Cyber Frauds In India's Digital Payment Ecosystem: Risk, Impacts, And Regulatory Responses

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, the to identify, and spyware or virus attacks is rising. Transaction on digital mode has led to an increase in internet-based crimes known by the term ‘cyberfrauds. Cyber fraud 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 payment s transactions. One of the most vital issues confronting players in the digital payment ecosystem is cybersecurity. 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, the are various cyber security techniques. This research paper deals in understanding the causes, threats, solutions and regulatory responses to cyber-attacks in digital payment methods.