An Evaluation of Mobile Banking Security in Islamic Financial Institutions
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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.
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