Navigating the Hazards: Assessing the Consumer Risks of Fintech in Malaysia: A Conceptual Study

Mohd Fairuz Adnan, Nurhazrina Mat Rahim, Fatin Shahirah Binti Shaharuddin and Nur Laili Aqilah Binti Ramli
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Mohd Fairuz Adnan: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Selangor, Malaysia.
Nurhazrina Mat Rahim: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Selangor, Malaysia.
Fatin Shahirah Binti Shaharuddin: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Selangor, Malaysia.
Nur Laili Aqilah Binti Ramli: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Selangor, Malaysia.

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 10, 1352-1360

Abstract: Fintech has come to be known as there is an increasing rate of users in Malaysia. The Covid-19 pandemic hastened the uptake of fintech and digital services in Malaysia, reflecting global patterns. According to the Fintech News Malaysia 2023, Malaysia remains the top-ranked country on the Global Islamic Fintech (GIFT) Index, reflecting its robust environment for Islamic fintech growth. Moreover, online and mobile banking maintained strong growth in 2022 and 2023, with electronic transactions via connected mobile devices and DuitNow QR codes becoming more widely adopted. This significant increase in fintech usage could expose consumers to potential risks. Users, particularly customers and bank employees, may have their rights violated because of cyber security issues such as identity theft and data breaches. This conceptual study utilizes a simple Systematic Literature Review (SLR) approach to explore and assess consumer risks within the Malaysian fintech industry. The main potential risks were identified as: (1) cybersecurity threats, (2) confidentiality, and (3) data protection.

Date: 2024
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