Effect of Cyber Security Factors on Mobile Money Service: A Case of Mobile Money Operators in Nyamagana District, Tanzania

Abstract

Advancement in technical know-how specifically to digital and Android devices like smartphones has spread widely the adoption of mobile money but increased the vulnerability to cybercrime attacks in cyberspace since attackers find new ways to hack accounts and personal identity. With Mkolani ward in Nyamagana district as a case study, the study examined the impact of cyber security factors on mobile money services in Mwanza in light of the concerning state of cyber security. The effects of cybercrime threat negation, investments in cybercrime prevention measures, and customer trust in mobile money services were especially evaluated in this study. In addition, a questionnaire was utilized to collect data as part of the study's quantitative research methodology. A sample size of 105 responders provided the data that was gathered. To substantiate the elements influencing mobile money services, regression analysis techniques and probability sample techniques were applied through random sampling.

The findings demonstrate that customer trust, investments in cybercrime protection strategies, and the denial of cybercrime threats all had a major impact on the adoption of mobile money services. The study's conclusions condemned the fact that mobile money services are open to hazards (threats), particularly identity theft and trust incidents, which cause financial loss and harm to the reputations of mobile money providers (Mpesa, Tigo Pesa, Airtel Money, and Halopesa). The use of biometric fingerprints, an electronic client verification system, per-day transaction restriction, and a robust and efficient government policy on cybercrime assaults can all help to prevent and lessen the potential of attacks on mobile money. Finally, mobile money operators should do everything in their power to offer honest, high-quality customer service. The telecom industry should also work to increase the reliability and consistency of its network coverage and use Short Message Service (SMS) to educate users about security risks and how to protect their mobile devices, among other things, by running virus scans.