Towards the Advancement of Cashless Transaction: A Security Analysis of Electronic Payment Systems

Abstract

In recent decades, day-to-day lifestyle requires online payments as easy and simple solutions to several financial transactions, which makes the concept of Electronic payment Systems very popular in the growth of a cashless society. In fact, cashless transactions through simple mobile apps are not merely a concept anymore rather are implemented robustly and being used extensively. On the dark side, obvious financial benefits are making these apps vulnerable to being attacked, which can be successful through security breaches. These cybersecurity issues need to be traced out and resolved to make the financial transactions through an app secure and trustworthy. In this paper, several related papers are analyzed to trace out possible cybersecurity issues in the domain of Electronic Transaction System. The objective is to establish sufficient theoretical background to propose methodologies for measuring security issues and also identify the security strength of any FinTech application and provide standard security metrics.

Examining User Verification Schemes, Safety and Secrecy Issues Affecting M-Banking: Systematic Literature Review

“…Furthermore, the review results highlight the weaknesses of present m-banking user authentication schemes as the study found majority of the user authentication techniques used by employed by payment institutions to be vulnerable. This result was reinforced by the findings of Hanif and Lallie (2021), and Moon et al (2022). The authors argued that an ''insecure verification process and poor credentials recovery system'' makes present authentication techniques vulnerable and ineffective.…”

Intention to Use E-Wallet Application Among University Students

“…Globally, cashless transactions are growing in popularity (Chen & Jiang, 2022;Jakubowska, 2017;Shukur et al, 2022), with steady increases in demand (Alam et al, 2021). These entail the exchange of digital currency or an electrical representation of cash, replacing physical banknotes or coins (Moon et al, 2022). Through Internet banking or mobile banking applications (apps), cashless payments complement the use of physical money (Ong & Chong, 2023).…”