Enhancing Mobile Banking Security through Blockchain Technology: Mitigating Unauthorized Access and Protecting Financial Assets
Ernest Nii Teiko Aryee · International Journal of Finance and Banking Research · 2023
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.