I tried the binding according to the answer by @Szymon but It did not work for me. I tried basicHttpsBinding which is new in .net 4.5 and It solved the issue. Here is the complete configuration that works for me.
<system.serviceModel>
<serviceHostingEnvironment aspNetCompatibilityEnabled="true" multipleSiteBindingsEnabled="false" />
<behaviors>
<serviceBehaviors>
<behavior>
<serviceMetadata httpGetEnabled="false" httpsGetEnabled="true"/>
<serviceDebug includeExceptionDetailInFaults="true"/>
</behavior>
</serviceBehaviors>
</behaviors>
<bindings>
<basicHttpsBinding>
<binding name="basicHttpsBindingForYourService">
<security mode="Transport">
<transport clientCredentialType="None" proxyCredentialType="None"/>
</security>
</binding>
</basicHttpsBinding>
</bindings>
<services>
<service name="YourServiceName">
<endpoint address="" binding="basicHttpsBinding" bindingName="basicHttpsBindingForYourService" contract="YourContract" />
</service>
</services>
</system.serviceModel>
FYI: My application's target framework is 4.5.1. IIS web site that I created to deploy this wcf service only has https binding enabled.