The Invisible Thread of Risk: Balancing Convenience and Security on Mobile Banking Platforms

Abstract

Mobile banking has also brought a dynamic change in the way we deal with our personal finances, making it less hassling and convenient. However, there is a threat implicit with this facility since mobile banking projects are more vulnerable to cyberbanking and economic crime respectively. The paper is related to the trade-off of functionality and safety in mobile banking systems. The threats are increasing and they are becoming a big threat to users. With the increasing popularity of mobile banking, cyber threats, including phishing, malware, and identity theft, have become more prevalent. Such weaknesses not only compromise confidential data of clients but also cast doubt on the security of mobile banking applications. Also, the fact that mobile service platforms are diverse and the user is not aware of how to effectively protect his/her devices will contribute to the issue.