A Review on Advanced Security Solutions in Online Banking Models

Sreeramana Aithal

MPRA Paper from University Library of Munich, Germany

Abstract: Online banking using mobile devices (mobile banking) is an effective and convenient way of providing electronic banking facility to customers from anywhere and at any time. The advent of mobile communication technology coupled with a boost in trade and commerce activity is increasingly driving the banking financial services to become ubiquitous, personalized, convenient, disseminative and secure. Realizing the advantages to be gained from mobile banking, financial institutions have begun to offer mobile banking options for their customers in addition to the internet banking they already provide. The large scale use of mobile phones in mobile banking has been closely followed by the increase in mobile fraud. Although eager to use mobile financial services, many subscribers are concerned about the security aspect when carrying out financial transactions over the mobile network. In fact, lack of security is seen as the biggest deterrent to the widespread adoption of mobile financial services. Hence, fraud prevention has become an essential ingredient in the success of online financial transactions. To enhance the security for the online financial transaction, a biometric fingerprint authentication system is proposed. In this paper, the feasibility and limitations of an advanced biometric fingerprint authentication system for mobile banking are discussed.

Keywords: Online financial transaction; bio-metric authentication; ubiquitous banking; mobile business. (search for similar items in EconPapers)
JEL-codes: G2 (search for similar items in EconPapers)
Date: 2016-04, Revised 2016-05
New Economics Papers: this item is included in nep-ict, nep-net and nep-pay
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Citations: View citations in EconPapers (1)

Published in International Journal of Scientific Research and Modern Education (IJSRME) ISSN (Online): 2455 – 5630 01.01(2016): pp. 421-429

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