A Comprehensive Study Of Bank Accountability In Mobile Banking
- IJLLR Journal
- Apr 25
- 2 min read
Vivek Yadav, LLM (CB&IL), Amity University, Noida
Dr. AP Bhanu, Amity Law School, Amity University, Noida
ABSTRACT
The swift growth of mobile banking has changed the financial services industry by increasing the ease of access and convenience offered to clients around the world. Nevertheless, this new development has generated issues related to accountability of banks, especially in terms of security, transparency, protection of consumers' interests, and regulation. The following paper represents an investigation into the problem of bank accountability in mobile banking, specifically the processes and factors involved in achieving accountability in mobile banking systems.
Mobile banking applications allow customers to engage in different financial activities such as fund transfer, bill payment, and account management via smartphone and other electronic gadgets. Although there are many advantages offered by the application of mobile banking, it comes along with certain challenges related to the risk of data breach, unauthorized transactions, fraud, and technical failures. In view of these challenges, the accountability of the banks is very important.
The study will look into the regulations and guidelines that exist regarding accountability in mobile banking from the perspective of legal and regulatory frameworks in terms of data protection, grievance handling, liability apportionment, and cybersecurity issues among others. In this case, special attention will be paid to the role of the regulating authority.
In addition, the research examines the roles played by the banks in protecting their customer information and providing for secure online transactions through the use of advanced authentication techniques, encryption, fraud prevention measures, and real-time surveillance to detect any suspicious activity. Moreover, it assesses the effectiveness of banks' risk management processes in securing their networks and responding to security threats.
Another issue that the study considers is that of customer awareness about the risks involved with mobile banking services and secure practices while using them. In many cases, customers have low levels of digital literacy, which increases their vulnerability to cyber frauds. The study stresses the responsibility of both parties and the need for banks to ensure proper communication, notifications, and training of users. Finally, one of the aspects studied in detail is the complexity and ambiguities surrounding the assignment of liability in cases where online transactions involve various other participants besides the bank and the customer. For instance, such transactions may include payments made via payment gateway sites, or transactions involving telecom operators and third-party websites.
