Cyber Crime in Online Banking

Abstract

In the world of full of technology and digitization security is the main concern right now. With the help of internet, we can do most of our work like shopping, office work, e-banking, other transactions, etc. With mobile banking everyone knows how to do transactions, online shopping, but most of the people don’t know what the security while doing any kind of online work, people have lack of knowledge in cyber security and hacker, cyber criminals take advantage of that. According to report in 2020, the transaction volume share in India stood at 15.6 per cent and 22.9 per cent for instant payments and other electronic payments respectively, while paper-based payments had a considerable share of 61.4 per cent. And by the 2024 the electronic transaction will increase by 50% and this will touch 71.7% by 2025. India is a developing country and is moving forward in digitization. While this is happening securing the online data or transaction will become more and more challenging. E- banking makes work easier and fast but it is not safe, it will never be 100% secure. And cybercrime is increasing faster than we imagine. This study paper mainly focuses on banking frauds in India, online transaction, scenarios faced by cyber victims, e-banking challenges. It also focuses on the cyber security and how can we avoid most of the e-banking fraud.