Investigation of Trust Models to Alleviate the Authentication Challenge in FinTech

Abstract

FinTech applications are increasingly vulnerable to cyber-attacks (identity theft, data breaches, distributed denial of service attacks, phishing attacks, insider threats), which have become a threat to many firms. These threats against FinTech services have the potential to wreak enormous societal, economic, and organizational harm. It is noted that various proposed methods failed to address the fundamental FinTech security issues of scalability, privacy, and trust distribution. Various well-known compliances of all FinTech are being adopted by developed countries to counter these cyber-attacks. Blockchain arouses increasing interest in different economic sectors, with confidentiality, availability, and integrity being fundamental factors. The study shows that the mass adoption of blockchain-based trust models has accelerated in the financial industry with private permissioned blockchain. The primary goal of these trust models is to assure the security, reliability, trustworthiness, and implementation of FinTech compliance.