IJESRR V-3-3-3pppppp

International Journal of Education and Science Research
REVIEW E-ISSN 2348-6457

Volume-3, Issue-3 June- 2016
www.ijesrr.org Email- [email protected]
CYBER CRIME IN INDIAN BANKING SECTOR

Dr. Ashvine Kumar Sharma Ms. Priyanka
Research Guide Research Scholar
Associate Professor Mewar University Chittorgarh
Hindu Institute of Management Rajasthan
Sonipat
ABSTRACT: In the present globalizes scenario, information technology is the most significant and
disputable Time period. It is the most powerful era which is fast, quick and accurate in all sectors. Increased
uses of information and communication technology (ICT) like as computers, mobile phones, Internet, and
alternative associated technologies are the routes which gave emergence to lot of constructive work as well
as dangerous work. The harmful activities are considered as “cyber crime” which includes spamming, credit
card fraud, ATM frauds, Money laundering, Phishing, Identity theft, denial of service and other host
contributing crime in the Indian Banking sector. This paper has made an attempt to analyze the impact of
cyber crime in Indian banking sector.
The study found that cyber crimes are often reduced from the banking transactions by applying the updated
technology and appointing reliable officers and devices. This paper is a try to examine the Effects of cyber
crime in the Indian banking sector.
INTRODUCTION
Attacks towards the finance industry are becoming increasingly sophisticated and quite focused.
Historically, a common (and rather successful) approach of targeting banks has been to direct email phishing
at customers. Now, rising channels, which include mobile and online banking, are opening new doors for
cybercriminals. To decrease the effectiveness of such attacks, banks have improved each communications to,
and the education of, customers, as well as rapidly reacting if an attack occurs. However, criminals have
responded not only by creating specialized malicious software designed to compromise online bank
accounts, but also by subverting the servers and software owned by professional institutions to enhance the
effectiveness of their phishing campaigns; a technique known as infrastructure hijacking.
The Financial Services Information Sharing and Analysis Centre has raised the threat level for attacks from
„elevated‟ to „high‟, citing “recent credible intelligence concerning the potential” for distributed denial-of-
service (DDoS) attacks .
This report contains recommendations and satisfactory practices to assist organizations develop a sustainable
security infrastructure designed to respond fast to focused on attacks and minimize the consequences of any
data breaches.
A criminal offense is an illegal act which isn‟t to be measured by the issue of occasions, but with the lawful
aims and by the bad intentions of fellows. The greatest crime does not emerge from a need of feeling for
others however from an over sensibility for ourselves and an over indulgence in our own goals. Cyber crime
is a crime committed on the internet. This is a broad term that describes everything from cyber commerce
sites to lose money Cyber crime is a digital wrong doing. Any illegal activities committed using a computer
or by using the net is known as cyber crime. Digital criminal acts are a variety of wrongdoings, which utilize
machines and network systems for criminal exercises.
Cyber crimes can be of different types, for example, Telecommunications Piracy, Cyber Money Laundering
and Tax Evasion, Sales and Investment Fraud, Cyber Funds Transfer Fraud etc. The existing current period
has replaced the normal financial devices from a paper and metallic based money to plastic cash as a Master
[email protected] Page 18
International Journal of Education and Science Research Review
Volume-3, Issue-3 June- 2016 E-ISSN 2348-6457
card, credit card, debit card and so forth. This has brought about the increasing utilization of ATM
everywhere throughout the sector. The usage of ATM is secure as well as and also convenient. As we all
know that every coin has its two side same way in ATM system which is also known as plastic cash is safe
and convenient but on the other side which can also be said as the evil side consist of misuse of the same.
This wise aspect of the ATM System is reflected as ATM cheats or ATM frauds that is a worldwide burning
issue. Cyber crime is rising as a serious threat. Worldwide governments, police departments and intelligence
units have commenced to react.
The Information Communication Technology (ICT) has revolutionalized different aspects of human life and
has made our lives simpler. It‟s been applied in exceptional industries and has made business procedures
simpler by means of sorting, summarizing, coding, and customizing the procedure. However, ICT has
brought unintended consequences in form of different cybercrimes. Cybercrimes have affected different
sectors among which banking sector is one of them which have witnessed different forms of cybercrimes like
ATM frauds, Phishing, identity theft, Denial of Service.
The human lifestyle has experienced enormous changes every now and then with rapid pace at social level
from the earliest starting point and innovative level following the time of ascent of innovations. Banking
field is considered one of them. Managing an account tactics to provide facilities and securities to a common
man with respect to cash saving Security issues play extremely crucial role in the implementation of
technologies specially in banking sector Further on it gets to be primary concerning the virtual security
which is at the center of managing an account in banking sector. After the arrival of Internet and WWW this
saving money phase has been completely change extraordinarily in respect of security in light of the fact that
now cash is in your grasp on a solitary click. Presently client has number of decisions to deal with his cash in
distinctive kind of methods. In this paper an endeavor has been made to advance different issues of Indian
banks websites for cybercrime safety mechanism and for the security instrument.
CYBER CRIME IN BANKING SECTOR

In today‟s globalise world to narrow down the world, banking sector provides many facilities to
their clients and customers facilities like internet banking, credit card facilities debit card facilities online
transfer by this all kind of facilities banks customer can use bank facilities 24 hours and also they can easily
transect and easily operate their account from any location of the world with the help of net and mobile. As
we all known that as this facilities are useful for the customer but it also have an evil side in which hackers
and thefts are protected. They make the misuse of such facilities and by hacking banking sites and customers
account make a mess up in accounts and also make a robbery of the money from the customer‟s account for
which the best example was the recent situation in which one of the hacker just take one rupee from the each
account but by such one rupee he has collected lots of money.
Banking system is the lifeblood and spine of the economy system. Information Technology has emerge as
the spine of the banking system. It gives a excellent aid to the ever –growing challenges and banking
requirements. Currently, banks can‟t think of introducing monetary product without the presence of
Information Technology (Reddy.G.N, 2009).Cyber crimes are unlawful activities committed by means of
computer end of the criminal activity can be either a computer, network operations. Cyber crimes are genus
of crimes, through computers and its networks. Cyber crime is a criminal offense this is committed online in
several areas with e-commerce.
Further research on the cyber crime indicates that- it can be categorized in two major ways- (Kumar.A, 2002)
COMPUTER DEVICE USED AS A MEDIUM OF TARGET TO COMMIT CRIME

1. Cyber crime is used as a goal to commit crime in includes
2. Sabotage of computer systems or computer networks
3. Sabotage of operating systems and programmes
4. Theft of data/ information
5. Theft of intellectual property such as computer software
6. Theft of marketing information Blackmail based on information gained from computerized files, such as
medical information, personal history, financial data etc
COMPUTER IS WORKING AS AN INSTRUMENT OF THE CRIME

Banking criminals are using various cyber medium which include internet, e-mail, and flash encrypted
messages etc to commit crime. This crime via computer network takes place in the banking sector. They are
1. Fraudulent use of Automated Teller Machine (ATMs) cards and accounts
2. Credit card frauds
3. Frauds involving cyber funds transfers (EFTs)
4. Telecommunication frauds
5. Frauds relating to E-commerce and EDI
STATEMENT OF THE PROBLEM

The concept of Cyber Crime is a important aspect. Since a new fact is available in an impartial
manner it is often not possible to detect crime on the basis of that information. In the paper, researchers make
an attempt to study the Cyber crimes and major crimes of Indian banking sector. In the present globalize
scenario, Information Technology is the factor responsible of further growth and development in the Indian
banking sector. In this rapid global, customers often feel insecure and reluctant about there banking
transactions especially in e-banking or online banking. Technology has emerged as the lifeblood in today
Indian Banking sector whether private and public sector banks. Presently, banking sector primarily focus on
customer satisfaction the fulfillment of their need and satisfaction in most effective manner. With the advent
of “Cyber” within the banking system several problems are emerged as:-
1:-Hacking and stealing of data 2:- Failure of ATMs 3:- Money laundering 4:- Credit card theft
LITERATURE REVIEW
Cybercrime in Banking Sector
Cybercrime according to Douglas and Loader (2000) can be described computer mediated activities
conducted via global cyber networks which are either illegal or considered illicit with the aid of certain
parties. In the banking sector, the cybercrimes which are committed using online technologies to illegally
remove or transfer money to distinctive account are tagged as banking frauds (Wall, 2001). The cybercrimes
according to Wall (2001) can be classified into four major categories i.e. cyber-deceptions, cyber-
pornography, cyber-violence and cyber-trespass. The banking frauds are sub-classified in cyber-deception
which can be defines as an immoral activities such as stealing, credit card fraud, and intellectual property
violations (Anderson et al., 2012). There are number of frauds or cybercrimes witnessed in the banking
sector, like ATM frauds, Cyber Money Laundering and Credit Card Frauds. However, in general all the
frauds are executed with the ultimate goal of gaining access to user s bank account, steal funds and transfer it
to few other bank accounts.
In some cases the cyber criminals uses the banking credentials like PIN, password, certificates, etc. to access
accounts and steal meager amount of money; whereas in other cases they may want to steal all the money
and transfer the funds into mule accounts. Sometimes, the intention of cybercriminals is to just harm the
image of the bank and therefore, they block the bank servers so that the clients are unable to access their
accounts (Claessens et al., 2002; Hutchinson & Warren, 2003).
As a lot of vulnerabilities exist in the defense system of banking sector, thus there is a need to investigate the
ways to increase awareness about the measures that can be undertaken to combat cybercrimes in the banking
sector. However, not many studies in the past have been conducted in this area which would suggest ways to
mitigate the risks and fight such crimes (Florêncio & Herley, 2011; McCullough & Caelli, 2005).
In order to understand the fraud system in banking sector we will have to understand and describe the
attackers and defenders in this environment. The next section therefore describes the different actors which
are involved in cybercrimes.
ACTORS OF BANKING FRAUD

The actors of banking fraud can be categorized into four main categories;
malicious money security

victims
exploiters mules guardians
Each of these actors and their characteristics have been defined below individually. Cyber Criminals
As per the OECD report (2007), these Malicious Exploiters can be categorized into five sub categories.
Innovators (who are searching security holes in the system to overcome protection measures followed by the
banks) Amateur (who are beginners in this area and their expertise is limited to computer skills, which is
exploited by the cyber criminal). Insiders (who are working within the bank to leak out important
information in order to take some kind of revenge) Copy cats (they are interested in recreating simple tasks).
Criminals (highly organized and very knowledgeable who may use all the above mentioned stakeholders for
their own earnings).
Money Mules
As per the definition given by OECD report (2007), money mules are people recruited wittingly and
often unwittingly by criminals, to facilitate illegal funds transfers from bank accounts. According to the FBI
(Federal Bureau of Investigation), these individuals engage in the money transfer activity in exchange of
some percentage of that money. According to Florêncio and Herley (2010) there position is to transform
reversible traceable transactions into irreversible untraceable ones.
Victims
Victims, according to OECD (2007), in the banking sector can be categorized into two categories; banks
and customer of these banks. The users or customers can be individuals, SMEs, or large multinational
organizations. The most negative externality most of the valid actors is created by individual users and SMEs
who do so by not employing risky online behavior or by not employing security measures during
transactions (Asghari, 2010; Mannan & van Oorschot, 2008).
Security Guardians
They are the most crucial actor of this system as they enhance the existing banking system and help in
removing the vulnerabilities and improvement of systems so that banking frauds may be mitigated. The
security guardians in case of banking sector could be the bank itself or the some third party hired by the bank
in order to ensure security from such threats.
IMPACT OF CYBERCRIME ON BANK’S FINANCES

The banking industry across the globe is facing a tough scenario which is thought provoking due to
the geopolitical and global macro-economic conditions. The banking sector is forced to assess its current
practices in order to analyze and manage their risks effectively. Technology- driven approaches have been
adopted for the management of risk. Due to the growth of IT, penetration of mobile networks in normal life,
the financial services have extended to masses. Technology has made sure that banking services reach
masses as it made these services expensive and accessible (KPMG, 2011).
However, this has also elevated the risk of turning into objectives of cyber attacks. Cybercriminals have
developed advanced strategies to not only cause theft of finances and finances information but also to
espionage businesses and access important business information which indirect impacts the bank s finances.
Globally, USD 114 Billion is lost nearly every year because of cybercrimes, and the cost spend to combat
cybercrimes is double is amount i.e. USD 274 billion (Symantec Cyber Crime Report, 2012).
On an average, banking facilities take 10 days to fully recover from a cyber act which further adds to the cost
of operation. Comparing the financial losses faced by the Indian Banking Sector, it is nearly 3.5% of the loss
in cash in comparison to global loss. USD 4 billion is lost in recovering from the crime and USD 3.6 billion
is spent to combat such crimes from happening in future. The average time taken to resolve the crime in
Indian banking sector is also higher in comparison to global scenario i.e. 15 days (Muthukumaran B., 2008).
In order to fight these cybercrimes, the banking sector needs to collaborate with global authorities and
watchdog organizations so that a model can be developed which can help in controlling and dealing with
such threats. The main issue of concern here is that there is absence of effective compilation service in the
banking sector which can identify the trends in cyber-crime and compile a model according to it. However,
in the last few months, banks all across the globe have perceived cybercrime as among their top five risks
(Stafford, 2013).
High profile banks in the UK like Barclays and Santander were targeted by hackers who stole personal
information of nearly 2.9 million credit card customers by hacking the software maker system of these
banks, which led them to incur huge losses. However, the scenario is not restricted to UK, in US as well such
attacks have surfaced in the past years and in order to curb the affect, they launched the program Quantum
Dawn 2 which test the efficacy of system installed in banks in response to cyber-attacks (Stafford, 2013).
However, the sad truth is that most the systems are one-step behind the tools adopted by cyber criminals
which has resulted in demand of development of system which is flexible is meeting and destroying the
incoming assaults. A solid defense system to resolve attack is the need of the hour before, during and after
the attack.
TYPES OF CYBER CRIME IN BANKING SECTOR

1) Hacking:- "Hacking" is a crime, which means an unauthorized access made by a person to cracking the
systems or an attempt to bypass the security mechanisms, by hacking the banking sites or accounts of the
customers. The Hacking is not defined in the amended IT Act, 2000. But under Section 43(a) read with
section 66 of Information Technology (Amendment) Act, 2008 and Section 379 & 406 of Indian Penal
Code, 1860 a person or a hacker can be punished. If such crime is proved then for such hacking offence
the accuse is punished under IT Act, for imprisonment, which may extend to three years or with fine,
which may be extended to five lakh rupees or both. Hacking offence is considered as a cognizable
offence, it also a boilable offence.
2) Credit Card Fraud:- There are many online credit card fraud are made when a customer use their credit
card or debit card for any online payment, a person who had a mala fide intention use such cards detail
and password by hacking and make misuse of it for online purchase for which the customers card used or
hacked is suffered for such kind of attract or action of a fraud made by and evil . If cyber transactions are
not secured the credit card numbers can be stolen by the hackers who can misuse this card by
impersonating the credit card owner.
3) Email Fraud:- In present period of life e-mail and websites are become a speedy, easy and preferred
means of communication. some times by email fraud is made some of the hacker or a evil organization
send email to bank customers that “congratulation you have won such a huge amount to enchase it please
share your bank details” and by such customer simply have to type credit card number into www page
off the vendor for online transaction or for enchase of such kind of amount then hacker make a miss use
of such detail and make a crime which is also known as cyber crime as per law.
4) Phishing:- Phishing is only one of the numerous frauds on the Internet, attempting to trick individuals
into separating with their cash. Phishing alludes to the receipt of spontaneous messages by customers of
financial institutions, asking for them to enter their username, secret word or other individual data to
access their account for some reason. customers are directed to give a response to a mail and also
directed to click on the link mentioned in the mail when they click on the given link for entering their
information which were asked in the mail received by the fraudulent institution's of banking website, by
such kind of activities customers thus they remain unaware that the fraud has happened with them. The
fraudster then has admittance to the client's online financial balance available in the bank account and to
the funds contained in that account by making the misuse of the detail received from the customer
fraudulently. F-Secure Corporation's outline of 'information security' dangers amid the first 50% of 2007
has uncovered that the study discovered the banking industry as vulnerable objective for phishing tricks
in India
5) Financial Fraud:- Financial Fraud in UK, an industry body, says British misfortunes from web and
phone managing account extortion climbed 59 for every penny to £35.9m in the initial six months of the
year. It says that reports of fishing attacks indicate it is one of the quickest developing sorts of extortion.
In response the banks have called for UK telecom groups to reduce the time people can stay on the line
after someone else hangs up. By next year, most telecom operators will have cut the disconnection time
to two seconds. Accordingly the banks have called for UK telecom groups to reduce the time individuals
can stay hanging before anyone else hangs up. By one year from now, most te Phishing is one and only
illustration of the continually developing digital risk that banks and their client‟s face, which is the reason
the issue, has vaulted on to the motivation for sheets of executives, controllers and law authorization
organizations.
6) Cyber Security:- Specialists say banks confront four wide sorts of risk. First, country and states use
surveillance to both, take intellectual capital from banks and to destabilize them. Secondly, banks are a
prime focus for cyber terrorists looking to strike against images of western capitalism. Third, purported
"hacktivists" consistently make crafty endeavors to break into banks' IT organizes, normally to win more
attention for their reason. At long last, sorted out wrongdoing has to a great extent moved from taking
cash through conventional bank heists to utilizing different means, for example, on the web, phone and
card misrepresentation, which are harder to identify.
CURRENTLY ADOPTED SECURITY MODELS

The models currently adopted in online banking systems are based on several security layers,
consisting on diverse parallel solutions and mechanisms which aim at protecting the banking application and
the user's data, providing identification, authentication and authorization.
• Digital Certificates: Digital certificates are used to authenticate both the users and the banking system
itself. This kind of authentication depends on the existence of a Public Key Infrastructure (PKI) and a
Certificate Authority (CA), which represents a trusted third-party who signs the certificates attesting their
validity. In Brazil, banking systems use A1 and A3 certificates issued and signed by ICP-Brasil .
• One-Time Password Tokens: One-Time Password devices are commonly used as a second authentication
factor, which may be requested in specific or random situations. This kind of devices render captured
authentication data useless for future attacks through the use of dynamically changing passwords which can
be used only once.
• One-Time Password Cards: One-Time Password Cards constitute a less expensive method for generating
dynamic passwords, also providing a second authentication factor. However, in some banking systems,
passwords generated by OTP cards are reused a number of times before being discarded, rendering this
system vulnerable to short term replay attacks.
• Browser Protection: In this model, the system is secured at the Internet browser level, which is used to
access the banking system. The user and his browser are protected against known malware by monitoring the
memory area allocated by the browser in order to detect such malware and hinder credential theft and
capturing of sensitive information.
• Virtual Keyboards: Virtual keyboards were developed to thwart the efficient use of keyloggers (which
capture information typed into the device). These devices are usually based on Java and software based
cryptography, allowing portability between different devices. Currently they are being replaced by other
more efficient methods which require less processing power and slower transmission rates.
• Device Registering: This method restricts access to the banking system to previously known and registered
devices. Hardware fingerprinting techniques are used in conjunction with user identification through secret
credentials.
• CAPTCHA: Completely Automated Public Turing test to tell Computers and Humans Apart , is a method
recently adopted in some banking systems whose objective is to render automated attacks against
authenticated sessions ineffective. This method requires the legitimate user to input information conveyed as
scrambled images which are difficult for automated robots to process and recognize.
• Short Message Service (SMS): This method has been applied in some banking systems to notify users
about transactions requiring their authorization. It provides a second authentication channel for transactions
that fit certain characteristics by sending to the user a set of characters which have to informed in order to
authorize and process the transaction through the online banking system.
• Device Identification: Device identification is usually applied together with device registering but it is also
used as a stand-alone solution in online banking systems that aim at facilitating user access. This
identification model is based on physical characteristics of the user's device through which it is possible to
identify its origin and history information.
• Positive Identification: Positive identification is a model where the user is required to input some secret
information only known to him in order to identify him. It is applied as a second authentication method.
• Pass-Phrase: It is a security model based on information held by the user. It is usually used as a second
authentication method in transaction that involves money movement.
• Transaction Monitoring: Even though this method is not thoroughly analyzed in the present work, it is
currently applied in all online banking systems, each of them using different techniques. Artificial
intelligence, transaction history analysis and other methods that identify fraud patterns in previously
processed transactions are among the various approaches to transaction monitoring.
IMPLEMENTING BEST PRACTICES AGAINST TARGETED ATTACKS

There are a number of key issues that financial institutions should consider in order to move beyond
a one-size-fits-all approach and begin to successfully fight targeted attacks.
1. Predictive Threat Analysis
Threat intelligence is a key starting point for any enhanced security strategy. Before selecting an
information security tool, institutions should identify their core business processes, classify the
information they handle, understand how data flows, comprehend the legal and regulatory landscape
they exist within, and then adopt a risk-based approach to setting priorities. By identifying assets, threats
and vulnerabilities, this approach allows the qualification and quantification of probable occurrence and
impact.
2. Employee Training
Due to the extensive list of information security domains, some organizations focus mainly on
initiatives around governance: risk and compliance; identity management and access control; data loss
prevention; network and information security; and penetration testing. While these five domains set the
foundation for information security, organizations should not forget that security processes, tools and
infrastructure are defined and supported by people, not machines. Thus, effective awareness
programmes and well-trained staff are crucial to cyber security solutions. An internal security task team
should work with a trusted security vendor to perform a detailed analysis of risk management.
Organizations do not need to hold all the expertise in-house, as specialist skills can be acquired from
trusted organizations as required.
3. Identity Management
The key to protecting customer information is establishing a stringent identity management
programmes that implements multi-factor authentication; strong data encryption mechanisms to protect
data storage and transmission; and fraud detection and monitoring mechanisms. In addition, when
mobile devices are part of the strategy, all associated threats must be identified before granting
consumer access to sensitive functions and data.
4. Measurement And Reporting
Constructing a well-established metrics programme to effectively analyse the cost-benefit ratio
of security solutions is paramount, as it will allow CISOs to articulate the value of security solutions.
The cost associated with the security solution can then be compared with the cost associated with the
data, assets and overall value in need of protection, thus ensuring the solution does not exceed this
value.
5. Test Your Plan
Test your plan before a breach happens. Security intelligence should enable breaches to be
discovered rapidly and stopped at an early stage. Processes and tools, such as backup and data loss
prevention, should also be available to recover and restore information.
REASONS FOR CYBER CRIME

Computers are exposed, therefore, the law is mandatory to protect and safeguard them against cyber
crime or electronic crime in Indian banking sector. Mostly researchers research in cyber crime victims arise
in banking activities through e-services. The reasons for the exposure of computers may as follows:
 Competence to Accumulate Data: The computer has exclusive characteristic of storing data in a very
comparatively small space this makes the user more comfortable to steal the data either physically or
virtually through any electronic medium in their banking sector. If there is not updating use softwares &
antivirus etc.
 Lack Of Legislation Laws:- Analysis of the legislative exercise of law and policy formulation in the field
of cyber crime legislation, revealing quite emphatically the need for carefully worded provisions, foresight in
the drafting process and imagination with respect to explanations to particular sections.
 Issue of Cyber Security:-Capacity includes having comprehensive national Banking and policies,
cooperation, skills and workforce, technology and expertise to tackle online threats and reduce harm, while
ensuring cyberspace supports innovation, economic growth and social benefits in Indian banks.
 Unproblematic to Approach: The trouble encountered in guarding a computer system from unauthorized
access is that there is every opportunity of breach due to the complex technology in Indian banking sector.
By secretly implanted logic bomb, key loggers that can steal access codes, advanced voice recorders; retina
imagers etc that can fool biometric systems and bypass firewalls can be utilized to get past many a security
system.
 Complex: The computers effort on operating systems and these operating systems in turn are composed of
millions of codes. Human mind is fallible and it is not possible that there might not be a lapse at any stage.
The cyber criminals take advantage of these lacunas and penetrate into the computer system.
 Negligence: Negligence is directly associated with human behavior. While protecting the computer
system it is possible there might be any negligence, which change direction provides of the cyber criminal to
gain access and control over the computer system.
CONCLUSION
The paper gives a brief overview of cybercrime scenario in the banking sector and impact of
cybercrimes on bank finances. The major cybercrimes which plague the banking sector are ATM frauds,
Denial of Service, Credit Card frauds, phishing, etc. The rapid growth to global cyber crime and the
complexity of its investigation requires a global presence. Presently, the measures undertaken the banks are
not sufficient and therefore it is imperative to increase cooperation among the banks across the world for the
development of tools and models which can be applied to counter global banking cybercrimes.
Credit card fraud can be devoted using a credit card or any similar payment mechanism as a fraudulent
source of funds in a transaction. The reason may be to obtain goods without paying, or to obtain
unauthorized funds from an account. The regulatory framework must also take into account all the related
issues like development of e-money, right to privacy of individual. International law and international co-
operation will go a long way in this regard. At last it can be concluded that to eliminate cyber crime from the
cyber space is not a possible task but it is possible to have a regular check on banking activities and
transactions. The only promising step is to create awareness among people about their rights and duties and
further making the application of the laws more stringent to check crime. There is a need to bring changes in
the Information Technology Act to make it more effective to combat cyber crime
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International Journal of Education and Science Research

REVIEW E-ISSN 2348-6457

CYBER CRIME IN INDIAN BANKING SECTOR

CYBER CRIME IN BANKING SECTOR

COMPUTER DEVICE USED AS A MEDIUM OF TARGET TO COMMIT CRIME

COMPUTER IS WORKING AS AN INSTRUMENT OF THE CRIME

STATEMENT OF THE PROBLEM

ACTORS OF BANKING FRAUD

malicious money security

IMPACT OF CYBERCRIME ON BANK’S FINANCES

TYPES OF CYBER CRIME IN BANKING SECTOR

CURRENTLY ADOPTED SECURITY MODELS

IMPLEMENTING BEST PRACTICES AGAINST TARGETED ATTACKS

REASONS FOR CYBER CRIME

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