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Mobile financial transaction systems (mFTSs) are a technology that has
flourished in the developing world since the introduction of M-PESA in 2007. While much
research has been done on securing both financial transactions and the second generation
(2G) phone networks mFTSs run upon, there is little research looking at the implications
of combining the two. To accomplish that, this paper lays ... read moreout the security landscape of
mFTSs built on 2G networks. First, I build a framework to analyze the security of mFTSs,
using the structure of M-PESA as an example. After, I use this framework to analyze the
security of M-PESA, showing that while M-PESA has done a thorough job in securing their
service, vulnerabilities still remain due to tradeoffs in favor of
usability.read less
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