Mounting Cases of Cyber-Attacks and Digital Payment

Abstract

Digital transformation in financial transactions has changed the method of payment. We have witnessed a many-fold and rapid increase in the digital payment. As more individuals opt for digital payments, the potential of being exposed to cyber-attacks such as online fraud, theft of identity, and spyware or virus attacks is rising. Transaction on digital mode has led to an increase in internet-based crimes known by the term ‘cybercrime'. Cybercrime is an illegal act practiced by hackers on web applications, web browsers, and websites. Secured payment is critical for any company that deals with electronic payments and transactions. One of the most vital issues confronting players in the digital payment ecosystem is cyber security. The growth of such cyber-attacks can be attributed to various reasons, including a lack of knowledge and a poor digital payment infrastructure. To safeguard against threats of cybercrime, there are various cyber security techniques. This chapter deals in understanding the causes, threats, and solutions to cyber-attacks in digital payment methods.