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Keywords = contactless payment regulations

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25 pages, 1580 KiB  
Review
Near-Field Communication (NFC) Cyber Threats and Mitigation Solutions in Payment Transactions: A Review
by Princewill Onumadu and Hossein Abroshan
Sensors 2024, 24(23), 7423; https://doi.org/10.3390/s24237423 - 21 Nov 2024
Cited by 4 | Viewed by 7530
Abstract
Today, many businesses use near-field communications (NFC) payment solutions, which allow them to receive payments from customers quickly and smoothly. However, this technology comes with cyber security risks which must be analyzed and mitigated. This study explores the cyber risks associated with NFC [...] Read more.
Today, many businesses use near-field communications (NFC) payment solutions, which allow them to receive payments from customers quickly and smoothly. However, this technology comes with cyber security risks which must be analyzed and mitigated. This study explores the cyber risks associated with NFC transactions and examines strategies for mitigating these risks, focusing on payment devices. This paper provides an overview of NFC technology, related security vulnerabilities, privacy concerns, and fraudulent activities. It then investigates payment devices such as smartphones, contactless cards, and wearables, highlighting their features and vulnerabilities. The study also examines encryption, authentication, tokenization, biometric authentication, and fraud detection methods as risk mitigation strategies. The paper synthesizes theoretical frameworks to provide insights into NFC transaction security and offers stakeholder recommendations. Full article
(This article belongs to the Section Communications)
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25 pages, 602 KiB  
Article
Can Fintech Promote Sustainable Finance? Policy Lessons from the Case of Turkey
by Orkun Bayram, Isilay Talay and Mete Feridun
Sustainability 2022, 14(19), 12414; https://doi.org/10.3390/su141912414 - 29 Sep 2022
Cited by 56 | Viewed by 9449
Abstract
This study contributes to sustainable finance literature by exemplifying promotion of sustainable finance through fintech solutions for emerging market economies by presenting the case of Turkey. Turkey is one of the largest emerging market economies in the world with a strong banking system [...] Read more.
This study contributes to sustainable finance literature by exemplifying promotion of sustainable finance through fintech solutions for emerging market economies by presenting the case of Turkey. Turkey is one of the largest emerging market economies in the world with a strong banking system and high adoption of technology, so it has great potential to benefit from fintech solutions to boost sustainable finance. For the case analysis, the data used came from a research platform for a Turkish start-up ecosystem, Turkish regulations, and documents released on Turkey’s sustainable finance strategies by Turkish and international institutions. We found that Turkey has made remarkable progress in increasing financial inclusivity for underbanked individuals and SMEs via providing contactless payment and contract systems and microfinance by mobile carriers and other online platforms. Turkey was also able to promote the responsible consumption goal for sustainable development by improving fintech solutions on payment systems with educational content on this goal. With upcoming developments such as the sandbox environment in Istanbul Financial Center, fintech solutions using Big Data, AI, and blockchain could emerge much faster with collaboration between banking and fintech sectors and regulatory institutions to better assess climate-related financial risks and form a national carbon trading mechanism. Full article
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