A critical analysis of e-banking frauds and laws in India
Keywords:
e-banking frauds, information technology act, financial transactionsAbstract
The present era is the age of science and technology. Information communication and technology has a great contribution to society. It has contributed to all spheres of society. The banking field is no exception to it. Just because of e-banking, money can be transferred at any time without waiting for the opening of banks. E-banking is therefore quite speedy and convenient. However, there is a drawback to online banking. It isn't completely safe. A significant sum of money is moved illegally through e-banking scams. A poor ordinary man makes great efforts to save money for emergency situations, but e-banking fraudsters employ every malfeasance to make money quickly and steal from the poor. There are laws in place to regulate it. True evidence of it may be found in the Information Technology Act of 2000. In addition to that, the Reserve bank also promptly releases instructions in this respect. In order to address these serious concerns, a separate complaint cell has been developed. However, it has been shown that these offences are becoming worse every day. Therefore, it is important to research it and identify a workable solution to this problem.
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