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Understanding Mobile Banking Applications' Security risks through Blog Mining

and the Workflow Technology

Conference Paper · December 2015

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 Security Risks Associated With Mobile Banking Applications

Understanding Mobile Banking Applications’

Security risks through Blog Mining and the
Workflow Technology
Research-in-Progress

Wu He Xin Tian
Old Dominion University Old Dominion University
Norfolk, VA 23529 Norfolk, VA 23529
[email protected] [email protected]

Jiancheng Shen Yaohang Li

Old Dominion University Old Dominion University
Norfolk, VA 23529 Norfolk, VA 23529
[email protected] [email protected]

Abstract
This paper provides a review of the security aspect of mobile banking applications. We
employed blog mining as a research method to analyze blog discussion on security of
mobile banking applications. Furthermore, we used the workflow technology to
simulate real-life scenarios related to attacks on mobile banking applications. Insights
are summarized to help banks and consumers mitigate the security risks of mobile
banking applications.

Keywords: Mobile banking applications, blog mining, workflow technology, security risks

Introduction
Mobile banking applications are increasingly becoming popular. Many bank customers are using mobile
banking applications to check balance in their personal account, to transfer funds between accounts and
make online payments (Elkhodr, Shahrestani & Kourouche, 2012; Panja et al., 2013). Unfortunately,
mobile malware is spreading quickly and has caused a variety of security and privacy concerns including
leaking of sensitive financial data, financial loss and identify theft (Claessens et al., 2002; He, 2013). As
mobile banking applications are being used by a variety of users (e.g., employees, students and
housewives) with varying technology experience in various places such as workplaces, coffee houses,
airports and home, understanding the emerging threats, vulnerabilities and counter-measures of mobile
banking applications is critical to the future of mobile banking and mobile banking users’ financial
security. So far there is a lack of summary paper specifically focused on the security risks of mobile
banking applications, we decided to employ blog mining as a research method to analyze and summarize
online blog discussions on the security risks of mobile banking applications. Furthermore, we made a
contribution to the literature by using the workflow technology to simulate real-life scenarios related to
attack on mobile banking applications. Best practices and future trends are summarized to help banks
and consumers mitigate the security risks of mobile banking. In summary, this paper has two main
objectives: 1) to summarize security risks of mobile banking applications through blog mining; 2) to
simulate real-life attacks on mobile banking applications using the workflow technology.

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 Security Risks Associated With Mobile Banking Applications

Literature Review
Many banks such as Wells Fargo, Bank of America, Chase, and Citi Bank are offering mobile banking
services to their customers. In mobile banking, banks usually provide different mobile applications for
different devices. Mobile banking makes financial services easily accessible for customers through a
handheld device (Singh, Srivastava & Strivastava, 2010). Mobile banking applications also helped
financial institutions cut down the cost of providing banking services to customers (Heggestuen, 2014).
However, security is a major concern for many mobile banking customers (Elkhodr, Shahrestani &
Kourouche, 2012). Security on mobile banking is complicated because of the variety of mobile devices and
platforms (Lee, Zhang, & Chen, 2013). The weak and rigid authentication provided by signature, PIN,
password and Card Security Code (CSC) in mobile banking have numerous flaws and loop-holes (Edge &
Sampaio, 2009). A survey found that when it comes to mobile banking, 31% of customers are willing to
pay for added security features, 63% are willing to switch accounts for one with better security features,
and 71% are willing to switch accounts to one that guaranteed losses would be reimbursed (Heggestuen,
2014).

To create a safe and robust mobile banking system, cyber security experts have provided pertinent
frameworks and methods for mobile banking security solutions. Edge and Sampaio (2009) provided a
comprehensive survey of existing research into account signatures, an innovative account profiling
technology that can improve the fraud detection mechanisms. Fatima (2011) recommends using
biometrics to enhance existing authentication. Elkhodr, Shahrestani and Kourouche (2012) proposed the
Transport Layer Security (TLS) protocol combined with a proposed trust negotiation method, which
authenticates the client, the mobile device used in accessing the bank account information, and the server.
Ryan (2014), as a practitioner from Conference of State Bank Supervisors, suggested a four-step mobile
banking risk assessment method, including classification of information, identify threats and
vulnerabilities, measure risk and communicate risk. The new plans and solutions on mobile banking cyber
security are required in the mobile application development and implementation process. The New York
State Department of Financial Services in 2013 has conducted an industry survey on cyber security and
collected information on 154 financial institutions’ information security framework and their future plans
on cyber security (Cuomo, 2014). The survey results indicated that increasing sophistication of threats
and emerging technologies pose many challenges to security protection. On the other hand, Pousttchi and
Schurig (2004) suggested the security requirement for mobile banking: data needs to be encrypted, access
to the data must be authorized and the authorization has to be simple. In practice, security cannot be
achieved with technology that decreases usability since we cannot expect the entire workforce to become
security professionals (Potter, 2006). Ease of use is a key factor for consumer acceptance of mobile
banking services (Jeong & Yoon, 2013).

Methodology
As there are few academic research papers discussing and summarizing security risks of mobile banking
applications, we used two approaches to examine this specific topic. First, we employed blog mining as a
research method (Rubin et al., 2011; Chau and Xu, 2012; He & Zha, 2014) to analyze blog pages that
discuss security of mobile banking applications. As mobile banking is a very new topic, it is hard to find
enough academic papers on this topic. Thus, blog mining offers a feasible way to learn about the recent
development about mobile banking applications. As blogs represents personal opinions and often contain
bias, we combine blog mining with our previous academic literature research for better understanding the
security of mobile banking applications. Specifically, Google blog search engine
(http://www.google.com/blogsearch) was used to retrieve blogs with several keywords including “mobile
banking security” and “mobile apps vulnerability”. As result, over 200,000 results were found mostly
from 2012-2015 in 0.49 seconds. We selected the top 100 records as the data set. We saved the top 100
blog posts for text mining and analysis. A well-known text analytics tool named NVivo 10 was used to
conduct various query searches, clustering analysis and text analysis to find security risks and
countermeasures.

Second, we used the workflow technology to simulate complex real-life scenarios within a laboratory
setting to analyze attacks on mobile banking. Workflow tools such as Kepler offer GUI interfaces to easily
create various security scenarios. Using the Kepler scientific workflow system (Ilkay et al., 2004), we

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 Security Risks Associated With Mobile Banking Applications

developed a security attack scenario as an example to illustrate how the attack on mobile banking
application works. According to Allen (2001), a workflow is “The automation of a business process, in
whole or part, during which documents, information or tasks are passed from one participant to
another for action, according to a set of procedural rules.” The basic element in a workflow is a task,
which is defined by three parameters: input description, transformation, and output description.
Typically, a workflow consists of a set of serial or parallel tasks that perform the operations of accessing
services or executing specific functions (Yu & Buyya, 2005).

Results
Blog Mining Results
Two researchers used NVivo 10 to cluster and analyze the content of the collected data and generated the
results of the word frequency and a few clusters. After examining and analyzing the generated results
such as clusters by NVivo 10, the two researchers had an in-depth discussion to finalize the clusters since
there were many sub-clusters generated by NVivo. A third researcher was invited to join in the discussion
and provided additional input when there were conflicts and disagreement about certain themes and
clusters. As a result of the discussion, we merged some of the clusters and sub-clusters based on our
knowledge and finalized the clusters manually. As a result, we reduced the final number of the clusters to
three major clusters to make the results more meaningful. Table 1 lists the finalized clusters and main
themes.
Concept clusters Main content
Mobile Banking App Threats & Vulnerabilities Mobile malware (Trojans, root kits and viruses),
phishing, third-party apps, unsecured Wi-Fi
networks, risky consumer behavior.
Countermeasures & best practices Anti-virus app, Encryption, two-factor
authentication, security image, SiteKey, one-time
password, app update, layered security control
Emerging security trends Biometric-powered bank applications, big data for
fraud detection, mobile security SDK, intelligent
behavioral monitoring and analysis

Table 1. Main Blog Themes on Mobile Banking App Security

Furthermore, we manually examined the blog posts that have the most appearance of the keywords to
better understand their discussions and contexts. As the main threats, attacks and vulnerabilities related
to mobile banking applications are of particular interest, we presented a summary and synthesis of main
threats, attacks and vulnerabilities below based on what we found from the blog mining.

Mobile Banking App Threats

We identified a variety of mobile banking app threats from the blog mining results. They are listed below:
• The mobile malware mainly include Trojans, root kits and viruses. Many of mobile malware are
variants of existing malware that affect computers and traditional online banking (Webroot, 2014;
Shih et al., 2008). Some common malware affecting mobile bank apps include Zitmo, Banker,
Perkel/Hesperbot, Wrob, Bankum, ZertSecurity, DroidDream and Keyloggers. Cyber criminals
have been refining these malware to target mobile devices for access to bank accounts and make
them more resilient to security defenses. Table 2 lists some common malware that affect mobile
banking apps.
• Threats from third party applications. Third party applications on mobile devices could secretly
tamper an existing banking app that is already in the mobile device and steal account information.
Users are advised to download apps or app updates only from official sources or trusted app
stores.

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 Security Risks Associated With Mobile Banking Applications

• Phishing: Fraud Apps / Fake App Update. There are many fake banking applications that claim to
be official on third party app marketplace. Cybercriminals also often offer a downloadable update
for the banking apps on third party app websites. These fake apps or fake app updates contain
malicious codes to steal users’ bank account information (Huang, 2015).
• Unencrypted wireless networks. Wireless networks in public places like coffee shops and hotels
are not so secure. When mobile banking app users use unsecure wireless networks to check
account balance, deposit checks and pay bills, cybercriminals can eavesdrop and steal their
sensitive information (Legnitto, 2013).
• Vulnerability of the app. For example, many banking apps lack protection against reverse
engineering of code (whiteCryption, 2014). Cybercriminals can analyze the source code to steal
account information and other sensitive information.
Protection Strategies and Best Practices
A number of security mechanisms such as second factor authentication, data encryption, site key with
security questions and images, registered mobile device authentication, and anti-virus apps can be
adopted to enhance the security of mobile banking applications (Cognizant, 2013; Constantin, 2014; Lee,
Zhang, & Chen, 2013; Chandramohan & Tan, 2012; La Polla, Martinelli, & Sgandurra, 2013; White, 2013).
Some protection strategies/best practices that we found for users and developers of mobile banking app
are summarized below.

Protection strategies/best practices for users

Strategy Rationale Best Practices

Do not use mobile Many people route or jailbreak their To protect smartphone from various
banking app on smartphones in order to get additional security threats, users need to avoid
jailbreak benefits. However, jailbreaking jailbreaking or routing their phone.
smartphone smartphones brings vulnerabilities to the
operating system.

Do not install mobile Many people try to install applications Install mobile banking apps only
banking app from from third parties, because they are free from official bank website.
third parties there. However, many free apps from
third parties contain virus

Use mobile anti- Mobile anti-virus apps will provide partial Install recommended antivirus
virus apps protection from malware to help mitigate products by leading organizations
risks. such as PC Magazine who have been
testing those antivirus products
annually

Use secured Wi-Fi Unsecured or unencrypted Wi-Fi Do not connect to public Wi-Fi
network when using networks may let the sensitive data network when you use mobile
mobile banking app exposed to the hackers. banking app.

Update mobile Banks regularly update their apps to fix Update the mobile banking app
banking app bugs and vulnerabilities. when the new version is released.

Update mobile OS Mobile OS should be updated timely Update the mobile OS as soon as
because hackers may leverage the possible after the update becomes
vulnerability of the OS to attack the available.
mobile banking app

Table 2. Protection strategy/best practices for users (Cognizant, 2013; Constantin, 2014;
White, 2013)

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 Security Risks Associated With Mobile Banking Applications

Protection strategy/best practices for developers of mobile banking apps

Title Description Protection strategies/best

practices

Secure transfer Make sure all connections and Ensuring all connections are made
protocols communications are secure. using secure transfer protocols
Root Certificate Securing the communications between the
Enforcing SSL certificate validation.
Check client-side app and the backend server.
The bank app needs to check the SSL
certificate to see if it is signed by the
respective authority.
Encrypt sensitive Protecting the confidentiality of data
Encrypting sensitive data stored by
data
the applications by using the data
protection API

Jail-Break/ Rooted
To lower security risks, bank apps must Improving jailbreaking detection
Device Check
check whether the device is rooted or jail-
broken.
To prevent debuggers from stealing
Anti-debugging Obfuscating the assembly code and
Mechanism sensitive data using anti-debugging techniques to
make reverse-engineering more
difficult.
Removing debugging statements and
Debugging Do not leave any debugging statement and
development information from the
statement removal development information to the hackers.
final products.
Security Logging Log all security events related to the Store all security events stored on
baking application and then sent them to the device first. When users log out
the back-end server for further checking of the application, the security events
and analysis. are sent to the server.

Blacklisting Older Older versions of the bank apps often have Checking the version of the app on
Versions of the App more security bugs and vulnerabilities the server side. If the version is old,
block it and reminder the user to
update the app from official bank
website to avoid security breach.

SiteKey with They are mainly used as part of the login Adding an additional layer of identity
Security images and process to help users identify and deter verification to make phishing harder
questions phishing.

One-time password A token is generated and sent to users by It provides second-factor

SMS message after the user name and authentication which adds additional
password have been verified. Then the security for identity verification
user enters the received token in the when banking app users log in or
appropriate field to access the mobile performing certain transactions.
banking services.

Table 3. Protection strategy/best practices for developers of mobile banking apps

(Cognizant, 2013; Constantin, 2014; White, 2013)

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 Security Risks Associated With Mobile Banking Applications

Emerging Security Trends

Some security experts and vendors propose new ways to mediate security risks associated with mobile
banking apps. Below are some emerging trends we found from the blog mining results.
• Integrating biometrics into mobile banking apps to enhance user authentication. Biometric
authentication such as fingerprint scanning and voice recognition offers a promising way for
identity and access management (Fatima, 2011). Schneider (2012) suggest the use of voiceprint ID
such as random digitsand random phrases. As personal biometric also has vulnerability, it is
better to combine personal biometric with other authentication such as one-time password (OTP)
and SiteKey for stronger personal identification and verification.
• Integrating intelligent behavioral monitoring and analysis technology with mobile banking apps.
Webroot (2014) recently developed mobile security SDK which is designed to embed security
within a mobile banking app, run in the background and deliver real-time threat intelligence to
the bank for further data analysis and action. By employing a behavioral monitoring and analysis
approach, banks can detect abnormal behavior more accurately and early. Specifically, behavior
analysis can detect the behavior of the person who is using the mobile app and compare it with
previous behavior or usage patterns. If abnormal behavior is identified, alert messages will be
sent out.
• Deployment of advanced big data analytics technology for fraud detection and behavioral analysis.
Accurate and efficient behavioral analysis requires banks to deploy advanced big data analytics to
mine enormous volumes of security data to better identify trends of malicious behavior or
abnormal behaviors indicative of an attack at the outset (Khosla, 2015).

Developing workflows that illustrate attacks on mobile banking

The above blog mining identifies a wide variety of security risks. To help readers better understand the
security risks, we used the Kepler scientific workflow system (Ilkay et al., 2004) to develop several
security attack scenarios. One of the security attack scenarios is to simulate an emerging attack on mobile
remote deposit capture (RDC), which is a popular feature of mobile banking apps. A man-in-the-middle
attack, which recently emerged as a major threat for mobile banking apps, is simulated in this workflow
demo (Figure 1). As some mobile banking apps do not implement SSL validation correctly, an attacker can
substitute a legitimate SSL certificate with one under his control and look at data exchanged between the
mobile device and remote server or manipulate private information submitted by the mobile banking
customers (Regalado, 2014). The workflow demo provides simulation of the solutions by banks
(Wisniewski, 2013; Regalado, 2014) to mediate such attacks. In addition to implementing correct
SSL/TSL certification process, mobile banking apps include video deposit, which allows the user to
capture a check image with the video setting on their smartphone rather than the still camera. This makes
the hacking of the check image more difficult. Real-time early warning services are also implemented to
send mobile bank users real-time notice to reduce possible frauds such as duplicate checks. The workflow
provides an intuitive way to simulate, visualize, and analyze these business processes.

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 Security Risks Associated With Mobile Banking Applications

Figure 1. An attack on mobile remote deposit

We demonstrated the workflow technology and the developed scenarios to students in our class. Students
were asked to rate the following three statements and provide comments through a brief survey. The three
survey questions were adapted from a learning-related survey in Abdous & He (2008). The majority of the
students agreed that using the security scenarios implemented by workflow technology was helpful in
deepening their understanding of the details involved in the attack and increased their interest and
knowledge in developing countermeasures against such attacks. The workflow technology increases their
interest in learning more security concepts and techniques (see Table 4).

Neither
Strongly Agree Strongly
Statement Agree Disagree
agree Nor disagree
Disagree
Workflow technology is very
useful for learning information 12 (28.6%) 21 (50.0%) 7 (16.7%) 0 (0.0%) 2 (4.8%)
security concepts.
I am interested in learning more
about using workflow technology 9 (21.4%) 20 (47.6%) 11 (26.2%) 1 (2.4%) 1 (2.4%)
for information security.
I enjoyed learning information
security concepts using workflow 8 (19.0%) 25 (59.5%) 8 (19.0%) 0 (0.0%) 1 (2.4%)
technology
Table 4. Student Evaluation on the workflow-based scenario (n= 42 students)

Discussion
Due to the sensitive nature of financial data, mobile banking applications are considered to be one of the
most critical mobile commerce applications (Elkhodr, Shahrestani & Kourouche, 2012). Security is a
priority for mobile banking applications and enhancing the security of mobile banking applications is

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 Security Risks Associated With Mobile Banking Applications

critical to the adoption of mobile banking. Financial industries should increase the security standards
they use for their mobile banking solutions. On the other hand, successful mobile banking applications
should offer simple and easy-to-use user experience while keeping the data safe (Braz, Seffah, & M’Raihi,
2007). Banks must continually consider how best to enhance usability without sacrificing security, which
is also a research challenge faced by mobile banking apps.

To minimize the security risks, our main recommendation for mobile banking app users is that they
should download apps or app updates only from official sources or trusted app stores and need to install
reputable mobile antivirus products to protect their mobile devices against malware attack. The mobile
antivirus products need to do so without bringing down the performance and erroneously blocking valid
programs on mobile devices. Thus, selecting mobile antivirus products is important to mobile users since
there are over a dozen mobile antivirus products on the market. We recommend users to stick with the
recommended antivirus products by leading organizations such as PC Magazine who have been testing
those antivirus products annually. If the user notices something suspicious with their mobile banking
applications, they should contact their bank to temporary block their account right away until the issue is
solved. The adoption of security software along with good security behavior will substantially lower the
security risk.

Our recommendation for developers of mobile banking apps is that they should encrypt all data that’s
transmitted or stored and enforce SSL certificate validation. The app-related codes need to improve
jailbreaking detection, obfuscate the assembly code and use anti-debugging techniques to minimize
reverse-engineering attempts, remove all development information from the final products. Efforts could
be made to integrate security mechanisms into the app development process instead of an afterthought.
The workflow technology introduced in this paper help mobile banking app developers better analyze
specific security vulnerabilities, understand user requirements, integrate security mechanisms into part of
their requirements engineering and development workflow, and help address security early in
development. Banks who fail to implement well known security requirements may have to spend more
money on improving the mobile banking app’s security later (Hibshi, Slavin, Niu, & Breaux, 2014).

At last, we want to emphasize that mobile banking apps should be both user-friendly and secure. With
this in mind, authentication based upon biometrics may offer the most appropriate means of improving
protection without further increasing the level of inconvenience (Clarke & Furnell, 2005). Mobile banking
apps should leverage biometrics such as facial recognition, handwriting recognition and speaker
recognition to authenticate users.

Conclusion and Future Research

In this paper, we identified key security risks of mobile banking applications and used the workflow
technology to simulate complex real-life scenarios within a laboratory setting about attacks on mobile
banking. Our work shows that conducing blog mining and developing security scenarios using the
workflow technology can be very beneficial to help banking app developers increase security awareness.
In particular, blog mining provides raw data and ideas for building security scenarios using the workflow
technology. The workflow-based security scenarios can be used as security development training
materials for banks when they train their developers to integrate security into banking apps. However, we
must point out that since blog posts are not peer-reviewed or rated for credibility, they often contain
personal biases. To overcome this limitation, one method is to combine blog mining with other research
methods such as traditional literature review and interviews, for a more comprehensive or accurate
understanding of the topics that are under investigation.

As for future research, we will reach out to mobile banking customers and conduct in-depth interviews
with them about their experience, concerns and perception with security and privacy of mobile banking
applications. We will use workflow technology to simulate other mobile banking security risks such as
how to simulate the attack on mobile check deposit so that we can better increase the security awareness
of mobile banking app developers and users. These developed workflow-based scenarios will be a good
resource to train mobile app developers to integrate security into the development process. We are also
interested in studying the use of biometric mechanism in mobile banking applications and the balance
between security and usability for mobile banking applications.

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 Security Risks Associated With Mobile Banking Applications

Acknowledgements
This work was supported in part by the U.S. National Science Foundation under Grant SES-1318470.

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