The Silent Heist: An Analytical Study Of E- Banking Frauds In The Indian Financial System
- IJLLR Journal
- 53 minutes ago
- 1 min read
Dr. Ujwala Bendale, Associate Professor, Bharati Vidyapeeth (Deemed to be) University, New Law College, Pune, Maharashtra.
Adv. Vidit Kumar Kanaujia, LLM, Bharati Vidyapeeth (Deemed to be) University, New Law College, Pune, Maharashtra.
ABSTRACT
Broadening the banking services in India has transformed the scenario of financial risk, resulting into an enlargement, more readily available and convenient consequences. Reportedly, in recent years, there has been a dramatic and pronounced rise in the rate of prevalence of channel fraud, The most notable rise being on the internet and using cards. Even when authorities began to focus on safeguarding consumers, enhancing cybersecurity, and keeping an eye on fraud, this occurred.
Recently, there have been allegations of cyber fraud in India, and seems to con artists, who have begun to cash on the emergence of online financial services, mobile banking, and fast payments. deficiencies in technological aspects. They also use emotions such as trust, fear, imitability and hastes.
This article looks at online banking fraud in India, considering the legal and institutional perspective of this issue. It argues that the root cause of the livelihood of digital fraud is an imbalance. Although blocking fraud requires human resource, a payment system incorporates the process to be easy and fast. The essay considers e-banking fraud to be a governance problem as well as a criminal problem. It includes protection of consumers, payments design, cyber law, and those pertaining to the banking sector.
Keywords: E-banking fraud, digital banking risk, cyber fraud, payment systems regulation, consumer protection, cybersecurity governance, financial risk management, India.
