An Investigative Study of Banking Cyber Frauds with Special Reference to Private and Public Sector Banks
Soni Neena · 2013
Use of technology in financial services of course has given a tremendous impetus to their development. However, due to heavy dependency on electronic and digital tools to carry out business and payment transactions, a serious threat has also been imposed to the safety and reliability of financial operations. Along with the growing trend of online and cyber transactions, the number of banking scams has also been on the rise affecting more and more people using banking technology tools. Frauds with online payments, ATM machines, electronic cards and net banking transactions have become a serious issue. Huge loss of money of people and institutions is caused every year due to these cyber frauds in banking firms, even after tight security measures in electronic transaction. Banks themselves have been found to be involved in fraudulent practices in a big way causing their customers enormous losses. This study is an effort to review and analyze the subject in Indian context with a comparative touch between private and public sector banks in the country.