Mobile Banking: Evolution and Threats: Malware Threats and Security Solutions

Mobile banking refers to the use of a mobile device (e.g., a smartphone) to perform online banking activities, while away from the home computer, for transferring funds, monitoring account balance and bill payments, and so on. It provides a great convenience to bank customers, but it suffers from various types of attacks that are possible on the mobile banking infrastructure. We present the evolution of mobile banking and discuss the various threats associated with it as well as some of the most recent malware attacks. Finally, we include a review of recent security solutions for enabling secure mobile banking.