Consultation Paper on Security Guidelines For Mobile Banking And Payments


pdf (69.30 KB)

Continual advancement and rapid extension of wireless technologies such as SMS, WAP, GPRS and SIM Toolkit has spurred the development of international standards and application platforms to provide new opportunities and more innovative ways of providing wireless financial and commercial services to customers. Wireless devices and communications networks have overtaken most other recent technologies in terms of world-wide adoption and cross-border connectivity. The four most notable characteristics driving the growth of wireless services are:

  1. the popularity of SMS.
  2. the evolution and expandability of SIM functionalities in GSM phones.
  3. the progress made in developing WAP-based systems.
  4. the demand for mobile devices to provide services that go beyond mere voice communications.

As with all new technologies, the need to establish and maintain rigorous standards of security in the operation, delivery and usability of mobile services and applications encapsulates a key factor in generating consumer confidence and mass market acceptance. The security guidelines we have enunciated are not intended to be prescriptive nor rigid.  They represent sound and sensible practices for meeting four basic security objectives in the provision of wireless financial services:

  1. confidentiality
  2. integrity
  3. authenticity and
  4. reliability.

In fostering the safety and soundness of the financial industry, MAS requires all financial institutions to adopt and uphold high standards of risk management and security practices. As a result of collaboration with the financial sector, mobile equipment manufacturers, telcos and service providers in the wireless communications industry, we have developed a consultative paper on security guidelines for mobile banking and payments.

We welcome your feedback by 15 March 2002.

Please email your comments to


Tony Chew
Director, Technology Risk Supervision
15 February 2002


Last Modified on 26/11/2016