Data Sharing in Open Banking: Evaluating Trust and Security Risks Related to Phishing and Social Engineering

Open Banking has been an innovative approach to secure data sharing between banks and third-party providers via APIs. However, there are challenges to its adoption, sensitive financial data becomes more readily available, and the risk of data breaches and cybersecurity threats also increases such as phishing and social engineering. This study seeks to explore the factors that influence the behavioral intention to adopt open banking, initial trust, perceived risks, usefulness, and its impact on actual usage. This study uses a quantitative method by distributing questionnaires via Google Forms in December 2024 and obtaining 398 respondents around Jabodetabek area (Jakarta, Bogor, Depok, Tanggerang, Bekasi). Data were analyzed using Smart Partial Least Square (Smart-PLS) 4.0 to evaluate the relationship between the constructs. Seven independent variables are considered for this study: Perceived Usefulness (PU), Perceived Ease of Use (PEOU), Behavioral Intention (BI), Social Influence (SI), Initial Trust (IT), Perceived Risk (PR), Actual Use (AU).