Phishing
January 29, 2008 7:15 AM
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I had one of those ‘synchronicity’ moments just as a colleague asked me about phishing and mobile banking because Brendon McGee wrote and covered the very same topic moments after the question was posed to me. There are examples of SMS assisting with security concerns when it functions as a delivery mechanism for one-time-PINs for internet banking or in the case of the German mTAN system, for authorising internet banking payments. During my course of speaking with banks that offer mobile banking services, the feedback regarding security is that it's similiar to other channels of content delivery. There can be risks, however a strong core security principle is the key to protecting against fraud and this is independent of channels used or offered. If you’ve not discovered it already, Brendon’s Mobile Banking blog can be found here.
This brings me to think about one of the biggest questions in mobile banking today: Does the mobile channel for delivering financial/banking data increase or decrease security issues for a bank and its customers?
Some banks offer alerts in almost real-time, for transactions and account balances. These types of services can provide a consumer of an early warning of unauthorised transactions on their accounts rather than relying on a historical monthly account statement.
Posted by Diarmuid Mallon on January 29, 2008 7:15 AM
