Digital Financial Fraud: A Review and Research Agenda

ABSTRACT Digital Financial Fraud (DFF) encompasses fraudulent activities occurring during digital financial transactions. This literature review analyzes 126 articles to enhance DFF discourse. By examining theories, characteristics, contexts, and methodologies, this study provides a comprehensive overview of DFF research and outlines a future research agenda. While drawing from diverse theoretical perspectives, existing research consistently acknowledges the importance of the Fraud Triangle Theory. The study identified key factors contributing to DFF, including the disclosure of sensitive information, susceptibility to deception by fraudsters, and clicking on unverified links. The study also identified mitigation strategies, such as robust authentication, authorization, transaction verification processes, rigorous data protection measures, and proactive preparation for red flags. It highlighted that while developed nations actively research DFF, developing nations demonstrate less interest in this area. The authors also investigated the prerequisites for inspecting the conditions affecting the DFF. Last, the authors provide actionable insights to combat DFF.