Exploring Protective Behaviours Among Users of Mobile Financial Services

As digital financial services grow, users face rising risks of financial loss through mobile platforms, often due to limited awareness of protective behaviours. This study surveyed 1,159 mobile financial service (MFS) users in Kenya to examine attitudes, concerns, security adoption, and actual practices. A behavioural model was developed by integrating information security and privacy literature with the Theory of Planned Behaviour, and tested using structural equation modeling via smart-PLS. Findings reveal that prior financial loss significantly heightens security and privacy concerns, influencing attitudes toward mobile protection and intentions to adopt secure practices. Loss experiences also increase user vigilance and perceived control over future protections, while self-efficacy in protecting mobile information strongly predicts secure intentions. These insights underscore the urgent need for focused cybersecurity awareness initiatives in developing economies to address behavioural gaps and reduce financial losses in mobile financial services.