"Evaluation of security disturbance risks in electronic financial payment systems"

Dalė Dzemydienė, Ramutė Naujikienė, Marius Kalinauskas, Eugenijus Jasiūnas

Abstract


The development of information and communication technologies (ICT) and the expansion of information systems encourage increased usage of electronic payment methods. Electronic banking systems provide fast, safe enough and relatively low-cost service operations. Reimbursement for goods and services using e-instruments is increasing. The paper analyzes new ICT which ensure the development of new security means in e-payment operations and the risk rising in possible security disturbances. Safety support systems—authenticity, authorization, confidentiality, control, auditing, integrity, and minimal benefits for e-payment—must be designed and applied according to the safety requirements and standards that must be always updated and improved. The European Union (EU) focuses on the protection of the data of natural and legal persons in order to keep e-services safe and sound. EU legal acts which determine the financial payment involving data and information security standards and criteria are important for all EU Member States. E-banking systems ensure a prompt and adequate performance of safe financial transactions. Statistical data are analyzed in order to evaluate the situation, i.e. to find out how virtual currency transfers and payments for goods and services using e-instruments are increasing on a large scale. Technological development of e-payment increases the possibilities of quick and qualitative transfers, but cyber-security requirements and their implementation technologies are essential issues to be considered. Despite all security measures, threats to the security of e-payments are real and very serious. Systems ‘cracking’ tools and techniques are no less technologically advanced than their countermeasures. Most developed countries around the world pay much attention to the security of ‘sensitive’ information. One of the categories of this kind of information is financial data. The article discusses risk factors in assessing safety measures for financial payment. The authors analyze some ways in which software and hardware measures can be used for retrieving personal data by falsifying e-payment instruments, misleading the users of financial systems and directing them to websites with dangerous content.

Keywords


information communication technology; electronic financial payment (e-FP) system; e-safety; risk evaluation; e-security requirements; cybercrimes

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"Intellectual Economics" ISSN online 1822-8038 / ISSN print 1822-8011