Info-Security – This blog post focuses on mobile financial services security and questions around mobile payments. These questions are very important to get answers for anyone who wants to enter here. We will touch upon behavioral biometrics but not go into details in this post. Behavioural biometrics, behavioral KYC data, and behavioral analytics are very new concepts that still have a long way to go before they establish themselves.
Mobile Financial Services – Mobile Payments
Mobile Financial Services is a serious and independent business unit for many service providers. What makes some a success and not so good for others depends on how focused and strategic business owners are.
The Ministry of Innovation can add lots of excitement and increase fire about the security of transactions. The subscriber normally doesn’t ask too much in the low-value transaction, but as it happens on a daily basis, subscribers do get nervous and freak out more when they add their card or bank details to the same. Please note that this article is very high level information on security and has no means of teaching or guiding anything.
However, just because a big and renowned service provider (though almost all of them are coming out of this space with zero or no experience in payments) offers mobile payments does not mean users should use the services with or without need or reason. In some markets, merchant payments are welcomed and well accepted by subscribers, but P2P payments are not, and in some markets, it’s just the other way around.
A New Look at Mobile Payments Security
The main objective of this post is to just add some small spark on the need for security. We will try to answer a few questions around mobile payments. Anyone looking for a guide to implement or learn please refer certified martial.
I advise you not to use this material but yes can you use this post as sparking material. Source of the information is internet search via many website links, AILabPage’s in lab efforts and on ground relevant experience. This is easy, simple and quick information on a very very high level.
As said in some conference I attended last month “Inability to adapt to mobile payments can put your company at a competitive disadvantage”. This is seriously true in today’s time. Behavioural biometrics going to more robust, secure and authentic compared to our today’s time static biometric which are difficult to break but not impossible. Artificial Intelligence will boost info security through behavioural biometric intelligence in coming time. Mobile payments security will play a key role in the importance of info-security and privacy in payments. This industry is changing every day i.e it dynamic so why to rely on the static method of security.
We are living in an era of worldwide data wrestling scenarios, where everyone is collecting data. Data value could be more than fuel in near future but failure to understand exactly where and how sensitive data is stored and transmitted can prevent organizations from clearly defining and implementing data protection solutions. This can create fraud spikes in rising transaction volumes can lead to performance bottlenecks as inefficient processing limits capacity and degrades the customer experience. How About velocity detection and velocity pattern analysis.
When e-commerce fraud spikes, it can be tempting for merchants to pile on more controls and risk turning away otherwise legitimate transactions that appear to be fraudulent. The alternative is often to shut off these controls altogether and leave themselves vulnerable to criminals. Neither extreme is ideal, and acquirers say merchants need to start taking a more systematic approach when setting fraud controls to avoid this dilemma. “Though extremely effective when methodically applied, fraud control parameters can be absolute and unforgiving when setting inappropriately and can unintentionally defeat legitimate transactions.
Mobile Payments Security Will Play a Key Role
At a first read over, velocity detection might seem like some complicated instrument mechanics would use at a theme park on a broken roller coaster. But in reality velocity detection is defined as checking the historical shopping patterns of an individual and matching that record against their current purchases to detect if the number of orders by the cardholder match up or if there appears to be an irregularity. Artificial neural networks will be helping in this particular space in the near future to make it much more strong.
A successful attack on the software-based mobile payment application could consist of decompiling the source code, where the attacker obtains access to all assets hidden in the application (such as tokens and cryptographic keys). The integrity of an application can also be compromised by data tampering and cloned applications intercepting sensitive data. Another point of vulnerability is a merchant’s mobile POS, as a fraudulent merchant could tamper with the mobile application controlling the mobile POS. With these methods, an attacker can obtain assets such as user and card details, card verification method values, and use keys. Security mechanisms, such as white box cryptography, reduce the likelihood of cloning and decompiling payment applications. Provisioning of secure data to the SE or delivery of a payment token is a point of vulnerability in mobile payment applications.
Mobile operators to communicate with the credit card ( SE ) on the credit card and mobile transaction by means of the communication environment and advanced technology of the carrier. ( E-coupon ), SMS coupon service, and so on, so as to enable you to experience the test plan, such as inductive action payment, download the smart poster (E-coupon ), SMS e-coupon service, etc. , for specific users in the agreed special store. Users in the life of the application clearly felt more convenience and entertainment.
Accessing financial services through mobile, internet or any open interface banking involves submitting personal information through a plain/web/encrypted text messaging platform. Hackers can try to access those messages through the un-secure communication channel. Also, risks involve the bank and financial institution’s not put in enough encryption security of its technology hence would leave the customer’s personal information open for interception. Globally, the increase of mobile telecommunications technology has made mobile phones increasingly common and available for users even in the remotest part of the world.
New processes create new security vulnerabilities. Over-the-air provisioning of payment credentials and applications, for example, potentially creates new attack vectors for eavesdroppers to steal and misuse customer data.
Conclusion: There is clearly an opportunity for mobile payments. Consumers want to pay quickly, easily and at low costs. An interesting finding is the need to add context to payments, e.g. subject or photo. Privacy and security are flagged as important by the majority of respondents. However, this was expected. With the knowledge of knowledge, we see more lean product focused towards a specific group of customers. The idea and concept are not new, however, it is very promising when targeting the right niche and addressing the right issues customers are facing. Now another type of AI which is going around like fire in a jungle; where it’s been said AI will stop all frauds and kill all issues around it. AI will bring behavioural biometrics to stop the gap and remove the vulnerability of payment systems, especially online payments.
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Very informative and useful information
This is a good post to understand this issue.
This information is extreamly useful
This has helped me to understand the basics
Security should come first in financial services domain
How do you ensure … system is not attacked by guardians…..Please hepl