Cyberspace Anarchy As An Emerging Threat To Security Of Mobile Money Services

Abstract

Cyberspace anarchy is emerging as a threat to proper utilization of internet despite of numerous benefits it offers. Security has been a contentious issue in the cyberspace because of dominance of non-state actors. Despite security threats creeping into Mobile money services, citizens’ reliance on this front is gaining ground since it is driving financial inclusion. Gaps highlighted include: Mobile money service apps had SMS flaws and weak cryptography that allowed spoofing and eavesdropping respectively, in 46 Android Mobile money service apps used by 246 Mobile money providers the apps failed reliable security testing. Despite the deployment of measures to minimize the threat, cyber criminals have been utilizing various security flaws within deployed systems to carry out their crimes on Mobile money services. These flaws inform the basis of this research, which is to determine why the number of cyber-attacks directed at Mobile money services increase with increase in users. Qualitative method especially descriptive techniques as well as quantitative tools were used to adequately analyze data and threats. The research found that Mobile money services like deposits, withdrawals among others were disrupted by the various forms of cyberspace threats. Similarly, the research concluded that perceiving cyberspace anarchy in the lenses of game theory, the security and insecurity nexus within Mobile money services would increase and decrease in pursuit of balance that unfold infinitely, that only requires containment. Therefore, containment measures would include: threats driven solutions and legislations, the creation of multilateral regimes among others.