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Short message service (SMS) provides a wide channel of communication for banking in mobile commerce and mobile payment. The transmission of SMS is not secure in the network using global system for mobile communications or general packet radio service. Security threats in SMS restricted the use of SMS in mobile banking within certain limits. This paper proposed a model to address the security of SMS using elliptic curve cryptography. The proposed model provides end-to-end SMS communication between the customer and the bank through the mobile application. The main objective of the proposed model is to design and develop a security framework for SMS banking. Further, the protocol is verified for its correctness and security properties because most of the protocols are not having the facility to be verified by using the formal methods. Our proposed framework is experimentally validated by formal methods using model checking tool called automated validation of internet security protocols and Scyther tools. Security analysis shows that the proposed mechanism works better compared to existing SMS payment protocols for real-world applications.

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