Banking Fraud in Cyberspace An Indian Legal Perspective

Abstract

In today s Indian scenario, the banking sectors are rapidly utilizing Information Technology based services for their banking transactions/operations. The information technology used in businesses and payment transactions are channeled via the means of online facilities which caused serious threat, as a consequence, has been imposed on the safety and reliability of banking operations. Along with the growing trend of online and cyber transactions, the number of banking frauds has also been on the rise affecting many a customer using banking technology tools. The propensity of online banking transactions falling prey to cyber frauds are seen as a real problem in modern-day banking services. This research dealt with understanding and analyzing the impact of technology on an internet-based banking system and various techno-legal issues related to online banking frauds. However, also discussed the existing legal approaches as well as regulatory authorities adopted for regulating offenses affecting online banking in India.