models, such as those offered by First National Bank in Southern Africa or ABSA in South Africa, are when the mobile phone is another channel through which to operate an existing bank account for some functions, alongside or instead of internet or AT M. These models help to enhance access to existing clients. Mobile banking could be defined as a facility which provides banking ser- vices such as balance enquiry, funds transfer, bill payment, and transaction history via a user’s mobile phone . Mostly it uses features facilitated by Voice over IP (VOIP), to gain access to private, personal and financial information from the public (information of the users). No plagiarism, guaranteed! and offer mobile banking, in the shortest possible time. Bank of America started mobile banking services in March 2007 in collaboration with four major wireless carriers, which reported 500,000 users within the first 6 months. The client application system offers robust solution to mobile banking. Since then there has been huge progress in mobile banking services. It is an emerging field in the banking segment. Cloning of a mobile device creates a second device, which has the same identical information as the original device. Set alert. Pull mode and push mode. 6,11WAP (wireless access protocol) was created in 1999 and made internet access possible through mobile devices. Information Technology [iii] The report indicated the growth potential for mobile banking. Each of these factors have a range of elements. 0000004724 00000 n
(A data plan requires to use client application based mobile banking architecture, which increases the cost on the part of customer.) 6Another technique uses what user has. Today We’ll Discuss … Mobile banking trends Why to invest in mobile banking How to stay ahead of consumer mobile banking expectations 3. It is very important to understand what banking business is all about. We're here to answer any questions you have about our services. 2. Therefore, more robust security system is necessary to protect the private personal and financial information of the users. 17Cloning of GSM phones is much more difficult in comparison to cloning of CDMA phones. Therefore, mobile banking has been introduced as a model of e-banking provides customers who need only a mobile phone. TPM is another tool that can help with encryption and protection of mobile devices. The number of people use mobile devices is rising rapidly. So it can be used to perform platform authentication. Implementing the various types of authentication and encryption technology can improve the mobile banking security, which reduces customers’ fear against security issues and increase. 31st May 2017 A Rieh History, with Lots of Luggage 31 Is Mobile Banking a Real Trend? 19In 2001, 1.3 million devices were lost or stolen in the UK. They receive the benefits of banking services such as being able . In fact, MB has emerged at the end of 1990s when the first service is launched by company Paybox in collaboration with Deutsche bank. All work is written to order. 2009). HISTORY. 6,11This architecture includes the use of the internet browser of the mobile device to access the bank’s internet banking website. Disadvantages of Mobile Banking Mobile banking users are at risk of receiving fake SMS messages and scams. It uses the text message system of the phone to get private, personal, and financial information of the user. Most digital phones available today are Bluetooth enabled and any Bluetooth device can be infected within range. Users can connect to the internet via a wireless network or their carrier’s internet service. mobile banking, the study found perceived risk to be one of the key factors impeding the adoption of mobile banking. Mobile banking is an emerging technology and the number of mobile banking subscribers increases day by day. With the help of this system the information can safely reach to its destination. 0000005494 00000 n
Mobile banking solutions also vary in their degree of complexity, and some only offer a fraction of the services you would find in a bricks-and-mortar branch. With the advancement in mobile phones and following the success of Apple’s iPhone and other operating system based phones, mobile banking is increasing through the special client applications. Mobile Banking on Smartphones Review of Russian banks’ mobile applications 5. However, older phones had limited functionality. Abstract. In the USA, mobile banking was introduced in 2006 by Wachovia bank. tions. Contents How Free Is Free? 6There are two different ways to protect the data on the phone. with mobile devices. The earliest mobile banking services were offered via SMS with the introduction of the first primitive smart phones with WAP support enabling the use of the mobile web. 6,11This architecture requires the download and installation of a mobile client application to the mobile device. 6Behavior analysis can also be used as a security measure where users are granted or denied access based on their previous behavior. In addition to that, wireless communication increases the vulnerability of the system. This process is called decryption.
The european company called PayBox supported financially by Deutsche Bank, in 1999 started mobile banking. It gives you the history of banking before independence, E-banking, history of Reserve bank, history of SBI bank and many more. The cost of the mobile devices, which are compatible with the mobile banking application and still quite high. The chances of this kind of attack increases with the use of wireless connection compared to other more secured connections. It offers new opportunities for banks to provide added convenience to their existing customers in developed countries, and reach a large population of unbanked customers in emerging markets. Mobile penetration is 105% in the U.S. and France and it is even higher in the U.K. and Germany at 130%.2 However, mobile banking is relatively new in many of these markets and its usage is still low in most countries (Figure 1). The security features and countermeasures for them differ from online banking. In terms of security, mobile banking is as secure as online banking and offers the same security features and protections. 20One survey in London found that 379 out of 943 phones had their default setting on and 138 out of 379 were vulnerable to attack. Cloning of CDMA phones only requires a phones electronic serial number and mobile identification number. (Even once a Bluetooth device connected with phone, attacker can change the default setting also.) Mobile requires a data plan and text messaging services, which is an added cost to the user. 4 Push mode is a two-way message system where users send text messages to the bank requesting specific transactions or services with predefined request codes and the bank replies with specific information pertaining to the transactions or services through plain text messages. A robust system uses multiple forms of identification before and during use of an application and if necessary asks for more accurate form of identification. Attackers find the ways to break or crack the software and once cracked the attacker has the access to the data stored in the device. The initial mobile banking service offered was the SMS banking; while online banking was very well developed and was offering all kinds of banking services. 0000006269 00000 n
You can view samples of our professional work here. After smartphones were introduced with WAP (Wireless application protocol) support allowing the use of the mobile web in 1999, the first European banks started offering mobile banking on this very platform to their customers. Default setting can be change by attacker. An attacker can use bluesnarfing and download, upload or edit files on a device without the owner’s permission. In the presence of other security protocols like WIM, WTLS and WMLScrypt of WAP, WPKI can fulfill all four security requirements for mobile banking: confidentiality of data, identity and authentication, integrity and non-repudiation. Than 900 million mobile users but still mobile banking service used SMS which was then known as M-banking or banking! Payment Revolution by Sunil Gupta mobile technology is revolutionizing the global banking and industry. A 30 foot range SBI, RBI and others easy to use multiple forms of authentication for banking. 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