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Technology Innovation: Security of Payments Essay

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Updated: Jul 7th, 2021

Future Methods of Payments

  • Apple pay
  • Crypto payments
  • Biometric authentication
  • Wearables
  • Online applications

Threats

  • Lack of control
  • Data leakage
  • Lack of customer awareness

Innovations in technology have affected the financial world to a great extent, leading to the digitalization of payment. Nowadays, when a large number of financial transactions occur in the online environment, new methods of payment are required to improve the efficacy and security of the process. Currently, several possibilities for online payment exist; these include Apple pay, crypto payments, tools based on biometric authentication, wearables, and online applications (Bezovski 2016). Although most of them offer faster management of financial transactions, there are significant security concerns due to the threat of data leakage and similar problems. The lack of control over data transfer currently lies at the core of the security problem. Future methods of payment need to be supported with innovative approaches toward data encryption to minimize the probability of identity theft or the leakage of customers’ personal information (Bezovski 2016).

Internet of Things

  • Openness to cyberattacks;
  • Lack of preparedness toward the threat;
  • The unpredictability of the cloud security levels;

Lack of education and awareness among users

  • Openness to online threats;
  • Authentication-related concerns;
  • Need for systemic education bout e-payment issues.

Absence of AI for identifying fraudulence

  • Failure to recognize emergent threats;
  • Inability to track down the source of online fraud;
  • Drop-in financial security levels.

The evolution of the Internet of Things (IoT), which suggests that people should submit personal information to online storages multiple times aggravates the concern, making customers especially vulnerable to cyberattacks (Radanliev et al. 2018). The lack of preparedness as an inherent problem of most future methods of payment, primarily, the cloud, is another reason for concern. Therefore, it is highly recommended that people’s personal information should be protected by reinforcing security by educating customers and developing artificial intelligence for identifying fraud and preventing it from happening.

Reference List

Bezovski, Z 2016, ‘The future of the mobile payment as electronic payment system’, European Journal of Business and Management, vol. 8, no. 8, pp. 127-132.

Khanna, A, 2018, ‘Information Technology Act, 2000: international perspective with special reference to bitcoin’, National Journal of Cyber Security Law, vol. 1, no, 1, pp. 15-21.

Radanliev, P, De Roure, DC, Nicolescu, R, Huth, M, Montalvo, RM, Cannady, S & Burnap, P 2018, ‘Future developments in cyber risk assessment for the internet of things’, Computers in Industry, vol. 102, no. 1, pp. 14-22.

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