Advancement of Payment Systems in eCommerce: Machine Learning, Security, and Fraud Detection

Samuel Johnson

International Journal of Scientific Research in Computer Science, Engineering and Information Technology, 2023, vol. 9, issue 1, 303-323

Abstract: As the eCommerce market expands, the payment system has become more extensive due to integration and development in payment technologies, security, and user interface. New advancements in technology, such as machine learning (ML), have become essential tools for secure and effective payment systems through real-time identification of fraudulent activities and increasing financial transactions' safety levels to improve people's confidence. This paper aims to review the literature on payment systems in the context of eCommerce, focusing on machine learning for fraud detection. It also explains how contemporary security technologies such as encryption and tokenization are making payment security better and appraises these innovations' obstacles and tendencies.

Keywords: eCommerce; Payment Systems; Machine Learning; Fraud Detection; Security Technologies; Tokenization; Encryption; Multi-Factor Authentication (MFA); Digital Wallets; Cryptocurrencies; Artificial Intelligence (AI); Fraud Prevention; User Experience. (search for similar items in EconPapers)
Date: 2023
Note: Article URL: https://ijsrcseit.com/CSEIT2390444
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