Dennis Mwangi; Dr. Bonface Ratemo; Dr. Geoge Musumba

Smartphone technology improved access to
mobile money which enabled FinTech companies
successfully deploy service systems bringing massive
benefits to those with limited access to banking.
Embracing its usage has many security issues and
challenges and the need to evaluate identity access
management and maintenance associated with the safety
of mobile money transactions. A descriptive research
design was used with the target population in Fintech
companies. Data collection techniques used were
primary data through questionnaires while secondary
sources of data were document reviews, official
documents, publications, journals, reports, and online
repositories. SPSS software was used on both qualitative
and quantitative data to grasp the intent and rate at
which physical access to IT assets, remote access
management, users and devices authentication, access
permissions; how authorization and network security
are managed. Statistical techniques such as percentages,
correlation and regression analyses were used. Findings
revealed that key security issues were identity theft,
authentication attack, phishing attack, vishing attack,
SMiShingattacks, personal identification number (PIN)
sharing, and agent-driven fraud. The use of better access
controls, customer awareness campaigns, agent training
on acceptable practices, strict measures against
fraudsters, and high-value mobile money transaction
monitoring, were some recommendations given. This
study helps mobile money operators, mobile money
decision makers, and the government to identify and
evaluate key security issues associated with the safety of
mobile money transactions in Fintech companies and
recommendations proposed to address security gaps.