Fintech innovations in E-payments: Privacy and security in cybercrime threats

Abstract

The digitalization challenges in the e-commerce world provide ample opportunities and advantages for the corporates, financial institutions and the consumers but also have posed several threats in the form of financial thefts and cyber frauds. The Fintech innovations have brought in effective solutions for many fraud detections and poised to have a controlled safety and security systems in handling the financial and other commercial transactions, most specifically in the fund transfers and other payment processes in the Electronic Payments Systems (EPS) in the current era. Absence of security culture is vulnerable to incur heavy and unaffordable costs to the service provider’s organization pertaining to financial frauds, cybercrime threats, identity larceny, illegal procedures, loss of consumer confidence, etc. Hence, in today’s robust e-commerce scenario the vitality of Fintech Innovative solutions, Security enabled systems, ensuring Safety and Privacy of Information of the customers are of prominence. This research study analyses the Fintech Innovative solutions, on the security, safety and privacy of customer’s information on effective Electronic Payment Systems (EPS) and the legal safety assurance on cybercrimes.