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1.3 Scope of the study
This study will focus on the security issues in the Mobile Banking System in the Maldives on the one hand and its impact on customers on the other hand. Security issues describes the existing cybercrime techniques like phishing attacks, E-fraud, virus attacks, spoofing and etc.
1.3.1 Research Question
What are the Security Issues in Mobile Banking System of the Maldives and its Effects on Customers?
The study will further try to investigate the following;
· What are the security issues in Mobile Banking System in the Maldives?
· How reliable is the current Mobile Banking System with reference to security in the Maldives?
· What are the effects of security issues on customers?
Order Mobile Banking System Assignment
1.3.2 Research aim
Through various models based on the literature, this study will insist to find out the most fragile area in Mobile Banking and how that threat could be minimized to increase the trust and reliability to the Mobile Banking System in the Maldives.
1.3.3 Research Objectives
The objectives are subjected to change as the research progresses.
· To analyze the current Mobile Banking System.
· To identify the security issues in Mobile Banking System.
· To assess the reliability of the current Mobile Banking System with reference to security.
· To examine the effect of security on customers.
1.4 Rationale of the Study
Literature survey reveals that there are models that would allow to understand the context and mechanics of E-fraud. Therefore the basis of this study will be to examine one of the models that will help to build the trust in Mobile Banking and minimize risks and effects on the prevailing security issues.
2.0 Literature Review
Various literature and models are available on the security issues of Mobile Banking and its effect on customers. Aramudhan (2008) has revealed that User Assigned Security Policy Framework for m-commerce Applications increases its security levels from both the user and server side to increase the reliability. Similarly, Bangdao and Rosco (2010) has argued that increasing the Mobile Electronic Identity through biometrics secures payment on Mobile phones. In 2016, A.S. Bhatt has identified the factors Affecting Customer’s Adoption of Mobile Banking Services. Furthermore, Lee and Chung (2009) argued that a Developed Information System model would increase customer satisfaction and reliability on the Mobile Banking services as payment transactions are made without any human contact.
A study conducted Amola (2016) to analyze the factors affecting customer’s adoption of Mobile Banking Services revealed demographic, attitudinal, and behavioral characteristics of mobile bank users are interconnected, but security issues were not addressed. In another study by Palani (2012) to examine customers perception towards Mobile Banking in Indian Overseas Bank Chennai identified the causative factors so that mobile banking can be used by more people to make banking operations more cost effective.
However, one of the compelling model on E-fraud which is relevant to this study was formulated by Malakedsuwan and Stevens (2003) identifying key elements that describes E-fraud and effective counter measures to increase customers trust.
2.1 Model of E-Fraud
E-Fraud Model of Malakedsuwan and Stevens (2003) focuses on five key elements to exhibit a reliable model to identify and examine e-fraud and its impact. The model is illustrated below with the key elements.
Mode of Attack
Figure 1. E-Fraud Model
Key element one is the Perpetrator or the attacker. According to Malakedsuwan and Stevens (2003) the perpetrator will be either internal or external to the entity committing the fraud. Secondly, the Mode of Attack describes the technique used to execute the fraud. Malakedsuwan and Stevens (2003) states that the fraudulent activity can be conducted through technical modes like IP spoofing or malicious codes and non-technical modes like identity stealing. The third element of Target System describes the system through which the fraudulent activity is conducted or perpetrated. Fourthly, Target Entity features individuals or organizations by identifying the weaknesses in the systems. The last element explains the Impact, whether the perpetration has incurred financial losses or non-financial losses like loss of competitive advantage and reputation.
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