Fraud Prevention in Digital Payment Systems and Cybersecurity Education for Customers of Nationalized Financial Institutions

Abstract

Information Technology and infrastructural development-based technology has taken important part and different dimension in building the future of Indian Financial System, especially in transition from tradition banking method to E-Banking services. One of the important reasons why this transition took place is because of time and convenience which caters the needs of customers in ease of transacting their accounts anywhere and at any time. Since, increased in the number of online transactions has pave the way to increased online frauds and hacking. In the present scenario cyber security and protection of customers information has become the biggest challenge. Hackers and Cyber attackers have become common marvel and get easy access to customer information anywhere and anytime. Customers in many stances have becomes a prey and victim unknowingly, believing the mechanism to be a genuine one. This research paper mainly focuses on customer awareness and methods of preventing electronic frauds, cyber security and throws spotlight on chances of users who fall as target to hacking and phishing attack which are used to steal personal and bank information. This paper also examines the awareness of customer on digital frauds and cyber security provided by the perspective Nationalised Banks. Cyber security and infrastructure security can only be accomplished by sensing the techniques and practices of attackers and building a strong defence and security on the KYC of the bank customers. It also seeks to understand various factors that are responsible for bank fraud which are unidentified to the customer. DOI: https://doi.org/10.53486/dri2023.08; UDC: 004.056:336.717; JEL: G21, G23, C8