Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges
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...
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| Format: | Article |
| Language: | English |
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IEEE
2020-01-01
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| Series: | IEEE Access |
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| Online Access: | https://ieeexplore.ieee.org/document/8976098/ |
| _version_ | 1818611571383861248 |
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| author | Sobia Mehrban Muhammad Waqas Nadeem Muzammil Hussain Mohammad Masroor Ahmed Owais Hakeem Shazia Saqib M. L. Mat Kiah Fakhar Abbas Mujtaba Hassan Muhammad Adnan Khan |
| author_facet | Sobia Mehrban Muhammad Waqas Nadeem Muzammil Hussain Mohammad Masroor Ahmed Owais Hakeem Shazia Saqib M. L. Mat Kiah Fakhar Abbas Mujtaba Hassan Muhammad Adnan Khan |
| author_sort | Sobia Mehrban |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-16T15:32:27Z |
| format | Article |
| id | doaj.art-de26876def67440f92ccc7db45e7174d |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-12-16T15:32:27Z |
| publishDate | 2020-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-de26876def67440f92ccc7db45e7174d2022-12-21T22:26:18ZengIEEEIEEE Access2169-35362020-01-018233912340610.1109/ACCESS.2020.29704308976098Towards Secure FinTech: A Survey, Taxonomy, and Open Research ChallengesSobia Mehrban0https://orcid.org/0000-0002-4052-2271Muhammad Waqas Nadeem1https://orcid.org/0000-0002-9195-9529Muzammil Hussain2https://orcid.org/0000-0003-1288-7967Mohammad Masroor Ahmed3https://orcid.org/0000-0001-6371-7146Owais Hakeem4https://orcid.org/0000-0003-4986-1971Shazia Saqib5https://orcid.org/0000-0001-7103-6391M. L. Mat Kiah6https://orcid.org/0000-0002-1240-5406Fakhar Abbas7https://orcid.org/0000-0001-9780-8978Mujtaba Hassan8https://orcid.org/0000-0001-5551-0110Muhammad Adnan Khan9https://orcid.org/0000-0002-6799-0390Department of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, Capital University of Science and Technology, Islamabad, PakistanDepartment of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, Lahore Garrison University, Lahore, PakistanFaculty of Computer Science and Information Technology, University of Malaya, Kuala Lumpur, MalaysiaDepartment of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, School of Systems and Technology, University of Management and Technology, Lahore, PakistanDepartment of Computer Science, Lahore Garrison University, Lahore, PakistanFinancial 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.https://ieeexplore.ieee.org/document/8976098/FinTechsecurityprivacycyber securitythreatsfraud detection |
| spellingShingle | Sobia Mehrban Muhammad Waqas Nadeem Muzammil Hussain Mohammad Masroor Ahmed Owais Hakeem Shazia Saqib M. L. Mat Kiah Fakhar Abbas Mujtaba Hassan Muhammad Adnan Khan Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges IEEE Access FinTech security privacy cyber security threats fraud detection |
| title | Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges |
| title_full | Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges |
| title_fullStr | Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges |
| title_full_unstemmed | Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges |
| title_short | Towards Secure FinTech: A Survey, Taxonomy, and Open Research Challenges |
| title_sort | towards secure fintech a survey taxonomy and open research challenges |
| topic | FinTech security privacy cyber security threats fraud detection |
| url | https://ieeexplore.ieee.org/document/8976098/ |
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