Fortifying the Digital Wallet : A Security Blueprint for Intelligent Payments

Authors

  • Swathi Lalitha Shety   Principal Engineer

DOI:

https://doi.org/10.32628/IJSRST25122254

Keywords:

Digital Payment Security, Secure Software Development Lifecycle (SDLC), Multi-Factor Authentication (MFA), API Security, Zero Trust Architecture, Fraud Detection and AI Analytics, Blockchain Encryption

Abstract

The evolution of digital payment technologies has dramatically redefined the way individuals and businesses engage in financial transactions. While this transformation has led to greater speed and convenience, it has also introduced a complex web of security threats ranging from data breaches and identity theft to fraudulent activity and regulatory non-compliance. This research investigates the multifaceted landscape of transaction security, proposing a developer-centric framework that integrates encryption, secure API design, multi-factor authentication, and real-time threat detection. The study underscores the importance of embedding security into the software development lifecycle (SDLC) and highlights the strategic role of Zero Trust Architecture, biometric verification, and blockchain in strengthening payment resilience. By evaluating real-world case studies and emerging technologies such as quantum-safe encryption and AI-driven fraud analytics, this paper offers actionable guidance for developers, financial institutions, and policymakers striving to build scalable, secure, and trustworthy smart payment systems. The proposed framework addresses both the technical and regulatory challenges of the current ecosystem while laying the foundation for future-proof digital finance infrastructures.

References

  1. Chen, L., Wang, G., & Zhang, Z. (2023). Deep learning for real-time payment fraud detection: A transformer-based approach. IEEE Transactions on Information Forensics and Security, 18, 1568-1582.
  2. Venkata, B. (2020). SMART PAYMENT SECURITY: A SOFTWARE DEVELOPER’S ROLE IN PREVENTING FRAUD AND DATA BREACHES.
  3. Alagic, G., Apon, D., Cooper, D., Dang, Q., Liu, Y.-K., Miller, C., Moody, D., Peralta, R., Perlner, R., & Smith-Tone, D. (2022). Status report on the third round of the NIST post-quantum cryptography standardization process. NIST IR 8413.
  4. Sae-Bae, N., Memon, N., & Isbister, K. (2023). Multimodal behavioral biometrics for continuous authentication in mobile payments. ACM Transactions on Privacy and Security, 26(2), 1-34.
  5. Gudgeon, L., Moreno-Sanchez, P., Roos, S., McCorry, P., & Gervais, A. (2023). SoK: Layer-two blockchain protocols. IEEE Symposium on Security and Privacy, 1-18.
  6. Yashu, F., Saqib, M., Malhotra, S., Mehta, D., Jangid, J., & Dixit, S. (2021). Thread mitigation in cloud native application development. Webology, 18(6), 10160–10161. https://www.webology.org/abstract.php?id=5338s
  7. Khan, R., McLaughlin, K., Laverty, D., & Sezer, S. (2023). Zero trust architecture for financial services: A systematic review. Computers & Security, 124, 102976.
  8. Bünz, B., Agrawal, S., Zamani, M., & Boneh, D. (2023). Zether: Towards privacy in a smart contract world. Financial Cryptography and Data Security, 423-440.
  9. Xu, J., Zhou, Y., Wang, X., & Luo, X. (2023). Automated analysis of OAuth 2.0 implementations in payment APIs. Proceedings of the ACM SIGSAC Conference on Computer and Communications Security, 145-158.
  10. Dixit, S., & Jangid, J. (2024). Asynchronous SCIM profile for security event tokens. Journal of Computational Analysis and Applications, 33(6), 1357–1371. https://eudoxuspress.com/index.php/pub/article/view/1935
  11. Arner, D. W., Barberis, J., & Buckley, R. P. (2023). FinTech and RegTech in a Nutshell: The future of financial services. University of Hong Kong Faculty of Law Research Paper, 2023/001.
  12. Nascimento, A., Guimaraes, V., & Santos, R. (2023). Security patterns for microservice architectures in payment systems. Journal of Systems and Software, 195, 111502.
  13. Krol, K., Spring, J. M., Parkin, S., & Sasse, M. A. (2023). Why developers cannot embed payment security: Organizational and cognitive factors. IEEE Security & Privacy, 21(2), 56-64.

International Journal of Scientific Research in Science and Technology

Downloads

Published

2024-02-22

Issue

Volume 11, Issue 1, January-February-2024

Section

Research Articles

License

Copyright (c) IJSRST

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

[1]
Swathi Lalitha Shety "Fortifying the Digital Wallet : A Security Blueprint for Intelligent Payments" International Journal of Scientific Research in Science and Technology(IJSRST), Online ISSN : 2395-602X, Print ISSN : 2395-6011,Volume 11, Issue 1, pp.724-738, January-February-2024. Available at doi : https://doi.org/10.32628/IJSRST25122254