Have Usability and Security Trade-offs in Mobile Financial Services become Untrustworthy?

Abstract

The trade-off between Usability and Security has been well researched with various models proposed on how best to improve Usability without jeopardizing Security and vice visa. Usable Security has become a key factor in Mobile Financial Services (MFS), the new frontier for mobile phones utilisation. However, have the compromises gone too far? The trustworthiness of MFS system has already slowed down new adoption and impacted ongoing security trust issues and user confidence in spite of potential MFS benefits for its users. To understand this growing lack of trust with MFS, we need to comprehend the nature of Usable Security in assuring the behaviours of MFS users and determine the right trade-off to improve trust whilst facilitating future uptake. We conducted an empirical survey of 698 user's experience of MFS and here present our findings of this investigation for further synthesis towards proposing practical control elements to assure Usable Security in MFS.