An Investigation of the Security Risks in Mobile Banking Transactions: A Case Study of Wema Bank, Rivers State
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Background of the Study
Mobile banking has revolutionized the delivery of financial services by offering unparalleled convenience and accessibility. However, the increased reliance on mobile platforms has introduced significant security risks that can compromise customer data and financial assets. Wema Bank in Rivers State has embraced mobile banking to cater to a tech-savvy clientele, yet it faces persistent security challenges such as phishing attacks, malware infections, and unauthorized access to mobile applications. The bank’s efforts to mitigate these risks include the implementation of encryption protocols, multi-factor authentication, and regular security audits (Oladipo, 2023).
Despite these measures, the dynamic nature of cyber threats requires continuous monitoring and adaptation. Customers are often the weakest link in the security chain, as low digital literacy and complacency can lead to risky behaviors. In addition, the rapid pace of technological change and the sophistication of cybercriminals mean that new vulnerabilities are constantly emerging. This study investigates the security risks associated with mobile banking transactions at Wema Bank, analyzing the effectiveness of current security measures and identifying areas where additional safeguards may be necessary. It also explores customer perceptions of mobile banking security and the impact of these perceptions on service usage. By providing a comprehensive assessment, the study aims to contribute to the development of more robust security frameworks that protect both the bank and its customers (Akinola, 2025; Chinwe, 2024).
Statement of the Problem
Wema Bank’s mobile banking platform, while offering convenience, is vulnerable to various security risks that can lead to financial losses and damage customer trust. Incidents of unauthorized access and data breaches have raised concerns about the sufficiency of existing security measures. Despite the deployment of encryption, multi-factor authentication, and regular system updates, gaps remain that expose customers to potential fraud. Moreover, the lack of widespread digital literacy exacerbates these risks, as customers may inadvertently engage in unsafe practices such as using weak passwords or falling prey to phishing scams. These security lapses not only affect individual customers but also impact the overall reputation of Wema Bank. The challenge lies in continuously updating security protocols to keep pace with evolving cyber threats, while also educating customers on best practices. This study seeks to identify the primary security vulnerabilities within the mobile banking system at Wema Bank and to evaluate the effectiveness of current risk mitigation strategies, ultimately proposing recommendations to enhance mobile transaction security.
Objectives of the Study
- To identify and assess the security risks associated with mobile banking transactions at Wema Bank.
- To evaluate the effectiveness of current security measures in mitigating these risks.
- To recommend strategies for improving mobile banking security and customer education.
Research Questions
- What are the predominant security risks in Wema Bank’s mobile banking transactions?
- How effective are the current security measures in mitigating these risks?
- What additional strategies can be implemented to enhance security and customer awareness?
Research Hypotheses
- H₁: Enhanced encryption and multi-factor authentication significantly reduce security breaches.
- H₂: Low digital literacy among customers is associated with higher vulnerability to cyber threats.
- H₃: Regular security training for customers improves overall mobile banking safety.
Scope and Limitations of the Study
This study focuses on the mobile banking operations of Wema Bank in Rivers State. Limitations include rapidly evolving cyber threats, differences in customer digital literacy, and potential difficulties in obtaining detailed security incident data.
Definitions of Terms
- Mobile Banking Transactions: Financial activities conducted via mobile devices.
- Cyber Threats: Malicious activities aimed at compromising digital systems.
- Encryption: The process of converting information into a secure format that cannot be read by unauthorized users.
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