Cybersecurity threats in FinTech: a systematic review

Danial Javaheri; Mahdi Fahmideh; Hassan Chizari; Pooia Lalbakhsh; Junbeom Hur

doi:10.1016/J.ESWA.2023.122697

Cybersecurity threats in FinTech: a systematic review

Danial Javaheri^*
, Mahdi Fahmideh
, Hassan Chizari
, Pooia Lalbakhsh
, Junbeom Hur^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

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Abstract

The rapid evolution of the Smart-everything movement and Artificial Intelligence (AI) advancements have given rise to sophisticated cyber threats that traditional methods cannot counteract. Cyber threats are extremely critical in financial technology (FinTech) as a data-centric sector expected to provide 24/7 services. This paper introduces a novel and refined taxonomy of security threats in FinTech and conducts a comprehensive systematic review of defensive strategies. Through PRISMA methodology applied to 74 selected studies and topic modeling, we identified 11 central cyber threats, with 43 papers detailing them, and pinpointed 9 corresponding defense strategies, as covered in 31 papers. This in-depth analysis offers invaluable insights for stakeholders ranging from banks and enterprises to global governmental bodies, highlighting both the current challenges in FinTech and effective countermeasures, as well as directions for future research.

Original language	English
Article number	122697
Number of pages	31
Journal	Expert Systems with Applications
Volume	241
Early online date	23 Nov 2023
DOIs	https://doi.org/10.1016/J.ESWA.2023.122697
Publication status	Published - 1 May 2024
Externally published	Yes

Keywords

banking trojam
business sustainability
cyber-attacks
data privacy
financial technology

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10.1016/J.ESWA.2023.122697

2023 11 21 Javaheri et al Cybersecurity acceptedAccepted author manuscript, 2.78 MBLicence: CC BY-NC-ND

Cite this

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title = "Cybersecurity threats in FinTech: a systematic review",

abstract = "The rapid evolution of the Smart-everything movement and Artificial Intelligence (AI) advancements have given rise to sophisticated cyber threats that traditional methods cannot counteract. Cyber threats are extremely critical in financial technology (FinTech) as a data-centric sector expected to provide 24/7 services. This paper introduces a novel and refined taxonomy of security threats in FinTech and conducts a comprehensive systematic review of defensive strategies. Through PRISMA methodology applied to 74 selected studies and topic modeling, we identified 11 central cyber threats, with 43 papers detailing them, and pinpointed 9 corresponding defense strategies, as covered in 31 papers. This in-depth analysis offers invaluable insights for stakeholders ranging from banks and enterprises to global governmental bodies, highlighting both the current challenges in FinTech and effective countermeasures, as well as directions for future research.",

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Cybersecurity threats in FinTech: a systematic review

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