Financial cybercrime in the Islamic Finance Metaverse

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Abstract

Financial cybercrime in the metaverse has become increasingly more significant for authorities, corporations, and individuals to address, requiring new regulatory and compliance frameworks, as well as novel cybersecurity mechanisms in order to prevent these crimes. Financial cybercrimes in the metaverse have increased in the last years significantly, with either the massive stealing of cryptocurrencies from exchanges or the sale of fake or dubious NFT and other financial products that have lost significant value within a short period of time. Cybercrimes in the metaverse have taken place at significant scales and given the infancy of regulations as well as the virtual nature of these activities, only few crimes have been prosecuted. Islamic finance may represent a considerable opportunity for the metaverse via connecting the financial services and instruments to real and virtual assets free of speculation. The article provides several recommendations for regulators to address these cybercrime challenges and how Islamic finance can assist in these cybercrimes.

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A Metaverse: Taxonomy, Components, Applications, and Open Challenges

Sang-Min Park, Young-Gab Kim (2022)

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Adoption of digital payment systems in the era of demonetization in India: An empirical study

Brijesh Sivathanu (2019)

This study aims to investigate the actual usage (AU) of digital payment systems by the consumers during the period of demonetization (from November 9, 2016 to December 30, 2016) in India. The conceptual frame work for this study is based on the unified theory of acceptance and use of technology (UTAUT 2) and innovation resistance theory. A total of 766 sample respondents were surveyed using a pre-tested questionnaire. The empirical validation of the framework and analysis was done using partial least squares (PLS)-structural equation modeling (SEM) technique. The results suggest that the behavioral intention (BI) to use and innovation resistance (IR) affect the usage of digital payment systems. The relation between BI to use digital payment systems and the AU of digital payment systems is moderated by the stickiness to cash payments. This cross-sectional study is limited by geographic constraints and highlights the AU of digital payment systems by using the UTAUT 2 and IR theory only during the demonetization period. This study offers valuable insights to the economists, policymakers and digital payment service providers regarding the usage of digital payment systems by consumers during demonetization. This study assumes importance as it empirically examines the influence of BI and IR on the AU of digital payment systems during the demonetization period in India. This study empirically validates the moderating influence of stickiness to cash payments on the AU of digital payment systems.