Social Engineering Attacks on Mobile Banking System in Bangladesh

Abstract

Mobile Banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. As the service is easy to use the number of transactions is increasing drastically. Although the number of mobile banking users is increasing day by day, it is seen that the rate of mobile banking fraud is not decreasing and the reason behind this is that users have less idea and unawareness about fraud. Based on this unawareness of mobile banking users, the attackers have been committing fraud. M-banking users are often the victims of mobile banking frauds and most of the users are suffering financial loss. The attackers are conducting mobile banking fraud and they are committing this fraud by making fake phone calls, sending fake messages to the users and such frauds are included into social engineering attacks. The primary intent of this research is to find out the reasons behind the increasing number of mobile banking frauds and also to find out which kind of attack on mobile banking fraud is increasing along with which types of people are most vulnerable behind this attack. This research will help the authorities to take effective steps to reduce the rate of mobile banking fraud in the future.