Abstract:
Smartphone technology improved access to mobile money which enabled FinTech
companies successfully deploy service systems bringing massive benefits to those with
limited access to banking. Embracing its usage has many security issues and challenges
and the need to evaluate identity access management and maintenance associated with
the safety of mobile money transactions. A descriptive research design was used with
the target population in Fintech companies. Data collection techniques used were
primary data through questionnaires while secondary sources of data were document
reviews, official documents, publications, journals, reports, and online repositories. SPSS
software was used on both qualitative and quantitative data to grasp the intent and
rate at which physical access to IT assets, remote access management, users and devices
authentication, access permissions; how authorization and network security are
managed. Statistical techniques such as percentages, correlation and regression analyses
were used. Findings revealed that key security issues were identity theft, authentication
attack, phishing attack, vishing attack, SMiShing attacks, personal identification number
(PIN) sharing, and agent-driven fraud. The use of better access controls, customer
awareness campaigns, agent training on acceptable practices, strict measures against
fraudsters, and high-value mobile money transaction monitoring, were some
recommendations given. This study helps mobile money operators, mobile money
decision makers, and the government to identify and evaluate key security issues
associated with the safety of mobile money transactions in Fintech companies and
recommendations proposed to address security gaps.
