TY - GEN

T1 - Digitalization of Economics

T2 - 4th International Scientific and Practical Conference on Digital Economy and Finances, DEFIN 2021

AU - Kuchumov, Artur

AU - Pecheritsa, Elena

AU - Chaikovskaya, Alexandra

AU - Maslova, Elena

N1 - Publisher Copyright: © 2021 ACM.

PY - 2021/3/18

Y1 - 2021/3/18

N2 - Today, the financial technology market (fintech market) has the highest growth rate among other emerging markets and is often considered the most promising. Cryptocurrency, crowdfunding, and P2P are no longer specific economic terms, now they are increasingly heard from the mouths of the common people. The rapid development of technology has led to the active advancement of the financial, monetary and credit systems of many developed and developing countries. This entails a transformation of the usual economic system. For instance, people increasingly prefer to use non-cash payment methods, refuse small bank loans, preferring to borrow through Internet platforms from other individuals. All this poses a direct threat to the economic security of an individual. The object of the research is new financial technologies. The subject of the study is the impact of the introduction of new financial technologies on economic security. The goal of the study is to determine the impact of financial technology on economic security, identifying ways to ensure it. The objectives are to analyze modern financial technologies and identify their importance for economic security; recognize trends in the financial market; reveal the specifics of legal regulation of new financial technologies; examine the impact of new financial technologies on the banking system; detect major technological trends in the financial market; develop methods for preventing threats to economic security originating from fintech. In conclusion, the authors argue that fast-growing modern financial technologies, in addition to the obvious advantages, can seriously threaten economic security of the state, companies, and individuals. A large number of emerging startup companies are a serious competition to traditional banks, offering more favorable terms of service. The introduction of new financial technologies on the one hand simplifies the interaction of consumers with the financial services market and accelerates many processes, but at the same time it makes the financial system much more vulnerable. To neutralize the identified threats arising from the introduction of new financial technologies, the authors propose measures improving the blockchain system, ensuring accessibility of data about individuals conducting operations with cryptocurrencies to law enforcement agencies, development and implementation of fundamentally new systems of protection against advanced persistent threat cyberattacks, training the personnel in the field of cybersecurity, and the introduction of new remote identification technologies in all areas of financial services.

AB - Today, the financial technology market (fintech market) has the highest growth rate among other emerging markets and is often considered the most promising. Cryptocurrency, crowdfunding, and P2P are no longer specific economic terms, now they are increasingly heard from the mouths of the common people. The rapid development of technology has led to the active advancement of the financial, monetary and credit systems of many developed and developing countries. This entails a transformation of the usual economic system. For instance, people increasingly prefer to use non-cash payment methods, refuse small bank loans, preferring to borrow through Internet platforms from other individuals. All this poses a direct threat to the economic security of an individual. The object of the research is new financial technologies. The subject of the study is the impact of the introduction of new financial technologies on economic security. The goal of the study is to determine the impact of financial technology on economic security, identifying ways to ensure it. The objectives are to analyze modern financial technologies and identify their importance for economic security; recognize trends in the financial market; reveal the specifics of legal regulation of new financial technologies; examine the impact of new financial technologies on the banking system; detect major technological trends in the financial market; develop methods for preventing threats to economic security originating from fintech. In conclusion, the authors argue that fast-growing modern financial technologies, in addition to the obvious advantages, can seriously threaten economic security of the state, companies, and individuals. A large number of emerging startup companies are a serious competition to traditional banks, offering more favorable terms of service. The introduction of new financial technologies on the one hand simplifies the interaction of consumers with the financial services market and accelerates many processes, but at the same time it makes the financial system much more vulnerable. To neutralize the identified threats arising from the introduction of new financial technologies, the authors propose measures improving the blockchain system, ensuring accessibility of data about individuals conducting operations with cryptocurrencies to law enforcement agencies, development and implementation of fundamentally new systems of protection against advanced persistent threat cyberattacks, training the personnel in the field of cybersecurity, and the introduction of new remote identification technologies in all areas of financial services.

KW - Cryptocurrency

KW - Digitalization

KW - Economic security

KW - Financial technology

UR - http://www.scopus.com/inward/record.url?scp=85125421606&partnerID=8YFLogxK

U2 - 10.1145/3487757.3490866

DO - 10.1145/3487757.3490866

M3 - Conference contribution

AN - SCOPUS:85125421606

T3 - ACM International Conference Proceeding Series

BT - Proceedings of the 4th International Scientific and Practical Conference "Digital Economy and Finances", DEFIN 2021

PB - Association for Computing Machinery

Y2 - 18 March 2021 through 19 March 2021

ER -