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

Ernest Aryee

doi:doi:10.11648/j.ijfbr.20230902.12

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

Ernest Aryee

Published in International Journal of Finance and Banking Research (Volume 9, Issue 2)

Received: 8 May 2023 Accepted: 1 June 2023 Published: 15 June 2023

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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

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[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.
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[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
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[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.
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[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
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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

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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

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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

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@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}
}

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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  -

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Author Information

Ernest Aryee

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

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Plain Text BibTeX RIS

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

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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  -

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