Usable Security of Online Banking Authentication: An Exploratory Factor Analysis

  • Mathias Mujinga University of South Africa, South Africa http://orcid.org/
Keywords: Online Banking, Usability, Usable Security, Exploratory Factor Analysis

Abstract

The usability and security of information system applications significantly affect the users’ willingness to adopt the applications; online banking is one such service. The emergence of innovative technologies in all facets of our daily activities makes usable security critical to protect users’ privacy and personal information. The paper aims to investigate the usability and security of the online banking authentication process. The study is based on users’ perceptions of the login system of their respective banks' online banking services, using the attitude questionnaire statements related to usability and security aspects of the authentication process. The paper presents the results of 1190 survey responses in South Africa. The findings show that younger and inexperienced users are not satisfied with the usability of online banking authentication systems as they scored the system very low compared to the older and experienced users. Given the prevalence of online security breaches, improving the authentication process' usability will help create a secure online environment.

Downloads

Download data is not yet available.

References

C. Katsini, M. Belk, C. Fidas, N. Avouris, and G. Samaras, "Security and usability in knowledge-based user authentication: A review," in Proceedings of the 20th Pan-Hellenic Conference on Informatics, 2016, pp. 1-6.

J. Bonneau, C. Herley, P. C. Van Oorschot, and F. Stajano, "The quest to replace passwords: A framework for comparative evaluation of web authentication schemes," in 2012 IEEE Symposium on Security and Privacy, 2012, pp. 553-567.

H. Hof, "Towards enhanced usability of IT security mechanisms – how to design usable IT security mechanisms using the example of email encryption," International Journal on Advances in Security, vol. 6, no. 1, pp. 78-87, 2013.

A. Yeratziotis, D. Pottas, and D. Van Greunen, "A usable security heuristic evaluation for the online health social networking paradigm," International Journal of Human-Computer Interaction, vol. 28, no. 10, pp. 678-694, 2012, doi: 10.1080/10447318.2011.654202.

M. M. Althobaiti and P. Mayhew, "Security and usability of authenticating process of online banking: User experience study," in Proceedings of the 2014 International Carnahan Conference on Security Technology (ICCST), Rome, Oct. 13-16, 2014, pp. 1-6.

K. P. Yee, "Aligning security and usability," IEEE Security & Privacy, vol. 1, no. 5, pp. 48-55, 2004, doi: 10.1109/MSP.2004.64.

K. P. Yee, "User interaction design for secure systems," in Proceedings of the 4th International Conference on Information and Communications Security, Singapore, Dec. 9-12, 2002, pp. 278-290.

T. S. Szopiński, "Factors affecting the adoption of online banking in Poland," Journal of Business Research, vol. 69, no. 11, pp. 4763-4768, 2016, doi: 10.1016/j.jbusres.2016.04.027.

C. Martins, T. Oliveira, and A. Popovič, "Understanding the Internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application," Int. J. Inf. Manage., vol. 34, no. 1, pp. 1-13, 2014.

H. Alzoubi, M. Alshurideh, B. Kurdi, K. Alhyasat, and T. Ghazal, "The effect of e-payment and online shopping on sales growth: Evidence from banking industry," International Journal of Data and Network Science, vol. 6, no. 4, pp. 1369-1380, 2022.

M. A. Omar and K. Inaba, "Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis," Journal of Economic Structures, vol. 9, no. 1, art. no. 37, 2020.

I. Hernando and M. J. Nieto, "Is the internet delivery channel changing banks’ performance? The case of Spanish banks," Journal of Banking & Finance, vol. 31, no. 4, pp. 1083-1099, 2007.

R. Tiwari, "Contribution of Cyber Banking towards Digital India: A Way Forward," Khoj: An International Peer Reviewed Journal of Geography, vol. 6, no. 1, pp. 46-52, 2019.

A. H. Alsharif, "Attitudes of patients with chronic diseases toward Management eHealth Applications Systems in post-COVID-19 times," International Journal of Environmental Research and Public Health, vol. 19, no. 7, art. no. 4289, 2022.

M. Mujinga, "Towards a Framework to Promote the Development of Secure and Usable Online Information Security Applications," University of South Africa, 2018.

A. A. de Santos and M. C. Ponchio, "Functional, psychological and emotional barriers and the resistance to the use of digital banking services," Innovation & Management Review, vol. 18, no. 3, pp. 331-348, 2021.

I. J. Akpan, E. A. P. Udoh, and B. Adebisi, "Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic," Journal of Small Business & Entrepreneurship, vol. 34, no. 2, pp. 123-140, 2022.

C. Williams, "Research methods," Journal of Business & Economics Research (JBER), vol. 5, no. 3, 2007.

C. S. Weir, G. Douglas, T. Richardson, and M. Jack, "Usable security: user preferences for authentication methods in ebanking and the effects of experience," Interacting with Computers, vol. 22, no. 3, pp. 153-164, 2010.

A. S. Beavers, J. W. Lounsbury, J. K. Richards, S. W. Huck, G. J. Skolits, and S. L. Esquivel, "Practical considerations for using exploratory factor analysis in educational research," Practical Assessment, Research, and Evaluation, vol. 18, art. no. 6, 2019.

L. Fiddler, L. Hecht, E. E. Nelson, E. N. Nelson, and J. Ross, SPSS for Windows 16.0: A Basic Tutorial, Social Science Research and Instruction Center, vol. 25, no. 8, 2011.

J. Pallant, SPSS Survival Manual: A Step-by-Step Guide to Data Analysis using IBM SPSS, 5th ed., Berkshire: McGraw-Hill Education, 2013.

J. F. Hair Jr., G. T. M. Hult, C. Ringle, and M. Sarstedt, A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 2nd ed., London: Sage Publications, 2016.

J. Arfaa and Y. K. Wang, "A usability study on elder adults utilizing social networking sites," in International Conference of Design, User Experience, and Usability, Crete, Greece, June 22-27, 2014, pp. 50-61.

R. Antonius, Interpreting Quantitative Data with IBM SPSS Statistics, 2nd ed., London: Sage Publications, 2013.

Published
2024-03-27
Abstract views: 102 times
Download PDF: 57 times
How to Cite
Mujinga, M. (2024). Usable Security of Online Banking Authentication: An Exploratory Factor Analysis. Journal of Information Systems and Informatics, 6(1), 409-420. https://doi.org/10.51519/journalisi.v6i1.673