An Evaluation of Mobile Banking Security in Islamic Financial Institutions
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Mobile banking has become a key channel for delivering financial services, particularly in regions with high mobile penetration. In Islamic financial institutions (IFIs), mobile banking security is paramount given the dual requirement to protect sensitive customer data and to ensure that all transactions remain Shariah-compliant. Advanced security measures—such as encryption, multi-factor authentication, and biometric verification—are being deployed to safeguard mobile platforms (Nasir & Karim, 2024). These measures are essential for maintaining customer trust and regulatory compliance, particularly as digital banking expands to underserved populations. Empirical studies reveal that robust mobile security frameworks contribute to lower fraud rates and higher customer satisfaction, which are critical for the long-term success of IFIs (Farooq & Javed, 2023).
The rapid evolution of cyber threats, however, poses continuous challenges for IFIs. Integrating state-of-the-art security protocols with legacy mobile banking systems, while ensuring adherence to Shariah principles, is complex and resource-intensive. This study evaluates the current mobile banking security practices in Islamic financial institutions, examines the effectiveness of various security measures, and identifies best practices for mitigating risks. The research also explores how emerging technologies and regulatory changes are influencing the security landscape, ultimately affecting the overall performance of IFIs (Rahim & Sultan, 2023).
Statement of the Problem
Despite significant investments in mobile banking security, many IFIs face challenges in maintaining robust protection against cyber threats. One major problem is the integration of modern security technologies with existing legacy systems, which can create vulnerabilities and data silos (Nasir & Karim, 2024). In addition, the rapid evolution of cyber-attacks demands continuous updates and adaptations, placing a strain on IT resources and increasing operational costs. Regulatory uncertainties and differences in Shariah interpretations regarding digital security further complicate efforts, leading to inconsistent security standards across IFIs (Farooq & Javed, 2023). These issues undermine customer trust and may lead to increased fraud risks, ultimately affecting the performance and reputation of IFIs.
Objectives of the Study
• Evaluate current mobile banking security measures in IFIs.
• Identify technological and regulatory challenges in mobile security integration.
• Propose strategies to enhance mobile banking security while ensuring compliance.
Research Questions
• What security measures are currently implemented in IFI mobile banking platforms?
• How do integration challenges affect mobile banking security?
• What strategies can improve mobile security and customer trust?
Research Hypotheses
• H1: Advanced security technologies reduce the incidence of cyber-attacks in mobile banking.
• H2: Integration of legacy and modern systems improves overall mobile security.
• H3: Clear regulatory guidelines enhance mobile banking security compliance.
Scope and Limitations of the Study
This study focuses on IFIs in regions with high mobile penetration, such as the Middle East and Southeast Asia. Limitations include differences in technological infrastructure and evolving cyber threat landscapes.
Definitions of Terms
• Mobile Banking Security: Measures implemented to protect mobile banking transactions and data.
• Islamic Financial Institutions (IFIs): Financial organizations operating under Shariah law.
• Cybersecurity: The protection of computer systems and data from digital attacks.
Related Project Materials
An Assessment of Nurses’ Knowledge and Attitude Towards Hepatitis B Prevention at Ahmadu Bello University Teaching Hospital, Zaria
Background of the Study
Hepatitis B virus (HBV) is a serious global health concern, causing chronic l...
The Impact of Corporate Communication on Public Engagement in the Educational Sector: A Study of Chanchaga Local Government Area, Niger State
Chapter One: Introduction
1.1 Background of the Study
Public engagement in the educational secto...
An investigation of the role of government policies in crime reduction in Orlu Local Government Area, Imo State
Background of the Study
Government policies play an essential role in shaping the socio-economic environment and influenci...
The impact of debit charge adjustments on customer retention in banking: a case study of Ecobank Nigeria
Background of the Study
Debit charge adjustments are a common strategy employed by banks to balance revenue generation wit...
An Assessment of Geriatric Nurses’ Role in End-of-Life Care in Niger State
Background of the Study
End-of-life care is a crucial aspect of geriatric nursing that...
An appraisal of the role of traditional rulers in promoting peace and stability in Ile-Oluji Local Government Area, Ondo State
Background of the Study
Traditional rulers have historically occupied influential positions within Nigerian communities, s...
Design and Implementation of an Online Job Placement System for Graduates of Federal University of Technology, Minna
Background of the study
Job placement is a critical component of higher education institutions, as it helps graduates trans...
An evaluation of the healthcare-seeking behavior of commercial motorcyclists in Oyo West Local Government Area, Oyo State.
Background of the study
Commercial motorcyclists play a critical role in urban transportation, yet their healthcare-seekin...
THE ROLE OF EARLY CHILDHOOD EDUCATION IN TEACHING HONESTY
ABSTRACT: Early childhood education (ECE) significantly influences the dev...
The impact of interpreter expertise on Efik language communication in healthcare settings
Background of the study
Effective communication in healthcare is critical for accurate diagnosis, treatme...
