Frequency : 12 issues per year
Subject : Computer Applications and Technology
ISSN : 2319–8656 (Online)
IJCATR Volume 14 Issue 1
Enhancing Cybersecurity in FinTech: Safeguarding Financial Data Against Evolving Threats and Vulnerabilities
Adedotun Oladinni, Olanrewaju Olukoya Odumuwagun
10.7753/IJCATR1401.1005
keywords : Cybersecurity; FinTech; Financial Data Protection; Cyber Threats; Regulatory Compliance; Digital Security.
The proliferation of financial technology (FinTech) has revolutionized the financial services industry, offering unprecedented convenience, efficiency, and accessibility. However, the rapid digitalization of financial systems has also exposed them to sophisticated cyber threats and vulnerabilities, placing financial data and customer trust at risk. Cyberattacks targeting FinTech platforms, such as ransomware, data breaches, and phishing, have become increasingly prevalent, demanding robust cybersecurity measures to safeguard sensitive financial information. This article examines the critical role of cybersecurity in the FinTech sector, beginning with a broad exploration of the evolving threat landscape. It highlights key vulnerabilities in FinTech systems, including risks associated with digital payments, mobile banking, and third-party integrations through Application Programming Interfaces (APIs). The discussion then narrows to focus on innovative strategies and technologies for mitigating these threats, such as multi-factor authentication, encryption, and artificial intelligence-driven threat detection systems. Regulatory compliance frameworks, including GDPR, PCI DSS, and ISO standards, are also discussed as essential components for ensuring data protection and operational resilience. By analysing case studies and emerging trends, the article identifies best practices for enhancing cybersecurity in FinTech, emphasizing the importance of collaboration among stakeholders, from technology providers to regulatory bodies. The study concludes by offering actionable recommendations for creating secure and resilient FinTech ecosystems, addressing both current and future cybersecurity challenges. Ultimately, this research underscores the need for continuous innovation and vigilance in safeguarding financial data against an ever-evolving cyber threat landscape.
@artical{a1412025ijcatr14011005,
Title = "Enhancing Cybersecurity in FinTech: Safeguarding Financial Data Against Evolving Threats and Vulnerabilities",
Journal ="International Journal of Computer Applications Technology and Research(IJCATR)",
Volume = "14",
Issue ="1",
Pages ="62 - 78",
Year = "2025",
Authors ="Adedotun Oladinni, Olanrewaju Olukoya Odumuwagun"}
The paper examines the evolving cyber threat landscape targeting FinTech platforms and associated vulnerabilities.
Key strategies such as multi-factor authentication, encryption, and AI-driven threat detection systems are explored to mitigate cybersecurity risks.
Regulatory compliance frameworks like GDPR, PCI DSS, and ISO standards are analyzed as essential for FinTech data protection and resilience.
The study identifies best practices and actionable recommendations for creating secure and resilient FinTech ecosystems.