ANALYSING THE NOTION OF CYBER CRIMES: A LOOMING THREAT TO THE INDIAN E-BANKING SECTOR

Traditionally, banking required a consumer to wait in a long line even to withdraw money or do other auxiliary tasks. The gap between the bank and the customer has shrunk since financial services are now accessible around-the-clock through ATMs, internet banking, transfers through NEFT and RTGS, etc. E-banking includes much more than simply employing computer-based systems for banking. An information and communication technology-based service is internet banking, frequently termed e-banking.

A slightest bounce or carelessness in how we manage our digital lives can invite cybercrime and cause financial loss. We must therefore exercise caution and vigilance whenever we interact with the outside world digitally, whether it be for online gaming, social networking, business, or other purposes. According to the most recent statistics from January 2023, there were approximately 692.0 million active internet users,[1] and this increase has raised the likelihood that a user will fall victim to this malicious sort of crime, which has been on the rise over the previous few decades. When deploying Internet banking and related services, customers constantly fret about the anonymity of their financial information. It is pertinent to demonstrate to Internet banking users about potential risks and how to remain cautious.

The study in this paper examines and assesses the consequences of online banking services in terms of potential cyber vulnerabilities. Moreover, it delivers basic advice on how users can avoid becoming victims of cybercrime as well as an overview of cybercrimes in the e-banking industry.