Todayactivities performed over the internet are not just limited to technologyfreaks for technical uses, rather every second individual is enjoying the easyinternet availability and accessibility for day-to-day purposes like banking,ecommerce, education, entertainment and many more. Markedly, the wave ofsmartphones has definitely acted as a catalyst to this tremendous internetgrowth. As an increasing number of users are demanding online services, thebackground mission of providing balanced security and convenience is seeming tobe a tough challenge due to numerous obtrusive actors collectively referred toas “Cyber-Crime”. Simply stated, “Cyber-Crime” is crime that involves a computerand a network. Cyber-Crime is being considered a serious threat to all theaspects of a nation’s economic growth as maximum instances of the same arebeing observed in financial institutions. Cyber-Crime incidents include but arenot limited to credit card fraud, spamming, spoofing, e-money laundering, ATMfraud, phishing, vishing, identity theft and denial of service.
Thebanking industry has enjoyed the ride of emerging technology to undergosignificant changes. Banks are among the biggest beneficiaries of the ITrevolution and have largely adopted Information Technology solutions forrendering the banking services to their customers. The proliferation in onlinetransactions mounting on technologies like NEFT (National Electronic FundTransfer), RTGS (Real-time Gross Settlement Systems), ECS (Electronic ClearingService) and mobile transactions is a glimpse of the deep rooted technology inbanking and financial matters.
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With the swift expansion of computer andinternet technologies, new forms of worldwide crimes known as “Cyber Crimes”has evolved in the scene. Over a period of time, the nature and pattern ofCyber Crime incidents have become more sophisticated and complex. Banks andFinancial Institutions remain the unabated targets of cyber criminals in thelast decade. Notably financial gain is still one of the major motivationsbehind most cyber criminal activities and there is little chance of thischanging in the near future