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Five factor authentication for mobile phone transactions

Jared Heng | July 8, 2008
Boost to the security of mobile commerce.

Next is voice bio-metrics, which only recognises the authorised user's voice. Additionally, automated random questions on personal details are posed to the user and would vary each time. Finally, the user must say a random word correctly.

Looking forward

Although internet banking has been around since the mid-1990s, it only started to pick up in 2002, says Walter. On the other hand, internet commerce or online shopping on websites like eBay has led the way among users.

The concept of mobile transactions is relatively new compared with internet transactions through PC. Walter expects a similar development in mobile transactions, with mobile shopping being more popular among users than mobile banking, especially in mature economies.

However, he also notes that people working overseas may rely on mobile banking to remit money back to their families in home countries. For this group of people, mobile banking would be a higher priority than mobile shopping.

Increasing commercial transactions on mobile phones will mainly drive changes to such devices over the next five years, Walter says. Mobile phone transactions are expected to complement and overtake, but not replace, internet transactions through the PC in future.


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