| Home

Overview


Original Research

FINTECH SUSTAINABILITY AND FINANCIAL FRAUD PREVENTION: A STUDY IN THE CONTEXT OF SAUDI ARABIA

Dr. MARIM ALENEZI

Vol 18, No 10 ( 2023 )   |  DOI: 10.5281/zenodo.10071194   |   Author Affiliation: Assistant Professor, Department of Accounting and Finance, College of Business Administration, Prince Mohammad Bin Fahd University, Al-Khobar, Saudi Arabia.   |   Licensing: CC 4.0   |   Pg no: 1726-1742   |   Published on: 28-10-2023

Abstract

This study examines the relationship between the sustainability of financial technology (FinTech) and financial fraud deterrence. FinTech has chance to promote sustainable finance and condense financial fraud, which ultimately contributes to the financial system's integrity. Many reports and other sources of information regarding financial service providers and regulators in the FinTech industry were utilized to collect the secondary data. FinTech can improve the sustainability of economic systems and reduce the incidence of fraud by providing advanced security features as well as effective payment systems, according to the outcomes of the study. FinTech may improve financial transaction transparency, accountability, and ecological sustainability. In addition, the study demonstrates that regulatory organizations play a crucial role in promoting the viability of FinTech and preventing financial fraud. The study suggests that sources of financial services ought to develop FinTech solutions that incorporate advanced security features, efficient payment systems, transparency, and environmental sustainability. In addition, regulatory agencies should provide a robust legal and regulatory structure to promote the sustainability of FinTech. Additionally, consumers should be offered education and awareness programs regarding FinTech sustainability and fraud prevention. The key finding of the study is that FinTech has the potential to completely transform the financial system by increasing sustainability and decreasing fraud. However, stakeholders in the FinTech industry must collaborate to surmount the challenges and capitalize on all the possibilities that FinTech presents.


Keywords

Fintech, Sustainability, Financial Fraud, Financial Service Providers, Regulatory Bodies, Advanced Security Features.