Financial risks and threats to the economic security of electronic payment systems in the digital economy

The article is devoted to a comprehensive study of financial risks and threats to the economic security of electronic payment systems in the context of the dynamic development of the digital economy and the growth of cybercrime. The paper substantiates theoretical and methodological approaches to analyzing the nature of financial risks associated with the functioning of systems, in particular, the risks of loss of users’ funds, operational failures, data integrity breaches, information attacks, and reputational losses. The peculiarities of the relationship between risk and threat in the digital payment environment are highlighted, their temporal and probabilistic nature is emphasized, as well as the need to distinguish between the concepts of «risk», «threat», and «vulnerability» in modern risk management. It is substantiated that the modern risk management system in electronic payment systems should be based on a comprehensive assessment of probabilistic models of threats, analysis of IT infrastructure vulnerabilities, meaningful classification of risks, and the development of a multi-level protection system that includes procedures for identification, authentication, authorization, and data integrity assurance. The key risk groups identified by international regulators (liquidity, credit, operational, legal, information, and reputational risks) and their interaction in the context of intensive digital transactions are revealed. It is shown that effective risk management requires the synergy of technical, organizational, and behavioral mechanisms, the development of systematic monitoring of operations, the improvement of cybersecurity standards, the enhancement of users’ financial literacy, and the implementation of modern technological protection tools. The research results allow us to summarize the main directions for strengthening the economic security of electronic payment systems, among which the following occupy a leading place: increasing the stability of IT infrastructure, developing mechanisms for early detection of incidents, harmonizing regulatory requirements with international standards, and introducing innovative risk management models. The analytical conclusions presented can be used in the practice of banking institutions, state regulators, and payment service providers to develop strategies for enhancing security and trust in the digital financial environment.