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2008 Mobile Banking Security Standards: Three-Part Strategy Will Increase Consumer Adoption While Protecting Banks’ Assets


Description: Security concerns are the single biggest factor inhibiting consumer acceptance of mobile banking. These concerns are as much a matter of consumer perception as they are of reality – so getting both right will be key. The volume of attacks on mobile banking systems is negligible in the still-nascent and fragmented market that exists today, but will rise as adoption builds, and in particular, as operating system consolidation and platform standardization increases. With a well-designed security program in place, mobile has inherent safety advantages that make it one of the most protected channels for remote banking.

It can be used to improve overall (cross-channel) security via the inherent speed-and-notification advantages of always-on, always -present mobile access. For now, build on the diversity of platforms to maintain confidence that malware isn’t likely to infect consumer devices, but be aware that emergence of standard platforms will erase today’s advantage in the future. Included in this report is a review of the security of mobile banking vendors: ClairMail, CPNI, Firethorn, Fronde, Harland, Jack Henry, mFoundry, M-Com (marketed by Fiserv in the US), Mobile Money Ventures (MMV), Monitise Americas (marketed by Metavante in the U.S.), MShift, Tyfone, and Yodlee.

Primary Questions

-How will security affect mobile banking consumer uptake?

-What are consumers' perceptions around mobile banking security, and how should FIs address them?

-Compared to other customer interaction channels, how safe is mobile banking?

-What real security issues does mobile banking face, how are they being addressed now, and what still needs to be done?

-How do the three key mobile banking enabling technologies (mobile web, dedicated applications, and SMS text banking) – and the various mobile banking platform vendors – compare in terms of security?

This report is mainly based on data collected online from a random-sample panel of 2,714 respondents in March 2008. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.88 percentage points at the 95% confidence level.

This report is also based on data collected online from a random-sample panel of 2,350 households in March 2008. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. The overall margin of sampling error is ±2.02% percentage points at the 95% confidence level. Secondary data from public sources, such as the U.S. Census Bureau and the Bureau of Labor Statistics, forms part of the projections.

This report is also based on executive interviews with risk and fraud, marketing, and security executives at each of the thirteen mobile banking vendors outlined in this report: ClairMail, CPNI, Firethorn, Fronde, Harland, Jack Henry, mFoundry, M-Com (marketed by Fiserv in the U.S.), Mobile Money Ventures (MMV), Monitise Americas (marketed by Metavante in the U.S.), MShift, Tyfone, and Yodlee.


Contents: Overview
Primary Questions
Findings & Analysis
Methodology
Executive Summary
Recommendations
Three-Part Strategy for Mobile Banking
Consumer Awareness Programs
Business Controls
Technical Controls
Consumer Perceptions of Mobile Banking
Security Concerns are the Biggest Barrier to Mobile Banking Adoption
How Many Consumers Judge Mobile Banking to be Safe or Unsafe?
What Are Consumers’ Top Mobile Security Concerns?
Which Mobile Banking Platform Is Rated as Most Secure by Consumers?
What Do Consumers Prefer for Authentication?
Consumers Want to Be Actively Engaged in Security
Fraud Loss Guarantees Increase Consumer Perceptions of Security
Mobile Banking Security–Current Reality
The Mobile Banking Security Landscape
Security Comparison of Mobile With Other Electronic Banking Delivery Channels
Mobile Malware – A Tempest in a Teacup?
Authentication
Mobile Banking Enabling Technologies Compared
SMS Text Banking
Mobile Web
Dedicated Mobile Applications
Cross-Technology Platforms
The Mobile Banking Platform Vendors
Vendor Security Analysis
Session Authentication
Securing the Client Application
Client-Server Communications
Appendix
Related Research
Glossary
Companies Mentioned

Table of Figures:
Figure 1: Javelin’s Three-Part Strategy for Mobile Banking Security
Figure 2: Three-Part Strategy for Mobile Banking Security -- Detailed
Figure 3: Mobile Banking Consumer Education Examples
Figure 4: Worries Holding U.S. Consumers Back From Banking with their Handsets
Figure 5: Consumers’ Safety Ratings of Mobile Banking
Figure 6: Consumers’ Top Concerns About Mobile Security
Figure 7: Consumers’ Opinions on the Most Secure Platform for Mobile Banking (By Age)
Figure 8: Consumers’ Preferred Methods of Mobile Authentication
Figure 9: Two-Way Interactive Alerts Allow Customer Participation in Fraud Prevention
Figure 10: Consumers’ Rating of Effectiveness of “UDLAP”s and Mobile Alerts to Prevent Fraud
Figure 11: Forecast of Consumers Receiving SMS Alerts 2009 to 2013
Figure 12: Consumer Preference for Additional Methods to Increase Security
Figure 13: Mobile Banking Security
Figure 14: Security Comparison of Mobile With Other Electronic Banking Delivery Channels
Figure 15: Security Best Practices and Key Vulnerabilities
Figure 16: Vendors and Their Mobile Banking Offerings Surveyed
Figure 17: Vendor Comparison – Session Authentication
Figure 18: Vendor Comparison – Platform Mobile Banking Client Applications
Figure 19: Vendor Comparison – Client-Server Communications
Figure 20: Javelin’s Prevention, Detection and Resolution™ Model
Figure 21: Why Consumers Don’t Try Mobile Banking (by Age)
Figure 22: Consumer Perceptions of the Security of each Enabling Technology (by Mode)
Figure 23: Consumers’ Experience Downloading Content to Mobile Phone (by Age)
Figure 24: How Consumers are Accessing Mobile Banking (Browser, Text or Application)
Figure 25: Mobile Web (Browser-based) Banking Security by Vendor
Figure 26: SMS Text Banking Security
Figure 27: Dedicated Mobile Application Security by Vendor


Companies Mentioned -Android -Jack Henry -Apple -Linux -Atrua -M-Com -AuthenTec -mFoundry -BREW -Microsoft -CellTrust -Mobile Money -Ventures -Circle Tech -Monitise Americas -ClairMail -MShift -ClassifEye -Palm -CPNI RIM -Firethorn -RSA -Fronde -Tyfone -Google -Vervata -Harland -Yodlee -J2ME


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