Unveiling Deception: a socio-economic analysis of Smishing attacks on mobile money transaction users

Abstract Smishing attacks leverage social engineering tactics to defraud mobile money users. This study investigates the socio-economic impact of smishing on mobile money users in Zambia based on different parameters. We analysed data from 377 users to assess associations between demographics (age, gender, location), mobile money usage, mobile network operator (MNO) type, financial aspects, and smishing encounters. Using logistic regression models, we examined the influence of demographic factors, mobile money usage, motives, and smishing message characteristics on users' awareness and experiences of smishing attacks. Our findings indicate that age, gender, and location do not significantly affect smishing awareness (all p-values > 0.254), and smishing attacks are pervasive across all mobile network operators. Contrary to expectations, mobile money usage and MNO type were not linked to encountering smishing messages (both p-values > 0.793). The primary motive behind these attacks is financial gain, with users who received smishing messages being 19.47 times more likely to identify financial motives as the attacker’s intent (p-value < .001). This aligns with the understanding of smishing as a financially driven cybercrime. Despite the high prevalence of smishing, users' awareness remains low, underscoring the need for improved educational and preventative measures. These findings highlight limitations in our understanding of how smishing attacks target mobile money users. Further, this study highlights the critical role of targeted interventions by policymakers, financial institutions, and mobile network operators to enhance user awareness and security measures. By understanding the tactics used in smishing attacks and their socio-economic consequences, this research provides a foundation for developing strategies to protect mobile money users and maintain trust in digital financial services. Future research should focus on additional factors influencing vulnerability and the effectiveness of various intervention strategies.