The Effectiveness of Cybersecurity Measures in Preventing Cyber-Attacks on Mobile Payment Systems

Abstract

The mobile money transfer service is susceptible to fraudulent activities facilitated by a virus that enables unauthorized financial operations, specifically targeting clients engaged in online banking. In instances of this nature, the propagation of malware facilitates the acquisition of data and login credentials from diverse personal accounts. Nevertheless, a significant obstacle persists in developing nations regarding their comprehension of the ramifications associated with cybercrime in the context of mobile financial transactions. Hence, the present study sought to address the existing information deficit by examining the effects of cybercrime on mobile money transactions within the Moshi district. The study adopted the mixed method approach. This implies that the study collected both quantitative and qualitative data. Quantitative data was collected using questionnaires while qualitative data was collected using surveys and documentary review. The sample size of the study were 100 respondents which included entrepreneurs in Moshi district. The data was also analysed both quantitatively and qualitatively. The research highlights the increasing trend of mobile money transaction cybercrimes due to the widespread adoption of mobile devices and digital payment systems. Cybercriminals exploit vulnerabilities and target unsuspecting users, adapting their tactics to stay ahead of cybersecurity measures. The rapid increase in mobile money cybercrimes is fueled by varying levels of digital literacy and the complexity of mobile devices and financial apps, providing advanced tools and techniques for criminals to exploit vulnerabilities. One of the recommendations that can be observed in the research is the promotion of increased user awareness. Users should be provided with education regarding the diverse methods employed by cybercriminals to perpetrate mobile money fraud. The majority of thieves focus their efforts on targeting end users due to their limited awareness, which serves as a vulnerability that can be exploited. User education can serve as a means of regulation in this context. Another recommendation put out in the report is the required implementation of frequent software updates among service providers