India has witnessed an unprecedented transformation in its financial ecosystem through the widespread adoption of digital payment systems, mobile banking, the Unified Payments Interface (UPI), internet banking, and digital wallets. While these innovations have enhanced financial inclusion and transactional efficiency, they have simultaneously increased individuals' exposure to sophisticated online financial fraud, including phishing, vishing, identity theft, QR-code scams, fake investment schemes, and social engineering attacks. This growing dependence on digital finance has shifted financial literacy beyond traditional budgeting, saving, and investing towards the ability to recognise digital risks, evaluate online financial information, and adopt secure financial practices.

Working women represent a particularly important demographic in this evolving landscape. Rising workforce participation, increasing financial independence, and greater reliance on digital services have expanded both their opportunities and their exposure to cyber-enabled risks. Despite improvements in inclusion, evidence suggests women often exhibit lower financial confidence, greater risk aversion, and varying digital competence, which may influence their susceptibility to fraud. Existing studies examine financial literacy in relation to savings, investment behaviour, or financial well-being, while limited attention has been paid to the behavioural mechanisms through which digital financial literacy contributes to fraud protection.

Drawing on the Theory of Planned Behaviour and Protection Motivation Theory, this study conceptualizes Digital Financial Literacy as the primary predictor of Online Fraud Vulnerability, with Protective Financial Behaviour as a mediating variable and Financial Confidence as an important psychological determinant. It proposes a cross-sectional survey of working women actively using digital financial services in Delhi-NCR, with data analyzed through Structural Equation Modelling (SEM) using SPSS and AMOS. The study extends the literature by reconceptualizing digital financial literacy to encompass not only financial knowledge and digital competence but also fraud detection and cyber-risk awareness, offering practical implications for policymakers, financial institutions, employers, and regulators seeking to strengthen women's digital financial resilience.