A Study of Digital Banking: Security Issues and Challenges

Vishnuvardhan, B.; Manjula, B.; Naik, R. Lakshman

doi:10.1007/978-981-15-1480-7_14

Cited by 7 publications

(6 citation statements)

References 13 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The current SMS-based banking services accessible on Android platforms face susceptibility to a range of security risks (Kalipi, 2023). Unauthorized interception of SMS messages, unauthorized access to user information, and manipulation of transaction data by hackers pose significant threats, potentially resulting in financial losses for customers (Vishnuvardhan et al, 2020). The absence of a strong security mechanism emphasizes the need to confront these vulnerabilities.…”

Section: Problems Statementmentioning

confidence: 99%

Banks Short Message Service Threats Notification System on Android Based Phone

Muhammad,

Liman,

Abah

et al. 2024

FJS

View full text Add to dashboard Cite

This research is carried out for the development and implementation of an end-to-end encrypted Short Message Service (SMS) App, utilizing a hybrid cipher algorithm, driven by the notable insecurity observed in SMS communications on mobile devices. SMS is a widely used communication method, and the primary goal of this study is to create a system (App) for end-to-end encrypted SMS. Loss of phones is becoming vulnerable for threats, because we store vital records in android and these records are secret such that no other third party is required to see them, such as Bank SMS, Event Notification etc. Also this information can be compromised if android phone is been lost and found by the criminals. Kidnapping activity is serious case happening in northern part of Nigeria, so if a phone is being lost and discovered how financed he is (the device holder), there is any means of bank account compromisation as that would allow the bank to give some information about the account because of the registered SIM card inserted in android devices (phones). This system is aimed to secure Bank SMS by not allowing an unauthorized person to views the banks SMS, but all other SMS can be view. Whenever the Banks SMS is received by the Android phone, the system will encrypt it and can only be viewed if using correct decryption key, a notification will be sent to the owner other phone if more than two attempt to view the message is made, using a Hybrid Cipher...

show abstract

Section: Problems Statementmentioning

confidence: 99%

Banks Short Message Service Threats Notification System on Android Based Phone

Muhammad,

Liman,

Abah

et al. 2024

FJS

View full text Add to dashboard Cite

show abstract

“…Another method is to analyze malware threats in real-time on apps and mobile devices to identify attacks and protect the user. Also, maintain security control when making high-amount transfers with digital or biometric tokens, with the adoption of technical controls and 6 of 31 policies aimed at improving security would reduce the risks associated with using M-Banking services to perform electronic financial transactions through mobile devices [7].…”

Section: Of 31mentioning

confidence: 99%

“…d) It is vulnerable to replay attacks by merchants [6]. The continuous growth of electronic banking (E-Banking) and mobile banking (M-Banking) is driven by increased internet speed on mobile devices and banking apps, yet these services exhibit security deficiencies in various aspects, including wireless networks, exposing them to diverse types of attacks [7].…”

Section: Introductionmentioning

confidence: 99%

Sectrabank Model to Mitigate Computer Fraud in Electronic Operations through Banking Applications on Android Devices

Melendez,

Noriega,

Tiznado

et al. 2024

Preprint

View full text Add to dashboard Cite

This research aims to introduce a model, SectraBank, designed to mitigate cyber fraud attacks, specifically targeting SIM Swapping and Fake App schemes in mobile banking users. A quantitative methodology with an experimental design was meticulously employed to examine the rise of cyber fraud within mobile banking. The study involved a sample of 100 professionals with advanced knowledge in Information and Communication Technologies (ICTs). Surveys were utilized to measure awareness of threats and perceptions of security before and after the implementation of the proposed model. SectraBank leverages unique user identifiers such as fingerprint authentication and the International Mobile Equipment Identity (IMEI) number, in addition to geolocation and One Time Passwords (OTP) for validating electronic transactions in mobile banking. The effectiveness of the proposed model was notable, achieving a 96.1% efficacy rate in mitigating Fake App attacks and a 90.2% success rate in countering SIM Swapping attacks. These findings underscore the potential of SectraBank as a robust solution to enhance cybersecurity measures in the realm of mobile banking.

show abstract

“…Following to Teece et al (2009), companies must also be adequate to administer jeopardy related to digital transformation (Chouaibi et al, 2022; Lim et al, 2011; Murinde et al, 2022; Yu & Lin, 2022). As one of the companies disrupted by the digital economy centenary (Vishnuvardhan et al, 2020), the banking industry must improve the quality of digital risk management and maintain a high level of compliance with regulatory provisions to achieve sustainable business performance (Aracil et al, 2021). Regarding this issue, we suggest introducing GRC as a recommended course of action.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Enhancing banking performance through dynamic digital transformation capabilities and governance, risk management, and compliance: Insights from the Indonesian context

Abdurrahman,

Gustomo,

Prasetio

2023

E J Info Sys Dev Countries

View full text Add to dashboard Cite

Digital transformation (DT) is a crucial strategic initiative for organizations to rectify output, adapt, and keep up with the digital economy. Dynamic capability (DC) is a widely‐used model for managing opportunities and risks from digital transformation. However, there is a lack of research examining the measurement and relationship between the primary activities of dynamic capability and DT, especially within the banking sector. Acknowledging the importance of DC, we propose this research which emphasizes the significance of sensing, seizing, and transforming aptitudes in promoting DT and improving banking performance. Within this study, we specifically investigate the role of governance, risk management, and compliance (GRC) factors. By utilizing structured equation modeling (SEM) and analyzing data from 322 respondents representing 45 banks in Indonesia, our empirical findings demonstrate that all three DC activities have a significant influence on DT, in which sensing activity has the biggest impact, followed by transforming and seizing. Furthermore, we reveal that DT acts as an intermediary between DC activities and banking performance, and GRC factors further enhance the impact of DT on organizational performance. Our research offers valuable insights to assist banks in prioritizing essential capabilities, including GRC, to enhance overall performance through dynamic digital transformation capabilities.

show abstract

A Study of Digital Banking: Security Issues and Challenges

Cited by 7 publications

References 13 publications

Banks Short Message Service Threats Notification System on Android Based Phone

Banks Short Message Service Threats Notification System on Android Based Phone

Sectrabank Model to Mitigate Computer Fraud in Electronic Operations through Banking Applications on Android Devices

Enhancing banking performance through dynamic digital transformation capabilities and governance, risk management, and compliance: Insights from the Indonesian context

Contact Info

Product

Resources

About