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Security features for Mobile Banking and safety practices

Confidentiality of client information and transaction security are the central tenets of the ESAF SFB channel security philosophy. Keeping with the philosophy, some of the initiatives taken by ESAF SFB to secure the mobile banking platform are the following.

  • Registration for mobile banking requires updating of registered mobile number for the account. The user ID/Debit card credentials provided by the user are auto-validated with the registered mobile number through the sending of a test SMS by the app to the registered mobile number.
  • Registration for mobile banking further requires customer confidential information such as customer ID, account number, debit card number, debit card expiry date, pin etc. for user identification and authentication.
  • Flow of all information between mobile banking app and ESAF SFB systems is encrypted and SSL secured.
  • Authentication of all mobile banking transactions using a second factor authentication, the transaction pin is generated during registration.