The ever-growing technological innovations and inventions are reshaping businesses at external and internal levels. Digital transformation is the process that integrates technologies in business processes and strategies. This transformation is mostly dependent on data and is driven by evolving technologies, rapid growth in competition, and shift in consumer behavior. It enables a business to be more agile and productive and to provide a better customer experience. This chapter discusses the impact of digital transformation in business and the fintech industry by highlighting the modern technologies used in transformation, the effect on business, the fintech industry, and their current trends. Furthermore, it elaborates on how digital transformation affects businesses at different levels. Lastly, it discusses the challenges faced by businesses in the process of digital transformation and recommends solutions for them.

FinTech applications are increasingly vulnerable to cyber-attacks (identity theft, data breaches, distributed denial of service attacks, phishing attacks, insider threats), which have become a threat to many firms. These threats against FinTech services have the potential to wreak enormous societal, economic, and organizational harm. It is noted that various proposed methods failed to address the fundamental FinTech security issues of scalability, privacy, and trust distribution. Various well-known compliances of all FinTech are being adopted by developed countries to counter these cyber-attacks. Blockchain arouses increasing interest in different economic sectors, with confidentiality, availability, and integrity being fundamental factors. The study shows that the mass adoption of blockchain-based trust models has accelerated in the financial industry with private permissioned blockchain. The primary goal of these trust models is to assure the security, reliability, trustworthiness, and implementation of FinTech compliance.

The distribution of fabricated disinformation through deliberate manipulation of audio/video content by imposters with the intent to affect organization is deepfake. The “infodemic” that spread alongside the COVID-19 pandemic also increased cyber risk in financial technology (FinTech) applications. The continuous evolution of cybercrime has culminated with deepfakes which severely magnify the threats of traditional frauds. Recent evidence indicates that deepfake videos are mainly created with the help of artificial intelligence (AI) or machine learning (ML) techniques. This results in creation of fake videos by merging, superimposing, and replacing actual video clips and images with other videos. There are a lot of people who accept deepfake videos as actual videos without any doubt. The use of AL and ML techniques have made video/image forgery difficult to identify with the help of existing deepfake detection techniques. Deepfake technology is becoming more and more sophisticated, and detection of fake videos is relatively challenged for quite some time.

With the advent of the internet and day-by-day advancement in technology, traditional services started to utilize technology to offer better, digitized, cutting-edge services. Financial services called FinTech are one such example of the adoption of cutting-edge technologies. On the other hand, with the adoption of technologies comes to the cybersecurity risks associated with them. Data leakage is one big issue in FinTech and business-related applications and services. The main aim of this chapter is to identify different ways and methods by which data leakage occurs and its adverse effects on organizations providing FinTech services. Furthermore, this chapter explores the various solutions and challenges in their implementation. It is concluded that no single solution can handle data leakage from all perspectives. Multiple solutions need to be combined and utilized to handle all scenarios.