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In an era of increasing digital financial transactions, ensuring security is paramount in maintaining trust and integrity within the financial ecosystem. This study delves into the role of cybersecurity and blockchain technologies in enhancing the security of digital payments. Utilizing secondary data from a range of academic journals, industry reports, and case studies, the research evaluates the effectiveness of these technologies in mitigating cyber risks associated with financial transactions. Key findings highlight the robust nature of blockchain in ensuring transparency, immutability, and decentralization, which are essential for secure payments. Furthermore, the study discusses various cybersecurity frameworks and their implementation strategies to thwart potential threats. The convergence of advanced cybersecurity measures with blockchain technology promises a fortified digital payment ecosystem. However, the study also identifies potential risks and proposes strategies to address them, ensuring a balanced and secure adoption. This comprehensive analysis is aimed at guiding financial institutions and policymakers in making informed decisions about integrating these technologies to safeguard digital financial interactions.
Roy et al. (2024) studied this question.