Cyber Threats and Implications: A Study from the Perspective of E-banking

Abstract

E-banking refers to electronic banking. E-banking is a generic term for the delivery of banking services and products through the electronic medium. Internet banking allows a customer to perform banking transactions without visiting physically to the bank. At present, E-banking system is widely accepted because cost of transactions and cost of delivering in E-banking are significantly lower than in the traditional banking system. At the same time, E-banking enables to increase the efficiency of a banker that lowers the cost of operation. In India, the share of transaction volume was 15.6 per cent in the year 2020, whereas online payments and other electronic activities were registered 22.9 per cent in the same year. It is expected to reach 71% by 2025. Digitization is expanding and advancing forward in banking sector. While challenges are also mounting in securing the online banking transaction and financial information. E- banking shoulders to get the work done easier and fast. But simultaneously cybercrime paved the way for itself and has become a security threat. The study mainly emphasizes on cyber frauds in bank, online transaction, challenges in e-banking, impact of cybercrime. It also offers ample of useful suggestions on cyber security to avoid e-banking fraud.