Cybercrime and Cyber Security in Fintech

This paper describes cybercrime in the field of financial technologies. There have been significant changes in payment systems caused by the development of Fintech and the increasing use of various digital and mobile technologies. Methods of protection against cybercrime are being developed in parallel with the development of new technologies, but cybercrime is also progressing at the same pace. The perpetrators are constantly finding new ways to abuse financial systems. Users of financial technologies must be aware of the potential risks of using financial technologies, only in that way will they be able to recognize and prevent potential threats. The increasing use of cryptocurrencies and the lack of legal regulations have led them to become a valuable target for criminals, and the number of crimes connected to cryptocurrencies is constantly growing. This paper aims to acquaint readers with the dangers of cybercrime and methods of protection against them. The first chapter of the paper is an introduction in which the concepts of cybercrime and cyber security are defined. The second chapter identifies and describes the threats and dangers of cybercrime in financial technologies. Chapter 2 deals with the analysis of current threats to financial systems as well as modern ways of protecting financial systems from cybercrime. How cyber-attacks manifest themselves and how attacks can be prevented are defined and explained. Different types of cyber-attacks are described in detail. The analysis led us to the conclusion that it is best to prevent cyber-attacks and that employee training is a very important factor in protecting the system so that they know how to prevent potential attacks and accidental security breaches. Chapter 3 analyzes the literature dealing with cybercrime and cybersecurity in the field of financial technologies. The literature states that banks were the first to introduce technological innovations into their operations, which led to the revolution of technological progress in Fintech. Not only do banks participate in modern financial business, but a significant part of the business also consists of companies that specialize in the development and implementation of financial technologies. The fourth chapter deals with identified problems and potential solutions. Chapter 4 identifies problems and potential solutions in the field of financial technologies. The vulnerability of financial systems, how cyber-attacks take place, and their adaptation to modern business are analyzed. Based on the analysis, potential solutions to the identified problems are given and specific examples are given. The analysis led us to the conclusion that we must consider cyber risks in detail and give an adequate counter-response to each of their elements. The fifth chapter deals with cryptocurrencies. Blockchain technologies, their level of security, ways of endangering as well as their impact on financial operations are analyzed. The problem of lack of legal regulations in the field of cryptocurrencies is explained, as well as their impact on the growth of cybercrime in the field of financial technologies. The sixth chapter concludes the paper. The seventh chapter presents a list of references used in the paper. The main contribution of the paper is the systematic analysis of cyber threats and cybersecurity issues in the context of Fintech, resulting in a list of recommendations for various groups of stakeholders (banks, fintech companies, and end users).