Banks & E−Commerce Network Security Threats and Best Policies in Practice (original) (raw)

Towards a mobile payment market: A Comparative Analysis of Host Card Emulation and Secure Element

The considerable existing potential for mobile payments adoption shows that businesses are interested to increase the number of electronic transactions while consumers are attracted to convenient ways for fast and accessible banking. Nevertheless, the belief that the value of the Near Field Communication technology has not yet been fully recognizedparticularly in the consumer marketplace -persists. However, the introduction of Android 4.4 operating system namely 'KitKat' has pushed the Near Field Communication (NFC) market towards Android devices with the recently proposed Host Card Emulation (HCE) technology. Moreover, there are various debates about the ways in which mobile payment processes should be managed. Currently, the most recognized and accepted methods for managing the mobile payment processes are the traditional Secure Element (SE) approach and the Host Card Emulation which has lately become a crucial topic for key industry players. This paper describes the aspects of moving forward with mobile wallets. More specifically, a broad discussion is developed to consider the pros and cons of both approaches. Correspondingly, a detailed analysis is carried out centred on the security and adoption issues that these approaches may raise.

Banking and Modern Payments System Security Analysis

Cyber-criminals have benefited from on-line banking (OB), regardless of the extensive research on financial cyber-security. To better be prepared for what the future might bring, we try to predict how hacking tools might evolve. We briefly survey the state-of-the-art tools developed by black-hat hackers and conclude that they could be automated dramatically. To demonstrate the feasibility of our predictions and prove that many two-factor authentication schemes can be bypassed, we have analyzed banking and modern payments system security. In this research we will review different payment protocols and security methods that are being used to run banking systems. We will survey some of the popular systems that are being used today, with a deeper focus on the Chips, cards, NFC, authentication etc. In addition, we will also discuss the weaknesses in the systems that can compromise the customer's trust.

Using RFID to enhance mobile banking security

International Journal of Computer Science and Information Security (IJCSIS), 2010

Abstract—Mobile banking is introducing a new generation of location-independent financial services using mobile terminals. This facilitates allowing users to make payments, check balances, transfer money between accounts and generate statements of recent transactions on their cellular phones. While providing, anywhere, anytime banking to the user, the service should be secure and security needs to be implemented at various levels, starting from the SIM card security, mobile software security, and secure customer access to banking ...

Internet Banking Authentication Methods in Nigeria Commercial Banks

African Journal of Computing & ICT, 2013

The Electronic banking and payments services of commercial banks are recognised by the Central Bank of Nigeria (CBN). Despite the early stage of electronic banking in Nigeria, banks are already offering various financial services through the internet. In order to protect customers’ vital information and identities over the internet, necessary and standard multifactor authentication measures should be in place to avoid financial losses. The purpose of this study is to find out the multifactor authentication (MFA) methods used by the banks, evaluate the type of security mechanism adopted and develop security measures to reliably authenticate customers remotely accessing their Internet-based financial services. The study addressed conducting risk-based assessments and customer awareness program. The study was conducted on all the twenty (20) currently operating commercial banks in Nigeria.

The missing link: Human Interactive Security Protocols in mobile payment

Proceedings of the 5th …, 2010

A new family of protocols, based on communication over human-based side channels, permit secure pairing or group formation in ways that no party has to prove its name. These protocols are particularly suitable for authentication on mobile phones where PKI or trusted third party solutions are not practical to cover all scenarios. Rather, individuals are able to hook up devices in their possession to others that they can identify by context. By using one of these Human-Interactive Security Protocols (HISPs), we present a new design of mobile payment system to improve on the security of existing solutions, while providing a reliable and ubiquitous foundation for mobile security in general.

School of Computing Blekinge Institute of Technology

Context: The invention of mobile phones makes the human life easier. The purpose of this study is to identify security risks in mobile banking and to provide an authenti cation method for mobile banking transaction by using bio-metric mechanism.