Financial information security behavior in online banking

Abstract

The ubiquitous use of information technology in modern life leads to many problems of financial information security. Such security issues could be due to users’ insecure behaviors during their financial transactions. The purpose of this study was to investigate the university teacher's financial information security behavior (FISB) and to examine the factors that influence their FISB. By using a survey method, the study collected primary data quantitatively. A closed-ended questionnaire based on IMB Model (Information Motivation Behavioral Skills Model) was developed. The population of the study comprised teachers from six faculties of University of the Punjab, Lahore, Pakistan. A simple random sampling technique was used to collect the data from the teachers via a print-format based questionnaire. The structural equation model (SEM) was used to test the proposed model by using ADANCO (2.1). ADANCO is a software that is used for SEM analysis. The results exhibited that a majority of the teachers are frequent users of online banking. The findings confirmed that measures familiarity and self-efficacy have a direct impact on the financial information security behavior of the respondents and self-efficacy mediates the relation between threat awareness and financial information security behavior. The study concludes that online banking users can perform secure behavior during online transactions if they are familiar with security measures and are confident to perform different online banking-related tasks. It is, therefore, suggested that individuals may be familiarized with the financial information security measures so that they may believe in their selves and develop secure financial information behavior. This can be done through awareness seminars and hands-on training by the Federal Investigation Agency in liaison with banks and educational institutions. The present study has contributed to the domain of financial information security behavior in the local context.