Conference Papers
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Item Recent Advancements and Challenges in FinTech(Institute of Electrical and Electronics Engineers Inc., 2023) Girish, K.K.; Bhowmik, B.The rapid advancement of technology in recent years has brought about numerous changes in various industries, and the financial sector is no exception. The rise of financial technology (FinTech) has disrupted traditional banking and financial services by offering more convenient, accessible, and personalized services to customers. Contrarily, financial services have become more efficient, cost-effective, and secure with FinTech, enabling people to manage their finances with just a few clicks, even on their smartphones. FinTech has also created new opportunities for financial inclusion, making it possible for people who were previously unbanked or underbanked to access financial services. Despite its many benefits, the rise of FinTech has also brought about several challenges. This paper gives an overview of FinTech, its progress, and its importance. Following this, significant challenges of FinTech are highlighted to ensure its long-term success and continued growth. The recent literature shows the way how it is transforming our perceptions. © 2023 IEEE.Item Historical Analysis of Financial Fraud and Its Future(Springer Science and Business Media Deutschland GmbH, 2024) Girish, K.K.; Bhowmik, B.As the world is sailing toward a highly advanced digital financial culture with the advent of financial technologies (FinTech), more and more people are now under the shore of financial inclusion. Subsequently, new opportunities are created in the financial sector, making it possible for people who were previously unbanked or underbanked to access financial services. However, the rise in financial fraud and its potential implications are creating a rift in the financial sector, resulting in substantial economic losses across the globe. This paper provides an in-depth comprehension of financial fraud, encompassing its historical perspectives and ramifications. After that, factors contributing to fraudulent behavior are highlighted. In addition, the paper presents a comprehensive framework for fraud classification and accentuates the impacts of financial fraud. Furthermore, the paper underscores the aspects influencing future occurrences of financial fraud, enabling the formulation of proactive strategies to prevent and mitigate it. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.Item Enhancing Financial Accessibility: A Tailored UPI Payment Application for Divyangjan(Institute of Electrical and Electronics Engineers Inc., 2024) Bhowmik, B.; Sudhama, K.K.; Dongala, J.R.; Antony, R.T.; Girish, K.K.The emergence of financial technology (FinTech) has transformed the financial sector, introducing a new era characterized by state-of-the-art technologies that enhance speed, affordability, and accessibility. The proliferation of the internet and smartphones has further accelerated this transformation, fostering greater connectivity and global interaction. Subsequently, these advancements have significantly expanded financial inclusion, ensuring access to financial services for previously under-served populations. While the rise of FinTech has propelled financial inclusion for many, individuals with disabilities have not experienced commensurate improvements in their financial accessibility. As the banking sector increasingly migrates to online platforms, people with disabilities encounter barriers stemming from inaccessible websites, mobile applications, and online banking services. This paper introduces a specialized UPI payment application designed explicitly for individuals with disabilities. The objective is to integrate this underserved demographic into the digital financial landscape, fostering financial inclusion and enhancing access to essential financial services. © 2024 IEEE.Item Money Laundering Detection in Banking Transactions using RNNs and Hybrid Ensemble(Institute of Electrical and Electronics Engineers Inc., 2024) Girish, K.K.; Bhowmik, B.The financial sector has witnessed significant transformations due to the emergence of financial technology (FinTech), transitioning from traditional paperbased processes to a dynamic digital ecosystem. Despite the industry's advancements driven by FinTech innovations, concerns persist, particularly regarding financial fraud, notably money laundering. Perpetrators exploit modern technologies to launder illicitly obtained funds, posing a global threat to economies. Effective detection mechanisms for money laundering are crucial. This paper introduces a novel approach utilizing a recurrent neural network (RNN) for detecting money laundering in banking transactions. The proposed framework exercises standalone RNN models such as LSTM, GRU, BiLSTM, and stacked RNN models for the detection. Additionally, the effectiveness of hybrid ensemble models combining RNNs with XGBoosts is investigated. The evaluation achieves standard performance metrics, with the stacked RNN model achieving 92% accuracy. Surpassing it, the ensemble model achieves an impressive 95%. These results underscore the superiority of hybrid ensemble models over standalone RNNs, particularly in accurately detecting money laundering activities. © 2024 IEEE.Item Hardware Security in Evolving FinTech Landscape(Springer Science and Business Media Deutschland GmbH, 2025) Bhowmik, B.; Dongala, J.R.; Sudhama, K.K.; Antony, R.T.; Girish, K.K.The assimilation of technology into the financial sector, often referred to as FinTech, has brought about a significant transformation. This shift has not only widened the scope of financial inclusivity but has also fundamentally reshaped the contours of financial solutions delivered. As FinTech solutions continue to empower individuals with greater control over their finances through mobile banking, digital wallets, and advanced data analytics, the security of these innovations becomes paramount. While software security has traditionally received more attention, this paper underscores the significance of hardware security, which serves as the foundational infrastructure for software security measures. It delves into the factors used to evaluate hardware security and outlines various categories of hardware attacks. A case study, focusing on point-of-sale (PoS) systems, exemplifies the importance of hardware security in FinTech. Ultimately, this research contributes to a comprehensive understanding of the evolving FinTech landscape and its implications for both financial inclusion and cybersecurity. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2025.