An Evaluation Study of User Authentication in the Malaysian FinTech Industry With uAuth Security Analytics Framework

Soo Fun Tan and Gwo Chin Chung (2023) An Evaluation Study of User Authentication in the Malaysian FinTech Industry With uAuth Security Analytics Framework. Journal of Cases on Information Technology, 25.

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Abstract

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

Item Type:	Article
Keyword:	E-Banking, Electronic Banking, FinTech, Internet Banking, Mobile Banking, Password-Based Authentication, Phishing Attack, Privacy, Security Analytics Framework, Security, User Authentication
Subjects:	H Social Sciences > HG Finance > HG1-9999 Finance > HG1501-3550 Banking H Social Sciences > HG Finance > HG1-9999 Finance > HG1501-3550 Banking > HG1709 Data processing
Department:	FACULTY > Faculty of Computing and Informatics
Depositing User:	ABDULLAH BIN SABUDIN -
Date Deposited:	22 Nov 2023 11:39
Last Modified:	22 Nov 2023 11:39
URI:	https://eprints.ums.edu.my/id/eprint/37623

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