As digital has become part of the banking world, so too have sophisticated cyber-attackers. Prescriptive security offers one route, employing these technologies can safeguard our banks and customers as we continue on our digital transformation journey. The more data prescriptive security has to protect, the faster it learns from attacks and existing threads. Meaning, it keeps implementing new security measures to nearly eliminate the risk of a successful cyber attack. Download a banking application only from trusted sources, such as App Store or Google Play.
The study revealed that none of the applications tested had an acceptable level of security for financial use. The next visible impact is seen on the banking application screening process. The banking institutions and numerous such financial bodies are often flooded with innumerable customer applications. In this modem, technological era, banks are making use of prescriptive analytics tools to process and analyse massive volumes of customer applications without any time delay or errors. Banks are using prescriptive analytic; not only in financial management applications, but also in ensuring better planning for liquidity or availability of cash. As optimal management of liquid assets through business intelligence can lead to more profitable outcomes, prescriptive analytics tools are thus likely to gain more popularity in the banking and financial sector.
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Unauthorized access to applications usually results from authentication and authorization flaws. For example, attackers can bruteforce a user’s password during authentication and access the victim’s account. Next, if attackers succeed in bypassing one-time password protection by exploiting OTP flaws, they can impersonate the victim.
The results show that the strongest predictor for adopting to use Bizum mobile payment platform is habit, with 75 % of acceptance of young online banking users. But habit and social influence factors show 82.5 % of intention of use among young users. In contrary, performance expectancy, effort expectancy, facilitating conditions, price-value, hedonic motivation, trust, security, and perceived risk do not influence the intention to use this platform. Banks, financial entities, as well as banking platform developers, can benefit from the results of this study by understanding the factors that influence users to use these platforms and consequently successfully implement them. This section explores the issues and problems faced by the older generation in terms of accessing technology.
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Support for differences in particular data among new and long-term clients. Based on their differing expectations, new and loyal clients behave in the same way. Section Literature Review presents the related work and the hypothesis is formulated in Section Hypothesis Development and Research Methodology. The results in terms of linear regression and descriptive analysis are provided in Section Results and the article is concluded in Section Conclusion and Discussions.
The time and attempt to acquire some benefits of services is said to be benefit convenience. Some of the components of benefit convenience are fast service, timely services, and bank employee attitudes. Sometimes in banks, the consumer needs to visit repeatedly to avail specific service. But in m-banking, consumers can avail any services on the go from the home itself. Therefore, benefit convenience shows a positive result in mobile banking adoption . The time and attempt to contact a service provider for a particular service is said to be post benefit convenience.
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And to build that trust, it is essential to keep users’ data and money safe. Jebarajakirthy et al. used a comprehensive moderated mediation framework to evaluate the influence of online convenience aspects on mobile banking uptake. Covariance-based structural equation modeling and the process macro are utilized to test these predictions. This study examines how convenience https://www.globalcloudteam.com/what-is-prescriptive-security-cybersecurity/ characteristics influence mobile banking adoption intentions. Hamidi et al. studied the influence of mobile banking adoption on consumer engagement and satisfaction utilizing the customer relationship management system, which is the most essential aspect in banking industry. CRM is also seen as a critical role for enhancing client satisfaction in mobile banking.
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Our research shows that Android apps are more vulnerable than iOS ones. The vulnerabilities that hackers exploit for fraud and theft are usually the result of coding errors. However, many vulnerabilities cannot be exploited without user interaction.
The main goal of this paper is to determine the underlying factors that drive the adoption of the Bizum mobile peer-to-peer payment system by users. It is empirically proven that factors included in the extended Unified Theory of Acceptance and Use of Technology model are precursors of the mobile payment adoption. The proposed model modifies the set of constructs by adding trust, security, and perceived risk. The sample consist of 334 Bizum platform users who are mainly young people between 18 and 22 years old. Obtained data was analyzed by a Structural Equation Modeling through Confirmatory Factor Analysis .
Title:Measuring User Perceived Security of Mobile Banking Applications
On the other hand, the consumers also suffer from uncertainty whether the bank is trustworthy are not. Five out of seven mobile banks have server-side vulnerabilities that hackers can exploit against users. For example, insufficient extension checking of uploaded files in one mobile application allows attackers to upload malicious executable files to the server. If a bank employee ran such a file, a malicious script could run and steal data from the server, for example. The client side refers to a mobile banking application installed on the user’s device.
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- So the question here is, do you trust device storage and development tools?
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- These challenges have become more acute as banks have transitioned more of their operations onto digital platforms, presenting more opportunities for cyber-attackers.
The correlation coefficient between the variables perceived reliability and interaction was 0.172, with a probability of significance of 0.000, demonstrating a positive link between the two variables. The correlation value of 0.430 and the probability of significance of 0.000 indicated a positive relationship between satisfaction and service, system, and information quality . In this hypothesis, trust is considered as a faith of competence, integrity, ability, and benevolence that the individual has toward each other. Trust has become an important reducing feature of risk, whereas the e-commerce connection is considered as a naturally risky factor . Also, trust in banking is specified that it is linked to reliability and perceived privacy. Generally, the primary interaction between the customer and banker will significantly affect the trust progress in them.
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And this could’ve been a good solution because a pair of the old refresh token and the passcode are already a lot to compromise or steal. But we advise you first to create a reliable communication channel between the client and the server. This approach gives you more security and does not cost very much except for a couple of kilobytes of user traffic. The core problem here is that we can’t store client certificates in the app itself because the application package file could be easily reverse-engineered. If anyone could lay hands on the certificate so quickly, it is comparable to not using it at all. But there could be secure ways to deliver the client certificates to the device from the server or any other trusted source.