Today activities performed over the internet are not just limited to technology freaks for technical uses, rather every second individual is enjoying the easy internet availability and accessibility for day-to-day purposes like banking, ecommerce, education, entertainment and many more. Markedly, the wave of smartphones has definitely acted as a catalyst to this tremendous internet growth.As an increasing number of users are demanding online services, the background mission of providingbalanced security and convenience is seeming to be a tough challenge due to numerous obtrusive actors collectively referred to as “Cyber-Crime”. Simply stated, “Cyber-Crime” is crime that involves a computer and a network.(Moore R, 2005). Cyber-Crime is being considered a serious threat to all the aspects of a nation?s economic growth as maximum instances of the same are being observed in financial institutions. Cyber-Crime incidents include but are not limited to credit card fraud, spamming, spoofing, e-money laundering, ATM fraud, phishing, vishing, identity theft and denial of service.The banking industry has enjoyed the ride of emerging technology to undergo significant changes. Banks are among the biggest beneficiaries of the IT revolution and have largely adopted Information Technology solutions for rendering the banking services to their customers. The proliferation in online transactions mounting on technologies like NEFT (National Electronic Fund Transfer), RTGS (Real-time Gross Settlement Systems), ECS (Electronic Clearing Service) and mobile transactions is a glimpse of the deep rooted technology in banking and financial matters. With the swift expansion of computer and internet technologies, new forms of worldwide crimes known as “Cyber Crimes” has evolved in the scene. Over a period of time, the nature and pattern of Cyber Crime incidents have become more sophisticated and complex. Banks and Financial Institutions remain the unabated targets of cyber criminals in the last decade. Notably financial gain is still one of the major motivations behind most cybercriminal activities and there is little chance of this changing in the near future


I'm Dora!

Would you like to get a custom essay? How about receiving a customized one?

Click here