A Study on Enhancing Mobile Banking Services using Location based Authentication

Abstract

Every now and then mobile users are increasing in exponentially all over the world, which leads to the growth of mobile-enabled services like mobile banking. The smart phone nowavailable in the market having the ability to do all the functions that people can do olden daysusing their personal computers. The introduction of mobile communication technologymodernization, innovation and globalization are increasingly driving the banking services tobecome ubiquitous, personalized, convenience, disseminative and secured. Mobile BankingAuthentication has evolved over time to include several parameters such as Biometric,Location, Context, History, Profile etc. In this paper, we discuss new mobile banking serviceslike Digital deposit apps, advanced bill payment apps, and Electronic meeting for mini loanservices and Mobile payment apps. We can provide higher security for these new servicesthrough an intelligent multi-modal Authentication with Location Awareness. Here thelocation, where the mobile banking transaction has been executed is captured giving theadditional option for a Bank to verify if the transaction has been executed normally or if theparameters are at variance with normal practice. If the Location happens to be very in adifferent country, an additional verification process can be introduced adding to the entropyof Authentication. If the Location happens to be a Bank Branch or an ATM, where there is aproper iBeacon or GPS providing additional information about identification, then in such asituation the Authentication can be further simplified based on the type of transaction. In thispaper, we discuss in detail location based authentication and how these can be effectivelyapplied in enhancing the mobile banking services.