Payment options evolved as an impact of the modernization of banking transactions. The acceptance of electronic payment methods has been increasing substantially and rapidly. The probability that humans will be targeted by cyberattack such as fraud on the internet, theft of identity and harmful software or malware infections continues to rise as increasing numbers of individuals to select to make payments online. Electronic transactions have culminated in an upward trend in crimes committed online known as “cyber frauds.” The illegal practice of attackers exploiting internet pages, browsers from the internet and applications on the internet is known as cyber fraud. For every corporation which conducts digital payment activities, reliable payments are necessary. Cryptography represents one among the foremost issues confronting participants in the electronic payment ecosystem. A lack of awareness and inadequate digital payment infrastructure are the factors contributing to the rise in the rise in these cyberattacks. There are several techniques used for safeguarding from potential risks of cyberattacks. Studying the background, risks, solutions and legislative actions to cyberattack on electronic payment techniques is the primary objective of the present article.