Abstract
With the rapid digitalization of financial services, modern payment systems have become integral to global economic infrastructure, offering fast and reliable fund transfers. Specific Background: As the usage of online and electronic payment methods increases, so do the risks associated with cyber threats, fraud, and internal system vulnerabilities. Despite global advances in payment security, there remains a need for focused research on the unique threat landscape and risk management practices in national systems like Uzbekistan’s. This study analyzes the main types of threats affecting the security of payment systems legal, credit, liquidity, operational, and especially cyber risks and evaluates international best practices for mitigating such risks in both centralized and decentralized systems. The analysis identifies cyberattacks (e.g., phishing, DDoS, malware), internal misconduct, and technological obsolescence as major vulnerabilities. The study further highlights discrepancies between Uzbekistan’s current risk management practices and global standards, suggesting enhancements through instant payment technologies, AI-based monitoring, and regulatory reforms. By integrating technical, legal, and procedural perspectives with comparative analysis of international and Uzbek systems, the study presents a holistic framework for evaluating and improving payment system security. The findings underline the necessity of continuous technological upgrades, enhanced cybersecurity awareness, and strengthened institutional oversight to ensure the stability and trustworthiness of financial systems in the digital era. This research offers actionable insights for policymakers, financial institutions, and payment system operators to adapt resilient and future-ready risk management strategies.