Mobile Banking Security
Mobile banking (also known as mbanking) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone.
With the increased adoption of mobile banking, there are various threats to the security of transactions done using mobile banking methods. SolidPass, with its multi-channel two-factor authentication technology, provides higher security and protection against the threats such as spoofs and spooks, ghosts and leeches, phishing, pharming, hacking, man-in-the-middle and stolen devices than other available mobile banking methods such as SMS or the Mobile Internet.
The industry standard for secure mobile banking is two-factor authentication (T-FA or 2FA), which is a system wherein two different factors are used in conjunction to authenticate. Using two factors as opposed to one factor delivers a higher level of authentication assurance. For increased security in online and mobile banking and access control, two-factor authentication often combines password/Pin/Smart Token or mobile signature.
For the banking industry, 2FA is quickly becoming a mandatory offering for online and mobile banking.
- FFIEC Guidance on 2FA
- PCI Data Security Standards
- FACTA Identity Theft Red Flags
The SolidPass mobile solution is built for AMF and BlackBerry devices with support security features that incorporate two-factor authentication. The mobile solution is built with the flexibility of integrating a mobile security token that provides better security than a hardware token by giving you control and choice over authentication requirements at a fraction of the cost. Even more importantly, the mobile token provides more than standard two-factor authentication with smart protection features such as Challenge-Response and transaction data signing. Essentially, it provides 2 factor, 2 channel, and 2 way authentication.