Cyber Crime: A Constant Threat to Indian Banking Sector
DOI:
https://doi.org/10.48001/978-81-966500-9-4_19Keywords:
Identity theft, E-Banking, Cybercrime, Fraud DetectionAbstract
The Indian banking industry has kept up with developing trends and major operational changes as a result of technological improvements. Banks are now among the largest benefactors of the IT revolution as a result of the enormous potential that the call for expansion has provided this institution. The exponential growth of online transactions. Banking Sector now has shifted its focus on adapting latest emerging technologies i.e., NEFT, RTGS, ECS, Mobile banking, UPI, Blockchain, Fintech, Cloud computing, Artificial Intelligence, Big Data and Virtual Reality which is the evidence of the fact that how technology has upgraded the financial system in the Indian banking sector (Mittal, 2020; Tiwari et al.,2021).
However, opportunities also carry risks, and success has its own unique set of challenges (Mittal & Gautam 2023). In the lexicon of criminal language, the term "cybercrime" is relatively new; it gained traction mostly in the late 1990s when technology was brought to the financial sector. The technological aspects of cybercrimes, their effects on the financial sector, and the challenges and fallout they create are the main topics of this research paper. Additionally, it highlights the need for stronger, more reliable security against upcoming cyberattacks.
Thus, as computer and internet technology quickly advanced, new types of global crimes known the term "Cyber Crimes" has developed. The nature and pattern of cybercrime occurrences have evolved over time to become increasingly complicated and sophisticated. Since the last decade, banks and other financial institutions have continued to be targeted by cybercriminals. There is little prospect that this will change anytime soon; most cybercriminal operations are still primarily motivated by financial gain. The technological features of numerous cybercrimes affecting financial units and their effects are the main subject of this article. It further analyses the danger vectors that facilitate these crimes and develops countermeasures to assist fend off subsequent cyberattacks in order to better prevent such assaults in the future for greater security.
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