An Evaluation Study of User Authentication in the Malaysian FinTech Industry With uAuth Security Analytics Framework
The increased cyberattack frequency and ferocity have alerted the fintech industry in detecting existential security threats and risks. Various authentication mechanisms have been deployed to countermeasure cyberattacks; whether these deployed solutions fulfil the security and technical standa...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | en en |
| Published: |
IGI Global
2023
|
| Subjects: | |
| Online Access: | https://eprints.ums.edu.my/id/eprint/37623/1/ABSTRACT.pdf https://eprints.ums.edu.my/id/eprint/37623/3/FULL%20TEXT.pdf https://eprints.ums.edu.my/id/eprint/37623/ https://doi.org/10.4018/JCIT.318703 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | The increased cyberattack frequency and ferocity have alerted the fintech industry in
detecting existential security threats and risks. Various authentication mechanisms have
been deployed to countermeasure cyberattacks; whether these deployed solutions fulfil the
security and technical standards has not been significantly investigated. This article
proposed an uAuth security analytics framework to evaluate the deployed user
authentication mechanisms. Subsequently, the technical evaluation study covered ten major
commercial banks in Malaysia, whereas 120 respondents aged 18 to 25 participated in the
user awareness study. The result found that mobile banking enforces more robust user
authentication mechanisms than internet banking in Malaysia. As 80% of the Malaysia
fintech systems only ranked as Level 3 of the uAuth security analytics framework, the
authors urge Malaysia fintech industry to enhance their authentication factor, login and
transaction verification methods, password policy, as well as readiness for quantum-safe
security technologies |
|---|