A EMPIRICAL STUDY ON CYBER SECURITY ISSUES AFFECTING ONLINE BANKING AND ONLINE TRANSACTIONS IN INDIA
AUTHOR – MOHAMED ASHIF KHAN M.S* & MR.AARIYA N B.E.,LL.B.,LL.M.,(PH.D)**
STUDENT AT SAVEETHA INSTITUTE OF MEDICAL AND TECHNICAL SCIENCE (SIMATS)
** ASSISTANT PROFESSOR, DEPARTMENT OF LABOUR LAW, SAVEETHA SCHOOL OF LAW
BEST CITATION – MOHAMED ASHIF KHAN M.S & MR.AARIYA N, A EMPIRICAL STUDY ON CYBER SECURITY ISSUES AFFECTING ONLINE BANKING AND ONLINE TRANSACTIONS IN INDIA, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (14) OF 2025, PG. 944-957, APIS – 3920 – 0001 & ISSN – 2583-2344. DOI – https://doi.org/10.65393/NIPR4095
ABSTRACT
Cybersecurity is essential for protecting online banking and financial transactions in India, as digital payments continue to rise. Cyber threats like phishing, malware, and identity theft put individuals and financial institutions at risk, making strong security measures necessary. This study aims to identify major cybersecurity challenges in online banking, assess public awareness, and evaluate the effectiveness of existing laws in preventing cyber fraud. It also explores improvements in security measures and compares India’s cybersecurity framework with global standards. The study identifies phishing attacks as the most common threat. While awareness of cybersecurity risks exists, many users still follow weak security practices. Existing laws like the IT Act and RBI guidelines need stricter enforcement. The research method used here is an empirical method, 200 samples have been collected, and a survey is conducted in Chennai. Advanced security technologies such as biometrics, AI-driven fraud detection, and blockchain can improve digital transaction safety. Improving cybersecurity education, enforcing laws, and raising awareness through campaigns are crucial for secure online banking. Strengthening policies and adopting advanced security measures will protect financial data and boost confidence in digital transactions, ensuring a safer financial system in India.
KEYWORDS – Cyber-infrastructure, social-networking, Data breach, Identity theft, cybersafety, cyber-ethics.