Impact of cyberfraud on digital banking and in the Ecuadorian society.

Abstract

The objective of this study was to analyze the awareness levels and prevention measures against financial fraud through digital transactions in Ecuador; including to evaluate the role of financial institutions and the effectiveness of security strategies implemented to protect users. Cybersecurity surveys and interviews were applied on risk perception and current security measures, including an analysis of security practices adopted by financial institutions. A disparity in the level of awareness among users was revealed, with a significant portion still uninformed about the associated risks, identifying areas for improvement, particularly in the need for greater investments in technology and ongoing training for users.