Cybersecurity Challenges in Mobile Payment Apps: Threats and Solutions

Abstract

The current study is directed towards the evolving landscape of cybersecurity, it will analyze the security provisions and the part played by regulations and users in this context highlighting mobile payment security. It takes a systematic literature review approach in accordance with PRISMA standards and Quality Assessment Criteria (QAS), thereby mingling the perceptions from both academic and industry sources. The results indicate that the cyber threats are rapidly evolving and one of the factors that promote this is the artificial intelligence together with quantum computing and the struggles with it to get the right technologies. Nevertheless, the whole gamut of technologies comprising encryption, tokenization, biometrics, and multi-factor authentication are there but their impact is limited due to lack of a proper consistent implementation. The situation of the regulatory frameworks is such that they are necessary but at the same time, they are applied in an uneven manner at the regional level thereby bringing about gaps and inconsistencies in global security standards. The weakness of human behavior in this area has been underlined, thus pointing out the huge difference between the level of cybersecurity knowledge among users and the practices they use that are safe. The researchers recommend a comprehensive approach that involves the system made up of the various security layers in order to reinforce the mobile payment security. At the same time, it calls for technological breakthrough, worldwide regulatory consistency, and better education relying on user-friendly design. What is more, the study provides the concerned parties with the necessary operational recommendations to facilitate the collaboration of the developers, the financial institutions, and the regulators resulting in a digital financial ecosystem that is more secure, resilient, and trusted.