Systems should be put in place to arrest number of phishing and identity theft cases pertaining to card, mobile and internet banking. IT security systems like redundancy, firewalls, anti-virus updation, role-based access system should be reviewed at frequent intervals to fight the attacks.
Banks may tap the services of Mobile Banking Security Lab (MBSL) set up by Institute of Development & Research for Banking Technology (IDRBT) to test security of mobile banking platform and products. Some banks have implemented the system of sending alerts and confirmations using SMS on the status of the payment processing during the transaction life-cycle of an electronic payment initiated by a customer.