£135,000 of funding has been provided to City University London from the Government’s UK-India Education and Research Initiative (UKIERI).
The university has a team of the university’s informatics and engineering specialists who intend to use the funds to develop new and improved security measures to mobile banking
The 3 year project has come about as part of a wider aim to improve and encourage research links between the UK and India.
Dr Rajarajan is leading the project. Assistant dean for E-Learning, his team are forming a new type of security software, which generates a personal code or “crypto key” for each user via their existing SIM card. The university claims it will produce the simplest and securest form of mobile banking authentication to date.
The long term goal? To create a generic and open secure gateway, which could be used by all network operators or handset manufacturers to provide secure mobile services to customers.
If you are anything like me your phone is the connection to the world including your bank accounts. Whilst it is possible, its is not always the best or potentially the most secure method. Even if you call your bank, you have to go through lots of security questions. The thought that improved security techniques along with other developments in mobile banking is can make it easier is good to hear. How good would it be if your bank asked you less questions because they knew it was actually you calling?!
Could the work of leading UK university be responsible for improvements in mobile banking that affect the world?
Source: Mobile News
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