Assessment of cyber security threats of using portable devices in banking services

Edim, Edim Bassey and Udofot, Akpan Itoro (2025) Assessment of cyber security threats of using portable devices in banking services. International Journal of Science and Research Archive, 14 (3). pp. 824-833. ISSN 2582-8185

The increasing reliance on portable devices for banking services has introduced significant cybersecurity threats. Portable devices, such as smartphones, tablets, and laptops, offer unparalleled convenience and accessibility for managing finances. However, they also present unique vulnerabilities that can be exploited by cybercriminals. Key threats include malware and viruses, phishing attacks, man-in-the-middle attacks, device theft and loss, and the use of unsecured Wi-Fi networks. These threats can compromise sensitive financial information, leading to financial losses and identity theft. Cybersecurity is paramount in the banking sector due to the sensitive nature of financial data and the potential for significant financial losses. Banks are prime targets for cybercriminals because of the valuable information they hold. Ensuring robust cybersecurity measures protects not only the financial institution but also the customers' trust and confidence. Effective cybersecurity practices help prevent unauthorized access, data breaches, and financial fraud, thereby maintaining the integrity and stability of the financial system. Common Cybersecurity Threats: Portable devices are susceptible to various cyber threats, including malware, phishing, and man-in-the-middle attacks. These threats can lead to unauthorized access to sensitive financial information. Security Measures: Implementing robust security measures such as encryption protocols, two-factor authentication, biometric authentication, and regular software updates can significantly reduce the risk of cyber-attacks. User Education: Educating users about the risks and best practices for using portable devices in banking can help prevent social engineering attacks and other forms of cybercrime. Regulatory Compliance: Adhering to relevant regulations and compliance requirements, such as GDPR and PCI DSS, ensures that financial institutions maintain high standards of cybersecurity. Emerging Technologies: Leveraging emerging technologies, such as behavioral biometrics and mobile threat detection software, can enhance the security of portable devices in banking services. Risk Management: Conducting regular risk assessments and implementing comprehensive risk management strategies can help identify and mitigate potential cybersecurity threats.