Article: Security issues in mobile money eco-system Journal: International Journal of Information Technology, Communications and Convergence (IJITCC) 2024 Vol.4 No.3 pp.203 - 236 Abstract: The growing adoption of mobile payment systems has challenges related to data security resulting in financial loss and criminal money transfer. It is against this background that this study sought to investigate security issues popular in mobile money systems in Uganda, with some of the guiding research questions: How is insecurity witnessed in different mobile money transactions? What are the best practices that have been used by banking institutions to secure withdrawal transactions? How can these best practices from the banking institutions be adopted in mobile money systems? The study adopted a mix-research approach involving both qualitative and quantitative data collection and analysis methods. A total of 465 participants responded to the study. The study results show that, the great reliance on a single factor of authentication is major contributor to insecurity in mobile money transactions. The study found that, the single authentication factor (PIN) on withdraw transaction can be replaced with a multi-factor authentication (based on knowledge, ownership and biotic authenticators) to improve authentication of mobile money withdrawer transactions. Inderscience Publishers - linking academia, business and industry through research

Title: Security issues in mobile money eco-system

Authors: Job Matovu; Drake Patrick Mirembe; Odongo Steven Eyobu

Addresses: College of Computing and Information Sciences, Makerere University, 7062 University Rd., Kampala, Uganda ' College of Computing and Information Sciences, Makerere University, 7062 University Rd., Kampala, Uganda ' College of Computing and Information Sciences, Makerere University, 7062 University Rd., Kampala, Uganda

Abstract: The growing adoption of mobile payment systems has challenges related to data security resulting in financial loss and criminal money transfer. It is against this background that this study sought to investigate security issues popular in mobile money systems in Uganda, with some of the guiding research questions: How is insecurity witnessed in different mobile money transactions? What are the best practices that have been used by banking institutions to secure withdrawal transactions? How can these best practices from the banking institutions be adopted in mobile money systems? The study adopted a mix-research approach involving both qualitative and quantitative data collection and analysis methods. A total of 465 participants responded to the study. The study results show that, the great reliance on a single factor of authentication is major contributor to insecurity in mobile money transactions. The study found that, the single authentication factor (PIN) on withdraw transaction can be replaced with a multi-factor authentication (based on knowledge, ownership and biotic authenticators) to improve authentication of mobile money withdrawer transactions.

Keywords: mobile payment systems; authentication attacks; mobile security; mobile; payment; security.

DOI: 10.1504/IJITCC.2024.145822

International Journal of Information Technology, Communications and Convergence, 2024 Vol.4 No.3, pp.203 - 236

Received: 10 Nov 2023
Accepted: 30 Sep 2024
Published online: 25 Apr 2025 *

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Title: Security issues in mobile money eco-system

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