ECONOMIC CRIME – ONLINE BANKING FRAUD & ITS TYPES

AUTHORS – K. SHIVASANKARI* & MS. T. VAISHALI**, LLM SCHOLAR* & FACULTY OF LAW** AT SCHOOL OF EXCELLENCE IN LAW, TNDALU

BEST CITATION – K. SHIVASANKARI & MS. T. VAISHALI, ECONOMIC CRIME – ONLINE BANKING FRAUD & ITS TYPES, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 827-831, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT:

Banking Industry has undergone digital disruptions at a massive level. Online booking, mobile apps, and E-bill payments have become the norm. People are mostly occupied by the internet, computer, and mobile phones nowadays. Banking transactions are digitized from back end to front end, and digital transactions are made without any human intervention. This study has been undertaken to analyze online banking frauds such as phishing, smishing, card fraud, etc., and also the causes behind it. And giving the preventive measures to the people to safeguard from Online bank fraud in India. Online banking, while offering unparalleled convenience, has also become a prime target for cybercriminals. This paper delves into the multifaceted landscape of online banking frauds, examining their various types and the sophisticated techniques employed by perpetrators. We discuss the most prevalent methods, including phishing, vishing, smishing, malware attacks, and social engineering. Additionally, the paper explores the financial and psychological implications of these frauds on victims, highlighting the need for robust security measures. By understanding the intricacies of online banking frauds, individuals and financial institutions can adopt proactive strategies to mitigate risks and safeguard sensitive information. Online banking fraud is a rapidly growing problem in the digital age. It occurs when criminals gain unauthorized access to an individual’s online bank account and transfer funds without their knowledge or consent.

KEY WORDS: Banking fraud, digital transaction, scams