| Peer-Reviewed

Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets

Received: 8 May 2023     Accepted: 1 June 2023     Published: 15 June 2023
Views:       Downloads:
Abstract

Mobile banking has revolutionized the way individuals access financial services, providing convenience and accessibility through mobile devices. However, the increasing prevalence of mobile malware and security threats has raised concerns about the safety of mobile banking platforms. This study proposes a solution to enhance the security of mobile banking by leveraging blockchain technology and implementing various security features. Through a qualitative research approach, the study emphasizes the need to address cybercrime and fraudulent activities in mobile banking. The proposed solution includes measures such as authentication, authorization, data confidentiality, secure data cleanup, prevention of data transfer, device integrity checks, and encryption. These measures aim to strengthen security, protect against intrusions, and reduce fraudulent activities. Additionally, the solution offers a customizable and user-friendly mobile app that banks can adapt to meet their customers' needs. By incorporating blockchain technology and preventive measures, the proposed solution aims to increase user trust and confidence in mobile banking. This research contributes to understanding mobile banking security issues and provides practical recommendations for addressing these concerns. It lays the groundwork for future research and development in the field, highlighting the importance of proactive measures and staying updated with evolving technologies and threats.

Published in International Journal of Finance and Banking Research (Volume 9, Issue 2)
DOI 10.11648/j.ijfbr.20230902.12
Page(s) 30-38
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Digital Financial Services, Mobile Banking, Blockchain Technology, Malware

References
[1] Akomea-Frimpong, I., Andoh, C., Akomea-Frimpong, A., & Dwomoh-Okudzeto, Y. (2019). Control of fraud on mobile money services in Ghana: an exploratory study. Journal of Money Laundering Control, 22 (2), 300–317. https://doi.org/10.1108/JMLC-03-2018-0023
[2] Castle, S., Pervaiz, F., Weld, G., Roesner, F., & Anderson, R. (2016). Let’s talk about money: Evaluating the security challenges of mobile money in the developing world. Proceedings of the 7th Annual Symposium on Computing for Development, ACM DEV-7 2016, 1–11. https://doi.org/10.1145/3001913.3001919
[3] Cudjoe, A. G., Anim, P. A., & Tetteh Nyanyofio, J. G. N. (2015). Determinants of Mobile Banking Adoption in the Ghanaian Banking Industry: A Case of Access Bank Ghana Limited. Journal of Computer and Communications, 03 (02), 1–19. https://doi.org/10.4236/jcc.2015.32001
[4] He, W., Tian, X., & Shen, J. (2015). Examining the security risks of mobile banking applications through blog mining. CEUR Workshop Proceedings, 1353 (January 2015), 103–108.
[5] Karanja, J. (2017). INVESTIGATION INTO THE RISKS FACING MOBILE BANKING: A CASE OF COMMERCIAL BANKS IN KENYA. SPRING, 200.
[6] Omuga, S., & Phone, C. F. E. (2014). Mobile money fraud. (0721291705), 1–16.
[7] Pisa, M., & Juden, M. (2017). Blockchain and Economic Development: Hype vs. Reality. Center for Global Development, (July), 150. Retrieved from https://www.cgdev.org/sites/default/files/blockchain-and-economic-development-hype-vs-reality_0.pdf
[8] Yu, S., & Ibtasam, S. (2018). A qualitative exploration of mobile money in Ghana. Proceedings of the 1st ACM SIGCAS Conference on Computing and Sustainable Societies, COMPASS 2018. https://doi.org/10.1145/3209811.3209863
[9] Lyte, B. (2015, March 27). WiseBread. Retrieved from 5 Dangers of Mobile Banking — And How to Avoid Them: https://www.wisebread.com/5-dangers-of-mobile-banking-and-how-to-avoid-them
[10] Govender, I., & Sihlali, W. (2014). A study of mobile banking adoption among university students using an extended TAM. Mediterranean Journal of Social Sciences, 5 (7), 451–459. https://doi.org/10.5901/mjss.2014.v5n7p451
[11] Joshi, D. K. P. (2018). A Comprehensive Study of Vulnerability Assessment Techniques of Existing Banking Apps. International Journal for Research in Applied Science and Engineering Technology, 6 (4), 967–972. https://doi.org/10.22214/ijraset.2018.4164
[12] Kappelin, F., & Rudvall, J. (2015). Fraud Detection within Mobile Money. A mathematical statistics approach. 54. Retrieved from http://www.diva-portal.org/smash/get/diva2:865559/FULLTEXT02.pdf
[13] Nysveen, H., Pedersen, P. E., & Skard, S. E. R. (2015). A review of mobile services research: Research gaps and suggestions for future research on mobile apps. SNF Working Paper No 01/15. 1–74.
[14] Petrova, K. (2002). Mobile Banking : Background, Services and Adoption. International Marketing, Management & Consulting.
[15] SALIU, I. (2015). Assessing the Impact of Mobile Money Transfer Service on the Socioeconomic Status of the Mobile Money Vendors : (August).
[16] Sasikumar, G. (2017). Mobile Banking and Security Challenges. International Journal of Scientific Research and Management, 5 (07), 6014–6018. https://doi.org/10.18535/ijsrm/v5i7.26
[17] Szczepanik, M., & Jóźwiak, I. (2018). Security of mobile banking applications. Advances in Intelligent Systems and Computing, 635 (July), 412–419. https://doi.org/10.1007/978-3-319-64474-5_35
[18] Tank, A., Desai, C., & Technology Solutions, C. (2014). Mobile Banking Security: Challenges, Solutions. Cognizant, (July), 1–5. Retrieved from https://www.cognizant.com/InsightsWhitepapers/Mobile-Banking-Security-Challenges-Solutions-codex898.pdf
Cite This Article
  • APA Style

    Ernest Aryee. (2023). Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets. International Journal of Finance and Banking Research, 9(2), 30-38. https://doi.org/10.11648/j.ijfbr.20230902.12

    Copy | Download

    ACS Style

    Ernest Aryee. Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets. Int. J. Finance Bank. Res. 2023, 9(2), 30-38. doi: 10.11648/j.ijfbr.20230902.12

    Copy | Download

    AMA Style

    Ernest Aryee. Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets. Int J Finance Bank Res. 2023;9(2):30-38. doi: 10.11648/j.ijfbr.20230902.12

    Copy | Download

  • @article{10.11648/j.ijfbr.20230902.12,
      author = {Ernest Aryee},
      title = {Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets},
      journal = {International Journal of Finance and Banking Research},
      volume = {9},
      number = {2},
      pages = {30-38},
      doi = {10.11648/j.ijfbr.20230902.12},
      url = {https://doi.org/10.11648/j.ijfbr.20230902.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20230902.12},
      abstract = {Mobile banking has revolutionized the way individuals access financial services, providing convenience and accessibility through mobile devices. However, the increasing prevalence of mobile malware and security threats has raised concerns about the safety of mobile banking platforms. This study proposes a solution to enhance the security of mobile banking by leveraging blockchain technology and implementing various security features. Through a qualitative research approach, the study emphasizes the need to address cybercrime and fraudulent activities in mobile banking. The proposed solution includes measures such as authentication, authorization, data confidentiality, secure data cleanup, prevention of data transfer, device integrity checks, and encryption. These measures aim to strengthen security, protect against intrusions, and reduce fraudulent activities. Additionally, the solution offers a customizable and user-friendly mobile app that banks can adapt to meet their customers' needs. By incorporating blockchain technology and preventive measures, the proposed solution aims to increase user trust and confidence in mobile banking. This research contributes to understanding mobile banking security issues and provides practical recommendations for addressing these concerns. It lays the groundwork for future research and development in the field, highlighting the importance of proactive measures and staying updated with evolving technologies and threats.},
     year = {2023}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets
    AU  - Ernest Aryee
    Y1  - 2023/06/15
    PY  - 2023
    N1  - https://doi.org/10.11648/j.ijfbr.20230902.12
    DO  - 10.11648/j.ijfbr.20230902.12
    T2  - International Journal of Finance and Banking Research
    JF  - International Journal of Finance and Banking Research
    JO  - International Journal of Finance and Banking Research
    SP  - 30
    EP  - 38
    PB  - Science Publishing Group
    SN  - 2472-2278
    UR  - https://doi.org/10.11648/j.ijfbr.20230902.12
    AB  - Mobile banking has revolutionized the way individuals access financial services, providing convenience and accessibility through mobile devices. However, the increasing prevalence of mobile malware and security threats has raised concerns about the safety of mobile banking platforms. This study proposes a solution to enhance the security of mobile banking by leveraging blockchain technology and implementing various security features. Through a qualitative research approach, the study emphasizes the need to address cybercrime and fraudulent activities in mobile banking. The proposed solution includes measures such as authentication, authorization, data confidentiality, secure data cleanup, prevention of data transfer, device integrity checks, and encryption. These measures aim to strengthen security, protect against intrusions, and reduce fraudulent activities. Additionally, the solution offers a customizable and user-friendly mobile app that banks can adapt to meet their customers' needs. By incorporating blockchain technology and preventive measures, the proposed solution aims to increase user trust and confidence in mobile banking. This research contributes to understanding mobile banking security issues and provides practical recommendations for addressing these concerns. It lays the groundwork for future research and development in the field, highlighting the importance of proactive measures and staying updated with evolving technologies and threats.
    VL  - 9
    IS  - 2
    ER  - 

    Copy | Download

Author Information
  • School of Technology, Ghana Institute of Management and Public Administration (GIMPA), Accra, Ghana

  • Sections