Mitigating Financial Fraud and Cybercrime in Financial Services with Security Protocols and Risk Management Strategies

Abstract

This present study demonstrates the new methods of preventing financial fraud and cybercrime with the integration of blockchain technology in finance services from a regulatory framework, such as GDPR and PCI DSS. Blockchain provides decentralized and immutable ledger qualities which add to transparency and security in transactions, while GDPR and PCI DSS ensure strict compliance with standards for data protection. The proposed approach demonstrates a significant advantage in fraud detection, reduction of data breaches, and compliance efficiency and offers a robust framework for securing financial services in the digital era.