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While digital finance has made financial services more accessible, it has also increased the risk of personal information leakage, which may make households more vulnerable to cyber-telecom fraud. Using data from the 2015 China Household Finance Survey (CHFS), this paper investigates the impact of the use of digital financial services on household victimization by cyber-telecom fraud. This paper finds that the use of digital financial services significantly heightens the risk of households falling victim to cyber-telecom fraud, as evidenced by an increased likelihood of encountering such fraud, experiencing financial losses and suffering greater monetary losses as a result. The sub-dimensional analyses show that using digital payments increases the risk of households falling victim to cyber-telecom fraud, and engaging in digital wealth management increases the likelihood of households experiencing cyber-telecom fraud losses and the amount of money lost. Further interactive analysis shows that financial literacy moderates the situation. Specifically, as households’ level of financial literacy increases, the likelihood of encountering cyber-telecom fraud through digital finance, experiencing related losses and the amount of losses incurred decreases. After overcoming the endogeneity problem and performing robustness tests, the conclusions remain consistent.
While digital finance has made financial services more accessible, it has also increased the risk of personal information leakage, which may make households more vulnerable to cyber-telecom fraud. Using data from the 2015 China Household Finance Survey (CHFS), this paper investigates the impact of the use of digital financial services on household victimization by cyber-telecom fraud. This paper finds that the use of digital financial services significantly heightens the risk of households falling victim to cyber-telecom fraud, as evidenced by an increased likelihood of encountering such fraud, experiencing financial losses and suffering greater monetary losses as a result. The sub-dimensional analyses show that using digital payments increases the risk of households falling victim to cyber-telecom fraud, and engaging in digital wealth management increases the likelihood of households experiencing cyber-telecom fraud losses and the amount of money lost. Further interactive analysis shows that financial literacy moderates the situation. Specifically, as households’ level of financial literacy increases, the likelihood of encountering cyber-telecom fraud through digital finance, experiencing related losses and the amount of losses incurred decreases. After overcoming the endogeneity problem and performing robustness tests, the conclusions remain consistent.
All sectors of economic activity have changed significantly in globalization, and the banking sector is no exception. Commercial banks around the globe are experiencing digitalization in different ways. However, in the near future, most of these organizations will most likely have to face this process. Otherwise, they simply cannot compete, as the needs of the client base are changing along with continuous technological progress. People are interested in being able to receive services and feedback from the bank quickly and remotely. In order to remain competitive, financial institutions create a new corporate culture, developing and implementing innovative models of interaction with clients. The purpose of the research is to determine the principles of economic security in digitalization of the banking sector and ensure the stability of its functioning, considering possible risks. This study can be useful both for employees of commercial banks for building the processes of digitization of the services provided, and for IT specialists responsible for the development and implementation of certain digital products.
Due to the exponential growth of the internet, smartphones, and communication technologies during the last two decades, the digital banking sector has enormously advanced in terms of user-friendly, efficient, and fast financial transactions. Digital banking also plays a significant role as an enabler of cashless transactions in the economic crisis caused by the COVID-19 pandemic. The study investigates the challenges, technology, and future research agenda of digital banking. The paper follows the manifestation of Kitchenham's SLR protocol. Six databases were used to determine articles that match the criteria. The study considers recent articles, which have been published from 2015 to 2021. Sixty-seven papers have been selected, extracted, and analyzed. The result highlights issues related to technology, organization, people, process, environment, customers, security, and risk, which become challenges in digital banking innovation. This research presents suggestions for future research directions, which will be beneficial to practitioners and scholars around the globe.
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