International E-publication: Publish Projects, Dissertation, Theses, Books, Souvenir, Conference Proceeding with ISBN.  International E-Bulletin: Information/News regarding: Academics and Research

An Investigative Study of Banking Cyber Frauds with Special Reference to Private and Public Sector Banks

    ,

Author Affiliations

  • 1Sunrise University, Alwar, Rajasthan,INDIA
  • 2Adinath Public School, Alwar, Rajasthan, INDIA

Res. J. Management Sci., Volume 2, Issue (7), Pages 22-27, July,6 (2013)

Abstract

Use of technology in financial services of course has given a tremendous impetus to their development. However, due to heavy dependency on electronic and digital tools to carry out business and payment transactions, a serious threat has also been imposed to the safety and reliability of financial operations. Along with the growing trend of online and cyber transactions, the number of banking scams has also been on the rise affecting more and more people using banking technology tools. Frauds with online payments, ATM machines, electronic cards and net banking transactions have become a serious issue. Huge loss of money of people and institutions is caused every year due to these cyber frauds in banking firms, even after tight security measures in electronic transaction. Banks themselves have been found to be involved in fraudulent practices in a big way causing their customers enormous losses. This study is an effort to review and analyze the subject in Indian context with a comparative touch between private and public sector banks in the country.

References

  1. Siddharth Tak, Cyber frauds raise their ugly head yet again, Zee Research Group. Retrieved from http://zeenews.india.com/exclusive/cyber-frauds-raise-their-ugly-head-yet again_6113.html(2013)
  2. Bierstaker J., Brody R.G. and Pacini C., Accountants perception regarding fraud detection and prevention methods, Managerial Auditing Journal,21(5), 520-535(2006)
  3. Gupta P.K., Internet Banking in India–Consumer Concerns and Bank Strategies, Global Journal of Business Research, 2(1), (2008)
  4. Khanna Ashu and Arora Bindu, A study to investigate the reasons for bank frauds and the implementation of preventive security controls in Indian banking industry, Int. J.Bus. Sci. & App. Mgmt., 4(3), (2009)
  5. Saini Hemraj, Rao Yerra Shankar and Panda T.C., Cyber-Crimes and their Impacts: A Review’, IJERA, 2(2), 202-209 (2012)
  6. Singh B., Online Banking Frauds In India, Report, Retrieved from http://perry4law.org, March 24, (2013) at 8:17 am
  7. Details of Calendar Year wise Cyber Frauds in Banks, Retrieved from www.rbi.org.in (2013)
  8. Kelly B.J., Preserve, Protect, and Defend, Journal of Business Strategy, 20(5), 22-26 (1999)
  9. Sharma B.R., Bank Frauds- Prevention & Detection,Universal law Publishing Co. Pvt .Ltd. (2003)
  10. Arun Prabhudesai, Cyber Fraud Statistics in Indian Banks: ICICI Leads. 25, Retrieved from http://www.pib.nic.in/newsite/erelease.aspx?relid=92456 (2013)
  11. Sayantanee Choudhury. Article, ATM frauds on the rise,Retrieved from http://articles.timesofindia.indiatimes.com TNN Feb 18, 2013, 04.56AM IST (2013)
  12. Gupta Ankur, Data Protection in Consumer E-banking, Journal of Internet Banking and Commerce,11(1) (2003)