IJARSCT ISSN (Online) 2581-9429 International Journal of Advanced Research in Science, Communication and Technology (IJARSCT) Volume 7, Issue 1, July 2021 Copyright to IJARSCT DOI: 10.48175/IJARSCT-1659 377 www.ijarsct.co.in Impact Factor: 4.819 Cyber Crime in Online Banking Vihang Dilip Gaokar 1 , Karan Harish Tundejwala 2 Students, Department of MCA 1,2 Late Bhausaheb Hiray S. S. Trust’s Institute of Computer Application, Mumbai, India 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. Keywords: e-Banking, cyber-crimes, online transaction, online banking, hacker, digitization, e-banking frauds, mobile banking, cyber-security. I. INTRODUCTION In today’s world privacy is a myth, protecting privacy is critically important for everyone. With the Internet we can do almost anything with just one click, we can send files, documents and we can also do online banking transaction very quickly and efficiently. And with internet cyber crime also increasing. Right now, everyone knows what online transaction or online banking is using any mobile application and banking website but protecting that transaction or protecting our money is very important. Sometimes cybercriminal or hackers takes advantage of online transaction for their personal gain and hackers can easily manipulate their victims and take their money and victim have to suffer this and sometimes victims don’t know how to handle situations, because of lack of awareness in cyber security. And cyber crime cases in banking sector are increasing rapidly day by day. Sometimes hackers or cyber criminals uses some kind of tricks with their victims and because of lack of knowledge in security they fell for it and they don’t even realize it and after some time they receive message from their bank that “you’re a/c no. XXXXXXXX is debited for Rs. 20000” then they realize they ware targeted by hacker. And this is very dangerous because everyday someone is suffering unnecessary financial loss. And organizations also suffer the financial loss because of online fraud. Without cyber security your data or money will get stolen within seconds and we will not even realize it. It is very critical, because banking sector is more valuable and cyber crime is increasing in banking sector. II. PROBLEM STATEMENT Cyber crime is continuous growing threat all around the virtual world. Because individuals, organization, government, banks are using internet and new technology with no limits and all that digital online data are getting more and more vulnerable, and its dangerous. With increased of new technology and internet banking sector has more value than any other industry, because of money and confidential data. Hackers and cyber criminals are always targeting banking sector for their personal gain.
Cyber Crime in Online Banking
Jul 06, 2023
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