Abstract
Financial Technology (FinTech) has attracted a wide range of attention and is rapidly proliferating. As a result of its consistent growth new terms have been introduced in this domain. The term `FinTech' is one such terminology. This term is used for describing various operations that are being frequently employed in the financial technology sector. These operations are usually practiced in enterprises or organizations and provide requested services by using Information Technology based applications. The term does take into account various other sensitive issues, like, security, privacy, threats, cyber-attacks, etc. This is important to note that the development of FinTech is indebted to the mutual integration of different state of the art technologies, for example, technologies related to a mobile embedded system, mobile networks, mobile cloud computing, big data, data analytics techniques, and cloud computing etc. However, this technology is facing several security and privacy issues that are much needed to be addressed in order to improve the acceptability of this new technology among its users. In an effort to secure FinTech, this article provides a comprehensive survey of FinTech by reviewing the most recent as well as anticipated financial industry privacy and security issues. It provides a comprehensive analysis of current security issues, detection mechanisms and security solutions proposed for FinTech. Finally, it discusses future challenges to ensure the security and privacy of financial technology applications.
Highlights
During the last decade, Financial Technology (FinTech) has seen an unrestricted and appreciative level of growth
Several issues relating to privacy and security have been explored in this research including, threats to FinTech applications, proposed detection mechanisms, and various solutions proposed for the security and privacy of FinTech apps
As security has the key importance in FinTech so, the importance of security is discussed in this article
Summary
FinTech has seen an unrestricted and appreciative level of growth. A detailed statistical report presented by Gartner [27] confirmed that, worldwide, cybersecurity has exhibited a huge amount of potential for attracting investment These investments would be utilized for strengthening and utilizing security services and by the year 2020, an estimated amount of $170 billion is expected to be invested for this purpose. These investments would be utilized for strengthening and incorporating security services by the year 2020. The aforementioned problems elaborate on the importance of security in FinTech, further, those security issues need serious consideration as well as those issues that need to be addressed on a priority basis for users and enterprises that use financial technologies.
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