Given last week’s article about issues with mobile banking security, this week I searched for articles focused on suggestions ways in which this issue can be improved upon. The three recommendations are as follows from one specific article.
- Multi Factor Authentication: establish connection between user’s ID and their real world identity
- Fingerprints and facial scanning
- Regulatory Compliance: stay up to date with legal regulations as to avoid excess expenses and to ensure security compliance is met
- Proper identification of users and incorporating Anti-Money Laundering policies
- End-to-End Encryption: enables better protection of data and system integrity to ensure compliance with industry best practices
- System integrity and protecting users’ identities from adversaries
Considering all of these security measures include already established technologies, I wonder why mobile banking has not widely adopted these as to prevent the issues presented last week. Of course, mobile banking is a newer concept considering it gained traction and popularity in 2010. It seems that mobile banking has the resources to make more secure applications, but it will continue to take time to implement solutions. Additionally, we may see new mobile security threats in the future which will also affect the security of such applications.
http://paymentweek.com/2017-3-3-three-ways-to-ensure-mobile-banking-apps-are-safe-and-secure/