eCommerce & Digital Wallet Payment Fraud

The increasing digitization of financial transactions has made payment transaction security a fundamental concern for both consumers and financial institutions. With the proliferation of digital payment methods such as mobile wallets, contactless payments, and eCommerce transactions, safeguarding sensitive financial data is more critical than ever. Payment security relies on technologies such as cryptographic protocols and tokenization to protect against data breaches, while regulatory frameworks like Reg II, PSD2/SCA, RBI, and GDPR, along with industry standards like PCI-DSS and ISO 8583, establish guidelines to enhance security. Despite these advancements, the growing complexity of the payments ecosystem presents new challenges, particularly as emerging technologies demand scalable, interoperable, and adaptable security solutions. This research explores the intersection of tools and technology, regulatory compliance, and user-centric design, focusing on the landscape of the types of fraud, risk and its mitigation approach.