Investigating security threat of e-banking services on pensioners: a case study of Hammarsdale, Mpumalanga Township, KwaZulu-Natal Province, South Africa.

Abstract

This thesis has made inquiry into the security threats confronting pensioners who rely on e-banking services, with a focus on Hammarsdale, a township situated within the Mpumalanga region of KwaZulu-Natal, South Africa. A comprehensive understanding of the myriad risks inherent in e-banking is indispensable, especially in the contemporary digital epoch, where electronic financial transactions have burgeoned exponentially, especially among segments of the population characterised by their susceptibility, such as pensioners. Employing a qualitative research methodology, this study used in-depth interviews to engage directly with pensioners and security officers, exploring their perspectives, lived experiences, and adaptive behaviours concerning e-banking security. Through qualitative analyses, the research examined the challenges and anxieties encountered by pensioners in Hammarsdale concerning the security of their e-banking transactions, from phishing scams and malware attacks to social engineering tactics and account hijacking. The study undertook a critical examination of the efficacy and adequacy of security protocols and measures implemented by financial institutions and regulatory bodies in fortifying e-banking transactions within the unique socio-economic setting of Hammarsdale. By examining socio-economic factors, technological landscapes, and regulatory frameworks shaping e-banking security in Hammarsdale, this research aspired to offer practical and actionable recommendations for policymakers, financial institutions, and community stakeholders, with the overarching objective of bolstering trust, resilience, and inclusivity of e-banking services for pensioners across South Africa. Through its interdisciplinary approach, this study sought to contribute meaningfully to the broader discourse on financial empowerment, digital literacy, and cybersecurity, ultimately advocating for the equitable access and enhanced security of e-banking services for all pensioners, thereby fostering their financial well-being and societal participation in the digital era.