Cybersecurity In E-Banking: Threats And Implications Explored
- IJLLR Journal
- Jan 10
- 1 min read
Yuthika Sawant, Himalayan University
Dr. Geeta Shrivastava, Himalayan University
ABSTRACT
E-banking denotes electronic banking. E-banking refers to the provision of banking services and products via electronic means. Internet banking enables customers to conduct banking transactions without the necessity of physically visiting the bank. The E-banking system is currently prevalent due to its substantially lower transaction and delivery costs compared to traditional banking systems. E-banking simultaneously enhances a banker's efficiency, while reducing operational costs. In India, the transaction volume constituted 15.6 percent in 2020, while online payments and other electronic activities accounted for 22.9 percent in the same year. It is anticipated to attain 71% by 2025. Digitization is proliferating and progressing in the financial sector. Challenges are increasing in the protection of online banking transactions and financial data. E-banking facilitates the completion of tasks more efficiently and swiftly. However, concurrently, cybercrime has established its own prevalence and emerged as a significant security issue. The study primarily focuses on cyber fraud in banking, online transactions, obstacles in e-banking, and the consequences of cybercrime. It also provides numerous valuable recommendations on cybersecurity to prevent e-banking fraud.
Keywords: E-Banking, cybercrimes, customers, cyber-security, digitization,
