Mobile Banking presents unique issues in terms of usability. Unlike traditional PC based Internet banking, M-banking does not lend itself to the use of separate security devices or even SMS, as it requires application exiting. For mobile banking to grow it needs to be 
usable, functional and safe.
The only solution that can protect M-banking transactions from all of the attacks that affect Internet banking today, whilst being totally usable, is out-of-band, real-time voice based authentication and transaction verification. A smart-phone contains multiple channels; both voice and data. Therefore the concept of channel separation, critical for the detection of manipulated transactions caused by Man-in-the-Mobile-Browser or phone resident Trojans, is fully supported.
The same solution as used for Online Banking, with all the same visible and invisible protection, including Pseudo Device Theft, is therefore provided for M-banking, but configured specifically for mobile banking usage. This means no keying of OTPs into the phone, and even a completely hands-free model using speech recognition if required. Biometric voice verification can also be layered for even greater security. The combination of usability, portability and security allows banks to deploy the functionality that will drive the adoption of M-banking.
For further information, please download the white paper labelled:
Mobile Banking: Presenting a New Challenge in Fraud Prevention