Cyber Financial Crime In The Digital Era: Legal Challenges And Regulatory Responses In India
- IJLLR Journal
- Jul 7
- 1 min read
Asst. Prof. Goutham Krishna K, Dr. Ambedkar Global Law Institute, Tirupati
ABSTRACT
Digital technologies have boomed which also means more people are using online financial systems. There are data up to October 2024: Digital payment platforms, online banking services, and electronic commerce have greatly improved financial accessibility and operational efficiency. Nevertheless, this shift to the digital world has also brought about new points of weakness that cybercriminals are targeting in order to commit monetary crimes. Identity theft, phishing, online banking fraud and ransomware attacks are examples of Cyber financial crime that pose a serious threat to individuals, companies and governments. The increasing prevalence of cybercrimes in India can be attributed to the exponential increase in digital financial technology adoption among its citizens. To examine the nature & evolution in cyber financial crime, assess its increasingly prevalent impact on digital economy of India and evaluate the efficacy of legal framework around Cybercrime in India. It specifically highlights the Information Technology Act, 2000 and other statutory provisions dealing with various forms of cyber finance crimes. It also highlights the weaknesses in the existing legal system and suggests that more robust legislative measures, better cybersecurity infrastructure, and increased public awareness are needed to adequately address cyber financial crimes.
Keywords: Cybercrime, Financial Cybercrime, Digital Fraud, Identity Theft, Phishing Attacks, Online Banking Fraud, Cybersecurity Law, Information Technology Act 2000, Cybercrime in India, Digital Financial Security, Cyber Fraud Prevention.
