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