Managing Information Security Using New Mobile Banking Data Security Standard [MBDSS] Framework

Abstract

In this world of computer and communication, 60.6% of world populations are having mobile phones. With the rise in popularity of 3G mobile phones, banks has already started offering their facilities anywhere as user can get a phone signal irrespective of geographical location. Several countries are offering faster 4G Mobiles. Due to faster and reliable mobile phones, the users wants to use their mobile as all-in-one device with basic communication service along with entertainment and banking services. As far as the evolution of offerings and technology, one can see the future as an organic integration of mobile banking capabilities and channels that bring customers everything they could want or need to satisfy all their banking function from their mobile handset. Mobile phone is the first channel that allows a bank to proactively, economically and in a timely fashion reach out to customers, rather than relying on customers to initiate an online session, call, branch or ATM visit. This is a huge advantage that delivers customers more personal and timely information about their finances as well as exposure to new and relevant bank products.

Through the proactive communications channel Mobile banking also enables the bank to develop a deeper relationship with their customers. Unlike any other channel mobile banking allows you to have complete control and real-time understanding of personal finances. More and more bank customers are seeing these offerings as core to choosing and sticking with a financial institution. But due to lack of standards in mobile banking and security, the customers are reluctantly using mobile banking services offered by banks. To offer all the banking services- information based and transactions based services, security, confidentiality, integrity and non repudiation has to be bundled together, to facilitate the mobile users performing all the mobile banking services. This paper deals with the study of all information security standards and thus creating a framework for a highly secured and robust mobile banking standard in this world of computer and communications.