5.

2 Mobile Payment Applications

There are certain mobile payment applications which act as an interface while they

are dealing with the financial functions. These also enable the user to make certain payments

for purchases. These may consist of customer account payments, bank payments, and

merchant payments. This helps the customers to purchase a particular good or a service,

availing different offers or coupons only with a tap of their fingers at their smartphones.

Therefore we see that the applications for the mobile payments are needed for providing a

secured path to a payment request. This payment request has come from a customer to their

required merchants and again back from the merchants to their targeted customers. These

payment requests make use of the merchant side POS.

1. Real World Examples and Security Concerns

In this section, we will be dealing with three scenarios that take place in the real world

which raise the question to the security aspects of the mobile device system which is being

used as the main source of the monetary transaction by most of the users. In this section, the

need for security in the mobile device is being established.

Scenario 1: Hijacking an Account

If there is no proper security system incorporated within the mobile device of the user,

then there is a higher threat that the information stored within the mobile device can be

hijacked by any unauthorized party and can be misused causing great damage to the user.

This type of scenario can also be termed as the identity theft whereby the hijacker gets the

access to the mobile network system of the target user and can extract all the relevant

financial and personal information of the user (Furnell, 2009).

Scenario 2: Phishing e-mails

In this type of destruction, the attackers send main from an unauthorized source in the

form of an e-mail to the user by disguising the content of the mail from any of the authorized
bank's name. In such cases, it has been seen that most of the victims fall into this trap and

follows the link which is being provided in the e-mail sent to the user. This gives the attacker

the access to the mobile system of the user, and afterward the user taking it as a message

coming from banks provide all the financial details along with the passwords.

Here, as soon as the user clicks the link instead of transferring it to the bank's website

or server it gets connected to the system of the attacker. The information which has been

typed by the user inside the link page gets stored into the system of the attacker which they

can use on some later dates.

Scenario 3: A System with Inadequate Security.

In the mobile device, when it is purchased y the user the security system is installed,

but it is not efficient because the attackers have the knowledge about breaking the security

system which is pre- installed. This raises the risk when the user frequently makes use of the

mobile device in case of the monetary transactions. In the mobile transaction as the security

system is weak so it becomes easier for the hacker or the attacker to extract the information

from the device of the user and use it to serve their purpose, and the user at the very initial

does not get any information about the data loss (Kumar, 2006).

The above three scenario reflects that there are huge challenges faced by the mobile

security system.