Mobile Banking Security

Report Summary

Mobile Banking Security provides an insight into the current state of mobile banking security.

Author: Ron Condon
Publication Date: 19th October 2012
Number of Pages: 53
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This 50+ page report analyses the importance of security for mobile banking and investigates how technology vendors and banks are deploying solutions to prevent fraud and identity theft.


The report examines how banks are currently securing the mobile channel and offers recommendations to banks to ensure that mobile banking becomes a trusted service.


“Mobile devices do create new risks but they can also help to make online banking considerably more secure”, claims Ron Condon, report author and senior analyst at Goode Intelligence.


The report argues that there is a great opportunity for banks to benefit from the immediacy that smart mobile devices (SMDs) offer. However, Goode Intelligence believes that there are still significant risks in adopting these exciting new communication channels and these risks must be counteracted before consumers are confident in accepting them. 


According to Goode Intelligence, banks should adopt a number of measures to ensure that adequate security controls are integrated into the heart of their mobile banking strategy; these include:

  • Consider using the in-built features of a mobile device for stronger multi-factor authentication and verification (MFA/MFV), including biometrics, behavioural analysis and geolocation


  • Monitor apps stores for any rogue apps that purport to represent your company – and kill them quickly


  • Introduce a plan for updating mobile banking apps


  • Ensure that mobile banking apps are security tested


  • Integrate mobile apps with other banking channels, so that security lessons learned in one channel benefit the others


  • Educate users about system hygiene when upgrading their handset, and disposing of an old one





This report is aimed at banks implementing mobile banking solutions and solution providers that are enabling secure mobile banking services to be built.  This includes banks, technology vendors, mobile phone OEMs, mobile network operators/carriers, trusted service providers, security professionals and investors.


The report includes interviews with leading stakeholders in the mobile banking security sector Including KPMG, Trusteer, RSA, Entersekt, Entrust, SecurEnvoy, ISACA, Encap and Monitise.






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