Innovation in Indian Banking: Extent of Precautions Taken By the Customers While E-Banking (original) (raw)
Related papers
A STUDY ON SECURITY CONCERNS AMONG INTERNET BANKING CUSTOMERS
Transtellar Journals, 2020
From the evolution of technology, India has seen its huge growth in public sectors and also in specific private sectors. Though the technology has been implemented in various sectors like Agricultural sector, Industrial sector, and tertiary sectors, in specific massive growth in Banking sector after the year 1991, the introduction of Liberalisation, Privatisation and Globalisation there were so much intake of foreign investments which lead to the growth of every industry. Considering the banking sector, the technology improvisation in banks was started with Computerisation of cash transaction which included the entry of passbook, issuing of debit cards and issuing of credit cards, operations in finance services among others, which were usually conducted through face-to-face interactions at a branch closest to the customer. And when the issue of debit cards and credit cards came into massive existence, there started arising the security concerns in adoption of internet banking. Thus the paper deals with the security concerns in adoption of internet banking among the consumers and also the study enhances the aspect of awareness among the consumers and almost all aspects related with internet banking security, purpose and benefit of implementing security concerning measures, future challenges and probable solutions to it with the concerned objectives dealing with.
critical analysis of e-banking frauds and laws in India
International Journal of Health Sciences (IJHS), 2021
The present era is the age of science and technology. Information communication and technology has a great contribution to society. It has contributed to all spheres of society. The banking field is no exception to it. Just because of e-banking, money can be transferred at any time without waiting for the opening of banks. Ebanking is therefore quite speedy and convenient. However, there is a drawback to online banking. It isn't completely safe. A significant sum of money is moved illegally through e-banking scams. A poor ordinary man makes great efforts to save money for emergency situations, but e-banking fraudsters employ every malfeasance to make money quickly and steal from the poor. There are laws in place to regulate it. True evidence of it may be found in the Information Technology Act of 2000. In addition to that, the Reserve bank also promptly releases instructions in this respect. In order to address these serious concerns, a separate complaint cell has been developed. However, it has been shown that these offences are becoming worse every day. Therefore, it is important to research it and identify a workable solution to this problem. The examination of the relevant legislation and their critical analysis has been the main subject of the researchers' work. In addition to that, the yearly reports of the relevant agencies, including the National Crime Report Bureau and the Internet Crime Complaint Centre, have also been read. The judiciary has also been paid proper attention to it. After going through all available material, the researchers have supposed to recommend some suggestions to carry on e-banking in a more effective and efficient manner.
Legal Perspective of E-Banking Fraud in India
International Journal of Innovative Research in Engineering & Management (IJIREM), 2022
The financial industry plays a critical part in a country's economic growth. An economy's lifeblood is banking. For economic progress, a robust and healthy financial sector is essential. Indian the banking sector is now undergoing an IT revolution. The process of implementation. The use of the internet in banking has revolutionized the industry. It has been successful. Both customers and banks profited from it. In India, e-banking has grown in popularity. Several changes have occurred as a result of technological advancements and innovation. The arrival of the card, Immediate Payment Service, Clear The notion of internet banking and mobile banking, as well as the transfer of funds, are the There have been a number of changes in the banking industry. E-banking is a term that encompasses a variety of services. Online shopping, fund transfer, and mobile banking are all included in this phrase etc. The bank hopes to teach the basic notion of IT via E-Banking. Included Services that are based on the Internet. System of conventional banking it is more convenient for consumers to make debit payments.as well as credit several of the factors why e-banking is gaining popularity in India is because People's use of the internet is becoming more widespread. Because of the many benefits, electronic banking is becoming more popular. It is linked to it. However, it has raised certain concerns and obstacles. In terms of cybercrime, such as data theft, phishing, and credit card fraud, this paper attempts to provide an overview of electronic banking.in India, as well as the many concerns and challenges that the banking sector faces.
Impact of Online Threats on Usage of E-Banking
This study is an attempt to dissect the impact of online threats that affects on the usage of E-banking by retail customers. In general, it seeks to examine customer's perspective towards fear of various online threats. The data for this study are collected from retail customers. The sample consists of 240 retail customers from public and private sector banks. Data was collected through pre-tested questionnaires. All the retail customers were based in northern India. It has been found that after providing different security mechanisms, customers are still feared about online threats and hence hesitate to transact through online mediums. It is vital to provide robust security mechanisms while conducting transactions via electronic means.
RISK OF FRAUDS IN INDIAN BANKS IN E-BANKING SCENARIO
In the present study, an attempt is made to analyse the group-wise bankers' viewpoint towards the risk of frauds in public and private sector Indian banks. A sample of 440 banks' officials is taken on the basis of judgement sampling i.e. 120 from State Bank Group, 200 from Nationalized Banks and 120 from Private Sector Banks. The primary data were collected with the help of pre-tested structured questionnaire on five point Likert scale i.e. Strongly Agree (SA), Agree (A), Neutral (N), Disagree (D) and Strongly Disagree (SD). The collected data were analysed through various descriptive and inferential statistical techniques like percentage, mean and standard deviation, etc. Further, ANOVA technique was used to test the hypotheses and validate the results. It is found that poor security of records, hardware and software's is the most significant factor responsible for the risk of frauds, followed by lack of awareness about the results of fraud and alteration of data by the employees to draw information from the records. On the other hand, increase in costs associated with reimbursing customer's losses is found as the most significant impact of frauds on the functioning of the selected banks, followed by increase in costs associated with regeneration of customers' records and increase in complaints of the customers. Further, developing policies for adequate screening of new employees is found as the most significant measure for overcoming the risk of frauds, followed by clear boundaries between acceptable and unacceptable behaviour of the employees and designing internal control including segregation of duties. It is recommended that there should be a clear organizational structure, written policies and procedures and fair employment practices to prevent fraud. An open-door policy also gives to the employees an open line of communication with the management, therefore can provide a great fraud prevention system in the organization.
Security and Fraud Issues of E-banking
E-banking has a lot of benefits that add value to customer’s satisfaction in term of better service quality, and at the same time enable banks to gain a competitive advantage over other competitors. However, more attention towards e-banking security is required and needed against fraudulent behavior because the lack of control over security makes e-banking still un-trusted for many till today. This paper presents security issues related to e-banking along with the characteristics and challenges of e-banking fraud. Different types of attacks, some fraud detection strategies, and some prevention methods used by electronic banks, are also presented in this paper. An expert opinion method was used to rank different model and techniques in security. Results indicated that the most effective model is “Transaction Monitoring” and the worst models based on respondent’s opinions are “Virtual Keyboards”, “Browser Protection”, and “Device Identification”. The organization of this paper go in the following manner: section 1 will introduce the topic, followed by a literature review in section 2. Section 3 depicts the research methodology adopted and the data analysis process. Finally, conclusions and future work are stated at the end of the paper.
2014
A significant number of breaches in the security of electronic banking (e-Banking) system is reported each year, drawing attention to the need to protect and inform customers about the risk of exposure to malicious actions initiated by cyber-criminals. Financial institutions and consumers recognize the fact that attacks and financial frauds are becoming more complex and are perpetrated by a different class of criminal. This class is increasingly sophisticated and uses technology as part of their strategy. Furthermore, the specialists forecast that the current global recession is likely to increase the frequency of internal fraud and security breaches. The present research tries: (1) to analyze the potential dangers threatening the security of e-Banking services through a comprehensive investigation of the relevant literature; (2) to identify the tools and methods that can ensure the consumers ’ protection in E-Banking, (3) to present the results of a pilot study regarding the Romani...
Scholarly Research Journal for Humanity Science & English Language, , 2023
The use of Machine Learning and Deep Learning techniques has become pervasive in areas of finance, such as trading, mobile banking, payments, and granting of credit to customers. Moreover, these methods are essential in dealing with financial offenses, fraud, and cyberattacks. Cybercrime is on the rise and cybercriminals are taking advantage of hacking and social engineering strategies to undermine the security systems of financial and corporate establishments. It is troublesome to recognize financial cybercrime activities. Banks and other financial organizations have to confront not just the challenge of distinguishing authentic illegal dealings, but also the need of transparency, fairness, and confidentiality from their customers and regulatory authorities, which necessitates applying artificial intelligence techniques to identify fraud-related activities in a specific way. Despite their popularity, there is still a lack of a complete comprehension of the financial cybercrime environment, associated methods, their flaws, and fresh open issues in this area. Through this investigation, the researcher intends to fill the void by examining the financial cybercrime system based on two levels: (a) the various deceitful practices utilized by criminals; and (b) customers' comprehension of various kinds of financial cyber frauds. This study will concentrate on the financial literacy and public understanding of cybercrime technique. The goal is not only to address cybercrime yet additionally to build up preventive measures by characterizing proper procedures which fraud is acted and devoted. It is estimated that the income generated from financial wrongdoings makes up 2-5% of the world's total GDP (approx. $2 trillion USD) (Forum, n.d.). The anti-money laundering rules in effect are not adequate enough to tackle a problem of this magnitude. Not only have the number of crimes, both identified and hidden, grown, but so has their cost. Cybercrime and malicious hacking have become more common. In the world of financial crime, regulators are continually changing the rules, with a view to counter illegal trafficking and money laundering, and governments are more actively utilizing economic sanctions, focusing on countries, organizations and even single people. Institutions are realising that their existing techniques for dealing with such criminal activities are not enough.
Considerations Regarding the Security and Protection of E-Banking Services Consumers’ Interests
2010
A significant number of breaches in the security of electronic banking (e-Banking) system is reported each year, drawing attention to the need to protect and inform customers about the risk of exposure to malicious actions initiated by cyber-criminals. Financial institutions and consumers recognize the fact that attacks and financial frauds are becoming more complex and are perpetrated by a different class of criminal. This class is increasingly sophisticated and uses technology as part of their strategy. Furthermore, the specialists forecast that the current global recession is likely to increase the frequency of internal fraud and security breaches. The present research tries: (1) to analyze the potential dangers threatening the security of e- Banking services through a comprehensive investigation of the relevant literature; (2) to identify the tools and methods that can ensure the consumers’ protection in E-Banking, (3) to present the results of a pilot study regarding the Romani...
Challenges and Opportunities of e-Banking in India
2017
After the effect of demonetization, digital cash has been the hotcake among the citizens of India. Digital cash and online transactions in the current market scenario have a great effect on e-banking and digital banking. e-banking comprises mainly of electronic funds transfer and usage of online banking services. Electronic banking was offered by the international banks initially since flow of digital cash was not predominant in the Indian market until the advent of demonetization. E-banking plays a major role in the present banking functionality. Electronic banking is inferred to be safe and secured, compared to physical banking. e-banking ensures qualitative banking operations compared to traditional banking. However, it has its own limitations and challenges when we talk about security, on the contrary. The discussion throughout the paper revolves around the challenges that Indian banks are facing in term of e-banking, opportunity to increase awareness and measures adopted for sa...