Payment systems

Fintech refers to current advancements in the financial sector. The burgeoning sub-discipline of digital forensics that focuses on financial technologies addresses distinct and consequential digital evidence concerns. Fintech for payments, funds transfer, and other financial operations are being introduced by the digital revolution of society. Criminals use and abuse financial technologies for fraud, extortion, money laundering, and underground criminal activity financing. Fintech and digital payment investigation must be regarded as a new technological subdiscipline within the digital forensics landscape. The digital forensics community is in a prime position to supply practitioners with research that will strengthen investigations involving Fintech and technical financial activities. Fintech provides more options for online con artists, including persuading victims to acquire a transferrable object of value. An example of a fraudulent scheme is a con artist posing as an authoritative figure in order to convince victims to purchase digital gift cards and provide the card usage code to the culprit. A review of an incident offers lessons that can be used to prevent future fraud-related losses and illustrates the multidisciplinary approach required to manage an incident and prevent future occurrences. An event response can be divided into four distinct phases: (1) fraud identification, (2) crisis management, (3) post-incident analysis, and (4) reporting to various communities. Lessons can be drawn from previous incidents in order to highlight the importance of forensic knowledge and crime analysis in interpreting the information conveyed by digital traces. From that information, innovative cross-disciplinary models can be developed for preventing, detecting, analysing, investigating, and responding to online fraud.