Identity Theft in Developing Countries’ Banking Industry: Real Threat or Technological Bluff?

Abstract

Currently, it is observed a global trend for homogenise the practices and tools for avoiding identity theft and to provide more security to final users utilising e-banking. Especially during the last year, many developing and developed countries have implemented the use of improved mechanisms to tackle identity theft. In many cases, the final user has not been asked if the new security procedures are of use or if they are necessary to be implemented. The aim of this study is to create awareness for policy-makers in developing nations about the advantages and shortcomings of implementing authenticating technologies and procedures addressed to individual customer in the banks. It will also be useful for the banking managers to know the extent of the need for security in transactions carried out for the final user. The main methodological tool used in this study comprises is an archival research on selected countries with relation to the state-of-the-art of authentication technologies and the policies addressed to the security on e-banking. Further, the outcome of this research may be of use for different stakeholders national and international- interested in the implementation of authentication procedures, laws and technologies in banks located in developing nations.