Wireless banking occurs when a customer accesses a financial institution’s networks through cellular phones, pagers, and personal digital assistants (or similar devices) via telecommunication companies’ wireless networks. While wireless services can extend the reach and enhance the convenience of an institution’s banking products and services, wireless communications currently have certain limitations that tend to increase the risks associated with this delivery channel.
This resource describes Risk Implications and Risk Management issues with wireless banking, such as:
Transaction/operations risk
Strategic risk
Message encryption
Password security
Standards and interoperability
Wireless vendors
Product and service availability
Disclosure and message limitations