Cyber threats and scams in FinTech organizations: a brief overview of financial fraud cases, future challenges, and recommended solutions in Bangladesh

Abstract

The idea of financial systems has changed with the touch of applications based on information technology and came up with a new terminology called ‘FinTech’ (Financial Technology). With the rising technology, Fintech has become a modern phenomenon. Financial organizations deal with highly confidential and sensitive information, including personal and financial data, all of which are the primary target of the cybercriminal. As users and other stakeholders are massive in number, and many are not concerned about security, they often find themselves victims. In the perspective of Bangladesh, most of the attacks on the fintech industry are generated using social engineering methods. The sole purpose of the study is to find good practices and recommendations for ensuring the security and privacy of user data in the financial technology industry since FinTech applications and services carry a lot of sensitive data of its users. This research study aims to provide an extensive set of recommendations to secure FinTech services. FinTech service-providing organizations may consider adopting these recommended policies to secure their business and the users of its services. It provides a detailed analysis of existing security problems, detection techniques, and security solutions available for FinTech. Finally, it discusses future challenges to ensuring financial technology applications’ security and privacy.