The Importance of e-Banking Security   
Posted by Zaki Alameddine 07 December 16

Step into any public space today one thing is clear: everyone is carrying a smartphone. Every business has one thing on their mind: how can they target new customers through their mobile phones?



Banks around the world are increasingly attracting new customers via Mobile and Internet banking offerings. Mobile and Internet banking gives banks the ability to reach out to new customers, remove physical (infrastructure) limitations, and be more efficient providing new and innovative services.



Mobile and Internet banking gives customers the ability to check their account balances, transfer funds, settle credit cards, block cards, request card limit changes, pay bills, request and calculate loans, and request checkbooks, and a lot more.



Developing a Mobile and/or Internet Banking platform independently can be a challenge. The biggest risks of “going it alone” are: a poorly designed user experience and risky security practices.



For example, saving login credentials on the device to facilitate a transaction can endanger users’ account security. Also, securing internet connectivity, especially over public Wi-Fi networks, is critical to prevent packet sniffing and man-in-the-middle attacks that can compromise banking and personal details. Banks may run “pen-tests” (penetration tests) of their software, but no amount of testing can replace real-world usage and testing.



When choosing a mobile banking vendor, it is important to choose a platform that combines the latest innovative functionality and usability with state-of-the-art security.



ElBank (www.elbank.me) uses the latest mobile and web technologies to deliver a functional and engaging user experience without compromising on security. The ElBank Mobile Banking app is built using native and low-level C-code to ensure a fast and fluid experience. This also ensures that the application cannot be reverse engineered, thus protecting against hacking. Also, the ElBank Internet Banking app is built using state-of-the-art Angular.JS technology which ensures a responsive user experience on the web. Both the Mobile and Internet Banking applications share the same look-and-feel, which gives customers a consistent experience across any online channel.



In addition to ElBank’s innovative design, we have adopted the top industry practices in mobile security, including:




  1. Secure Biometric Login for quick and secure login

  2. One-time Passwords Delivered via SMS or Email for device onboarding

  3. Multiple layers of authentication for signing in and engaging in any transaction

  4. User-generated PIN for executing transfers or managing settings

  5. No data is ever stored on the phone ensuring that no data can be stolen in case device is compromised



These practices, among many others, ensure that client-data is always secured, remotely and when loaded on the device.



Request a demo today: contact@elbarid.com