Security challenges in digital banking: A systematic literature review

The rise of digital banking has radically changed how banking services are accessed and delivered, with increased reach, efficacy, and client convenience. But this digital transformation has also brought with it a set of sophisticated security issues that present significant risks for consumers and for financial organizations as well. This systematic review provides an insight into the ever transforming threat scenario with digital banking along with the key threats, which include Phishing, Identity Theft (ID Theft), Malware and SIM swap fraud. A leitmotif of the literature is the greater sophistication of the cyber-threat and the increased sense of insecurity among users, with the asphyxiating effect these have on trust as well as on the take-up of digital technologies. According to the review, institutions are struggling to secure increasingly connected systems, in particular the interbank payment infrastructures, which are being targeted on an almost daily basis by cyber adversaries. In turn, banks have implemented technological barriers, such as multi-factor authorization, real-time fraud detection, and cyber incident response labs. However, these measures work provided they are updated continuously in response to new threats. Concluding remarks This overview has emphasized the importance of a number of 'lines of defense' consisting of technological change, user learning, regulatory compliance and a proactive management of e-security risk. Future research can also examine the potential impact of advanced technologies such as AI, blockchain and behavioral biometrics in enhancing Cybersecurity systems to make digital banking ecosystems more sustainable and resilient.