Examining User Verification Schemes, Safety and Secrecy Issues Affecting M-Banking: Systematic Literature Review

Abstract

Expediency and suppleness were the main reasons for customers’ patronage of m-banking apps. However, data stored or transmitted in these apps are susceptible to different attacks, threats, and risks. Thus, the need for robust safety mechanisms to cope with these security and privacy challenges. The purpose of this research is to examine the different components of m-banking security that merit investigation, and the vulnerability of present authentication methods in order to propose a more robust verification technique. PRISMA preferred items reporting for Systematic Review and Meta-Analyses approach was used in this study. Six databases were utilized; IEEE-Explore, Scopus, EBSCOhost, Taylor & Francis, ScienceDirect, and Web of Science. About 1,149 articles were extracted from these databases out of which 38 articles met the review selection criteria, thus included in the review. Findings of the study highlight the efficacy of PRISMA method with regard to items reporting and identification of research gaps compared to the usual literature review. Also, the results of the study found intrusion via other apps stored on mobile devices, and device lost or theft were the main safety and privacy issues. Furthermore, the study findings discovered that the present authentication schemes used by banks are becoming weak and open to various attacks due to an increase in online fraud. Based on the review findings, an Artificial Intelligence-based user authentication and anomalies detection model was proposed which may provide direction for upcoming studies. Also, banks and other financial institutions can use the review results to improve m-banking security.