CRITICAL ANALYSIS OF FRAUDS AND CYBER CRIMES IN THE BANKING SECTOR

Abstract

This study looks at nearly every aspect of e-banking security, including the purpose and benefits of implementing e-banking security, as well as upcoming challenges and the best possible solutions that can be implemented. In terms of maximum security, reliability, performance and practicality. Electronic banking services are being used more and more by small and large organizations around the world, and electronic banking has become one of the most difficult computing tasks for a variety of reasons, including the fact that for payments The number of end users of this complex system is extremely high, financial transactions must be as secure as possible to prevent fraud, and the banking infrastructure involves many different technologies, such as smart cards, payment terminals, servers and networks. Frauds in banking system show an increasing trend. Misappropriation of assets/funds, innovation of latest technology, cybercrimes, and accounting frauds square measure in the main increasing. Rising of the foreign terrorist organization is additionally a significant issue being faced by the banks. Currently the time has changed and banks should be high alert and take a strict step against these in order to not lose the credibility. There should be transparency in the slightest degree level in organisation to scale back fraud. Therefore during this study an attempt has been made to grasp the idea of fraud and determine the explanation to beat this downside.