Panel Discussion: Mobile Banking: Emerging Threats, Vulnerabilities and Counter-Measures

Panel Discussion: Mobile Banking: Emerging Threats, Vulnerabilities and Counter-Measures

Mukesh Malik, Chief Operating Officer, Aditya Birla Financial Services Group
“For the growth of any country’s economy, there are two key enablers – one is transportation and other one is communication. If a country follows progressive approach for these two enablers, there will be a tremendous rate of growth in a country.”

Prashant Maldikar, Head – IT Security – Information Technology, IndusInd Bank
“From the banking perspective, we haven’t seen big frauds through digital/online banking or through mobile banking. But we have to be prepared for this as mobile is one of the most vulnerable devices from banking point of view.”

Biju K, Chief Information Security Officer, Federal Bank Ltd
“From the customer’s perspective, the first thing they are looking at is convenience. We are trying to provide convenient and easy to use yet secure mobile applications from customers as well as banks point of view so that there is no fraudulent.”

Solkar Nagaraj Pandduranga, Chief Information Security Officer, Reliance Nippon Life Insurance Company Limited
“Threats are not only limited to financial transactions or third party payment gateways. To avoid any such threat, the security must be checked at customers’ end as well irrespective of the fact that the responsibility lies with the banks.”

Saurav Sinha, Presales Manager, BMC Software India
“There are multiple things which customers as well as banks with the help of Reserve Bank of India (RBI) should take care of. One important thing on banks’ end is service charge on online transactions. As government is promoting the digital banking so there should be nominal service charge for online transactions.”

Suresh A Shan, Head Innovation & Future Technology, Mahindra & Mahindra Financial Services
“When you don’t have secure way of transactions through mobile, poor network connectivity makes a user more vulnerable for security threats. This kind of pressure, the banks have to deal with in order to provide secure banking services.”

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