Mobile phone based payment authentication system: an intervention for customers’ bank account fraud in Tanzania
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Date
2014
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Information and Communication Technology Research
Abstract
Through the rapid development of ICTs in Tanzania, banking industry has experienced rapid change in the ways of service
delivery to their customers. The society has experienced a rapid development in communication sector particularly on the
use of mobile phones for banking. The commercial banks in Tanzania have also revolved their ways of operating and serving
their customers. The central bank of Tanzania (BoT) is responsible in defining all the payment systems in Tanzania and
control all the transaction being done by the commercial banks operating in the land of Tanzania. Currently, Tanzania has
many payment instruments as defined by the BoT which divided into two main group Cash and Non-Cash payments
instruments. The latter includes: payment orders, bills of exchange, promissory notes, cheques and the electronic payment
systems. In this paper, the security threats of these payment instruments have been discussed in detail. Some reported cases
where organizations have been fleeced of their financial resources through dubious activities in Tanzania have been reviewed
to verify the existing of the problem in discussion. In this paper, a Mobile phone based payment authentication system model
to reduce the threats associated with non-cash payment implemented in Tanzania is proposed. Using this model, account
holders are required to provide a final authentication of transaction through their registered mobile phone. This method if
adopted will take care for any non-cash payment instruments. Also, some of the threats being discussed in this paper can be
addressed by the proposed model.
Description
Article
Keywords
Mobile phone, Payment instruments, Bank account security, Customer, Bank account, Signatory, Authentication