Phone Banking
Phone Banking
Phone Banking
Mobile / Phone banking has become really popular owing to the convenience that it gives its customers. You can access your account, pay bills, and make cash transfers through cell phone banking. It offers many benefits over internet banking and banking in person. With the wide range of mobile connectivity, mobile banking through cell phone can be accessed by anyone
Convenience plus, with 24-hour access from anywhere. Save time - no more waiting in queues. No transaction fees. Perform account balances on your accounts. Pay bills in one quick call using BPAY. Instant transfers between your accounts. Report your cards as lost or stolen. Order a cheque book. Hear interest earned for the last financial year. Request a statement. Hear the details of your last five transaction
RECOMMENDATIONS
The following aspects need to be addressed to offer a secure infrastructure for financial transaction over wireless network : 1. Physical part of the hand-held device. If the bank is offering smart-card based security, the physical security of the device is more important. 2. Security of any thick-client application running on the device. In case the device is stolen, the hacker should require at least an ID/Password to access the application. 3. Authentication of the device with service provider before initiating a transaction. This would ensure that unauthorized devices are not connected to perform financial transactions. 4. User ID / Password authentication of banks customer. 5. Encryption of the data being transmitted over the air. 6. Encryption of the data that will be stored in device for later / off-line analysis by the customer. One-time password (OTPs) are the latest tool used by financial and banking service providers in the fight against cyber fraud[7]. Instead of relying on traditional memorized passwords, OTPs are requested by consumers each time they want to perform transactions using the online or mobile banking interface. When the request is received the password is sent to the consumers phone via SMS. The password is expired once it has been used or once its scheduled life-cycle has expired.