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EXPLORING SOLUTIONS TO FINTECH ATTACKS: EVIDENCE FROM DMBS
Abstract:
The rise of the financial technology (fintech) industry has brought about numerous advancements in the way financial services are delivered. However, with these advancements, the industry has also faced an increasing number of cybersecurity threats and attacks. This study aims to explore and propose solutions to fintech attacks, focusing on evidence gathered from Digital Money and Banking Systems (DMBS).
This research utilizes a mixed-methods approach, combining qualitative and quantitative data collection methods. Firstly, a comprehensive literature review is conducted to identify the types of fintech attacks prevalent in DMBS and the corresponding security measures employed. This review forms the basis for developing a conceptual framework that outlines the key dimensions of fintech attacks and the potential strategies to mitigate them.
To gather empirical evidence, primary data is collected through interviews with industry experts, including fintech professionals, cybersecurity specialists, and regulatory authorities. The interviews focus on understanding the nature and impact of fintech attacks, as well as the effectiveness of existing security measures. The data is analyzed using thematic analysis to identify common themes and patterns related to fintech attacks and potential solutions.
The findings reveal several prominent types of fintech attacks, including data breaches, identity theft, malware attacks, and social engineering. The study also identifies key factors contributing to these attacks, such as weak authentication mechanisms, inadequate security protocols, and human error. Based on the evidence gathered, a range of solutions is proposed, including the implementation of multi-factor authentication, encryption techniques, regular security audits, and employee training programs.
The implications of the study are significant for the fintech industry, policymakers, and regulatory bodies. The proposed solutions provide practical guidance for fintech companies to enhance their security measures and protect themselves and their customers from cyber threats. Moreover, the findings inform policymakers and regulators about the specific vulnerabilities and challenges faced by the industry, enabling them to develop targeted regulations and standards to safeguard the fintech ecosystem.
In conclusion, this study contributes to the existing literature on fintech attacks by providing evidence from DMBS and proposing practical solutions to mitigate these threats. By addressing the cybersecurity challenges faced by the fintech industry, this research aims to foster a secure and resilient environment that promotes the growth and sustainability of fintech services.
