Unraveling The Web: Banking Financial Fraud And Cyber Scams

Saurabh Dikshit, LL.M. (Corporate Law), Amity Law School, Amity University Lucknow Campus

Dr. Taru Mishra, Asstt. Professor, Amity Law School, Amity University Lucknow Campus

ABSTRACT

The unprecedented growth of the digital landscape has given rise to a parallel surge in banking financial fraud and cyber scams, posing significant threats to the security and integrity of financial systems worldwide. This abstract delves into the intricate web of cybercrime targeting the banking sector, exploring the evolving tactics employed by fraudsters and the consequential impact on both financial institutions and their customers.

The cyber world, with its vast connectivity and technological advancements, has become a breeding ground for sophisticated financial fraud schemes. Cybercriminals take advantage of holes in digital systems, using methods including malware, social engineering, and phishing to get sensitive financial data. The abstract examines the modus operandi of these cybercriminals, shedding light on their ability to adapt to and exploit emerging technologies.

Financial institutions, despite investing heavily in cybersecurity measures, grapple with the relentless ingenuity of cybercriminals. The abstract elucidates the challenges banks face in staying ahead of evolving threats, emphasizing the need for continuous innovation and collaboration within the cybersecurity landscape.

Furthermore, the abstract explores the far-reaching consequences of banking financial fraud on individuals, businesses, and economies. It discusses the ripple effects of compromised financial systems, including erosion of trust, financial losses, and the broader economic implications of cyberattacks.

In conclusion, this abstract underscores the urgency of a multifaceted approach involving technological innovation, regulatory frameworks, and heightened awareness to mitigate the escalating menace of banking financial fraud and cyber scams.

Keywords: Banking, Financial fraud, Cyber scams, Phishing, Cyber Security