How to build trust in mobile financial services

build trust in mobile financial servicesWant to know the secret behind increasing the uptake of mobile money payments?

If so, you're in luck- Mark Cabiling of Du has created a presentation to show you how to build customers' trust in mobile financial services. One of the main deterrents of using mobile payments is that people don't trust that their money is safe- Download presentation.

This great presentation from The Cards and Payments Show 2012 shows you how to address security issues and prevent fraud, in turn promoting customer confidence in your ability to protect their money.

To find out more about building trust in mobile finance and to learn more about why industry collaboration is vital to your success, download the presentation today.

Let us know what you think by leaving a comment below, or check out more mobile money news .


  1. Patrick G. Ngabonziza

    One of the primary challenges in ALL payment schemes is coming up with practical ways to secure payment transaction data.

    The fundamental problem in credit/debit caard scheme is that cardholder data becomes a shared secret. This secret often needs to be shared amongst a lot of parties in order to fulfil even a single transaction. Because security relies on the least common denominator of security controls amongst these parties, a leak is almost inevitable during the life of an account.

    SMS channel is the least secure transaction in Mobile payment. Data carried across the mobile network is protected by the standard GSM security protocols at the communication layer. The subscriber identity is also protected across this chain. The risk in transporting data across the GSM channel may be found in the number of stops the data makes before reaching the bank. Unlike fixed line communication, data being carried across the mobile network jumps from one base station to the next, which means that the chain of encrypted communication is broken. The data is also unencrypted when it hits the network operator. Thus, there is a broken encryption between the consumer and the bank.

    USSD2 is similar to IVR for to data security in that it opens a single session between the device and the USSD2 application at the network operator, processor, or bank.

    The vulnerability exists for all mobile banking use cases that make use of the possession of a SIM linked to a cellphone number (MSISDN) as an authentication factor. The SIM swap vulnerability is addressable through increased process controls around the SIM swap. The ID and Password theft vulnerability is addressable through increased customer education and awareness programmes.

    As can be seen, there are many points of exposure. Besides, the weak security of payment solutions such as SMS, USSD, these technologies cannot be used on a POS. Transactions are time consuming and ill-suited to the retail context and illiterate clients. Inappropriate design for retail transactions.

    Biometric process can add a powerful layer to existing security architecture. Biometric payment technology has become a mature technology and can actually support financial applications in the real banking world and is a viable replacement for, or enhancement to, the use of passwords or PINs to verify the identity of a person. Each person’s characteristics are unique to that individual. Even identical twins do not have the exact same characteristics. Also it is very hard to loose, and impossible to forget the personal characteristics, since they are a physical part of each individual. The use of biometrics will significantly increase the probability that the person accessing the financial system is actually the person they say they are.

  2. Author

    Thanks for your comments Patrick, I think the addition of a biometrics process to the security structure of mobile payments would definitely increase the amount of people using mobile payments.
    I do wonder how efficient this would be though, at least to begin with. For example, I used to have to scan my fingerprints at my old job to clock in. However, about 50% of the time my fingerprints were ‘not recognized’, so the systemn didn’t really work very well.


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