Mobile money
A team of informatics and engineering specialists at City University London has received £135,000 in funding for a three-year project to develop security measures for mobile banking.
A team of informatics and engineering specialists at City University London has received £135,000 in funding from the government's UK-India Education and Research Initiative (UKIERI) for a three-year project to develop security measures for mobile banking.
Today, many mobile banking offerings require a dedicated SIM card to authenticate users, resulting in poor user experience and uptake, as consumers are forced to swap between SIM cards or use dual-SIM handsets.
City's team of researchers, led by Dr Rajarajan, assistant dean at E-Learning, is pioneering a form of security software that generates a personal code or 'crypto key' to each user via their existing SIM card. The result is a simple yet secure form of mobile banking authentication.
Rajarajan said: 'The GSMA's Mobile Money for the Unbanked initiative has set the global goal of bringing mobile financial services to 20 million people who previously did not have bank accounts, by 2012. But security concerns and the complexity of many services will hamper adoption.'
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