SAFEGUARDING YOUR FINANCES: ONLINE BANKING AND BANKING FRAUD
Purnima Karmakar, Rakesh Kumar Yadav, Sunil Kumar · 2023
In Today’s life there are so many things on internet to make our life easier, especially with the help of technology. Now day’s online banking is one of them. Online banking is the most important and useful way for money transactions these days. Also useful for time saving of the user. On the other hand, many unauthorized and illegal activities take place, and as a result, it becomes a major trouble for the growth of the economy. One of the fraud case can misguide the users and financial loss may occur. To stop these unauthorized activities, many companies started work on these and framed data driven models which uses many machine learning algorithm as well as datasets to identify the unauthorized activities. This chapter will examine the various benefits and issues of online banking. The main objective of this chapter is to research the coverage that bank employs and observe the different fraud expectation procedures prearranged by RBI. Its objectives are to offer approaches to the observation of bank organizations towards defensive method and their responsiveness to several fraudsters. A well-built system of interior manage and good employment practices avoid fraud and take the edge off losses. The consequences indicate that lack of knowledge about updated software, technology, different kinds of mechanisms, lack of training, opposition, and low observance levels can be primary causes of banking scams. This chapter will also focus on the benefits of online banking and its future scope.