article · Journal of Financial Crime
A systematic literature review synthesising empirical evidence across 58 qualifying studies highlights key cybersecurity threats impeding digital banking adoption. The evaluation identifies identity theft, malware attacks, phishing, and vishing as the primary risks discouraging users from engaging with digital financial services. Emerging from an environment where the banking sector faces numerous security breaches while navigating relatively unfamiliar digital ground, the review consolidates existing research to support the development of sustainable defence strategies. By synthesising quantitative and empirical findings from literature, the work provides a unified view of the specific attack vectors that undermine consumer trust and slow down the transition toward digital banking channels.
Digital banking relies entirely on user trust, which collapses if customers fear losing their money or personal data. By pin-pointing the precise threats that discourage people from using online banking, financial institutions can target their protective measures directly at the dangers, such as phishing and malware, that most severely undermine public confidence.
The findings can inform banking institutions and software developers seeking to design targeted safeguards against phishing, vishing, malware, and identity theft. Because the work is a systematic literature review rather than a tested product, it represents early-stage insight that requires translation by industry practitioners into specific fraud-detection tools, risk mitigation strategies, and user protection programmes.
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Purpose The purpose of the study is to identify cybersecurity threats that hinder the adoption of digital banking and provide sustainable strategies to combat cybersecurity risks in the banking industry. Design/methodology/approach Systematic literature review guidelines were used to conduct a quantitative synthesis of empirical evidence regarding the impact of cybersecurity threats and risks on the adoption of digital banking. Findings A total of 84 studies were initially examined, and after applying the selection and eligibility criteria for this systematic review, 58 studies were included. These selected articles consistently identified identity theft, malware attacks, phishing and vishing as significant cybersecurity threats that hinder the adoption of digital banking. Originality/value With the country’s banking sector being new in this area, this study contributes to the scant literature on cyber security, which is mostly in need due to the myriad breaches that the industry has already suffered thus far.
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DOI: 10.1108/jfc-10-2023-0263
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