The race to provide customers with innovative mobile payment solutions means banks have been adopting new technologies, software and applications extremely quickly. This has led many to worry about the security of mobile apps as banks have been managing the security threats almost on their own, without much government supervision.
The recompense for being the first bank to introduce special features has been quite alluring for the big corporations. The benefits include providing an improved banking experience for their clients, thus increasing customer retention rates and a reduction in operation costs giving a boost to overall profitability.
This report will analyze in-depth the security threats that are lurking behind each mobile app banking transaction and the characteristics required in a system designed to mitigate the risks.
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