Title:
Development of a Universal Platform for Managing Payment Operations on a Global Scale: Methodology and Implementation Examples

Authors:
Asha Seshagiri, India

Abstract:

The article discusses the main trends and processes in the field of digital finance. The purpose of the research is to analyze the functioning of electronic payment systems as a key element of the digital financial sector, with a focus on identifying the main threats to user security and developing recommendations to improve their security. The author analyzes the functioning of electronic payment systems as an important segment of the digital finance sector. Statistics on the global electronic payments market and forecast indicators are presented. Main security issues for users of electronic payment systems are listed and described. It is noted that customers conducting transactions through an electronic payment system have to disclose some personal and financial information, which exposes them to the risk of data leakage. The use of electronic payment systems is associated with several risks, which vary depending on technology, provider company, and user awareness. A list of major risks is presented, focusing on the stage of authorization and authentication of the client within the system. Ways, methods, and technologies to enhance client security during entry into the payment system, as well as main methods of ensuring security (secure Internet connection, client identification and access control, technical protection, payment system certification), are discussed. Advantages and disadvantages of password-based technologies are presented, including one-time passwords (OTPs), single sign-ons (SSOs), OAuth, OpenIDs, One Identity, and One Key, and the Cyber Source platform.

DOI: http://dx.doi.org/10.51505/ijaemr.2024.9505