A Review on Electronic Payments Security

Abstract

Modern technology is turning into an essential element in the financial trade. We focus the emphasis of this review on the research on the E-wallet and online payment, which is an element of an electric payment system, to get the pattern of using this service. This research presents a review of 131 research articles published on electronic payment between 2010 and 2020 that uses a qualitative method of answering the research questions (RQ): RQ1: “What are the major security issues regarding using electronic payments”? and RQ2: “What security properties need to comply for secure electronic payments?” With the systematic literature review approach, the results show that interest in E-wallet and online payment has grown significantly during this period, and it was found that for the increasing uses of electronic payments, researchers are more focused on security issues. The results show that, to conquer the key gaps, electronic payment must have some protection properties, namely, availability, authorization, integrity, non-repudiation, authentication, and confidentiality. Nowadays, security problems in electronic payment are usually more demanding than the present security problems on the web. These findings can enable electric transaction providers to strengthen their security methods by boosting their security gaps, as required for relevant services.

Perceived Security and Trust in Electronic Payment Systems: How They Affect the Decision to Use EPS During the COVID-19 Pandemic

“…One of the problems related to the use of electronic payment systems is in terms of system security. Currently, EPS service providers are competing to create a detailed security system; however, consumers do not always understand this security from the existence of adequate technical protection (Aigbe & Akpojaro, 2014;Hassan et al, 2020). Therefore, this study empirically examined the factors influencing EPS use, particularly in terms of safety and consumers' trust.…”

“…Hence, the availability of information at the beginning (security statements) to an apparent technical mechanism or procedure (technical protection) will increase the perceived security in a system. If the security level in an electronic payment system is too low, it is possible for someone not to use the system because of the fear they are worried about (Tsiakis & Sthephanides, 2005;Hassan et al, 2020). It is supported by several studies stating that a system's perceived security dominates the decision to use the system or not (Aigbe & Akpojaro, 2014;Chukwuemezie, 2013).…”

Mathematical Interpretation of Global Competition between Payment Systems

“…For example, a PayPal wallet is linked to credit and debit cards, as well as to a current bank account, which facilitates the company's entry to the payment market [2]. Electronic transaction providers also strengthen their security practices by ensuring accessibility, authorization, authentication, and confidentiality [41], competing with banking services at the level of the global system [42]. − Formation of opportunities for new players in the market and harder competition for traditional banking institutions due to the introduction of the Payment Services Directive 2 (PSD2) [43].…”

Digitization of the Customs Revenue Administration as a Factor of the Enhancement of the Budget Efficiency of the Russian Federation

“…Besides the tendency for the international cooperation in the field of tax and customs information exchange, the questions of transboundary cooperation are distinctly present on the global agenda. These questions are especially relevant in fields such as cybersecurity [5,6] and in the influence of informational security risks on financial stability, including the collection of tax and customs payments [7], the circulation of such information, and the use of informational exchange as an instrument of fiscal regulation to ensure stable development [8].…”