Abstract
Today, many businesses use near-field communications (NFC) payment solutions, which allow them to receive payments from customers quickly and smoothly. However, this technology comes with cyber security risks which must be analyzed and mitigated. This study explores the cyber risks associated with NFC transactions and examines strategies for mitigating these risks, focusing on payment devices. This paper provides an overview of NFC technology, related security vulnerabilities, privacy concerns, and fraudulent activities. It then investigates payment devices such as smartphones, contactless cards, and wearables, highlighting their features and vulnerabilities. The study also examines encryption, authentication, tokenization, biometric authentication, and fraud detection methods as risk mitigation strategies. The paper synthesizes theoretical frameworks to provide insights into NFC transaction security and offers stakeholder recommendations.