The mobile channel emerged as the perfect solution for financial institutions in search of a way to extend reach, improve customer convenience and lower operating costs. That being said, mobile banking may have enhanced customer experience and supported financial inclusion, but it has been dogged by security issues all along. Service providers have to safeguard transactions at three levels – authenticate user identity, protect devices against replication and secure data transmission. While various technologies such as user and mobile PIN, data encryption, limited on-device data storage and multi-factor authentication improved the safety of mobile transactions, they could not be universally applied and hence, excluded a huge number of older or less powerful devices.
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