Abstract

The quick uptake of online digital payment systems contributed to a revolution in finance and financial dealings, providing never before seen convenience but at the same time, higher vulnerability to advanced cybercrime. The paper looks at the various types of fraud found in the modern digital payment systems and how cybercriminals have applied their tricks in exploiting the vulnerabilities in systems. The study undertakes both a quantitative and qualitative study, corporations outlined instances of frauds, technical flaws, and trends of action of the users to derive useful typologies of deceits, such as phishing, identity theft, account hijacking, and manipulating transactions. The paper also discusses the evolving practices of the cybercriminals, including; social engineering, malware exploitation and usage as well as exploitation of cursory authentication processes. There are some hints of an ensemble of technical vulnerabilities, human factor, lack of control over this problem to develop frauds on a great scale. The outcomes show that there exists a pressing need to introduce stronger cyber security tools and prompt fraud detection tools and user education to minimize risks. It is a well-developed study guiding comprehensively the nature of the e-frauds to schemes of cybercrime that would be valuable to financial service providers and policy-makers in the pro-active defence schemes. The article highlights the importance of creating an integrative approach to unite the technology, policy and user education to facilitate digital payment systems to withstand any emerging threats in the future.

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