Digital Payments, Security Attacks and Vulnerabilities of End-users Systems

Abstract As we know that recently there is an increased expansion of a new type of marketplace offered by the internet. This allows for the transactions and exchange of goods and services through digital payments involving PoS machines, ATMs, online payments and mobile banking. The digital systems and IoT based services are increasingly used by the service providers (banks, merchants, and vendors) and the users are also exploring the digitally enabled consumer choices available through smartphones and latest devices. The increased usage of internet based devices and digital payment options to buy and sell any good or service in the virtual marketplace the risks have increased manifolds threatening the safety of the digital transactions. This paper discusses the possible threats and security risks to the confidentiality, authenticity and integrity of the digital payments. It also suggests some countermeasures to manage these risks.