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Savitribai Phule Pune University
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Title:
Cyber Crime in Banking Sector the Study of Customers perception and Responses
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Bhave, Shobha Suresh
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Banking and Finance Business Customers perception Cyber Cyber Crime Economics and Business Social Sciences
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Savitribai Phule Pune University
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2022
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Analysis of cyber-crime effects on the banking sector using the balanced score card: a survey of literature
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Oluwatoyin Esther Akinbowale
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The Effects of Cyber Crime on E-Banking
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First Online: 28 March 2023
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Mohamed Fareed Ghazi Rafea 13 ,
Allam Hamdan 13 ,
Ruaa Binsaddig 14 &
Esmail Qasem 15
Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 621))
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International Conference on Business and Technology
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This research paper is intended to raise awareness of cybercrime on our daily transaction. In the introduction we will state brief issues that occurs during these threats and how it effects banks and other monetary firms. Lastly, we will give a few briefs on important definitions of Phishing, Malware and other sorts of risky viruses. In the body we will go more into details. Firstly, we will state the ordeals of banking sector during these threats. We will explain the use of online services and how it may have risk services. A detailed methodology will be conducted on the use of artificial intelligence in the banking industry and how it may mitigate internal risks. We will explain these vigilances of Identity Theft and what harm it can cause to an individual use and even and in an industry perspective. We will go more into details in the process of Phishing on how to be aware and to avoid these threats. Case studies will be conducted with the support of the United States Federal State laws. The jury and prosecutions that have happened mentioned in detail below. Lastly in the body we will explain how we can take safety measures in avoiding these threats and how to report when it does occur to act. Lastly a brief summary will be giving a prompt explanation for the goal of this research paper.
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Ahlia University, Manama, Bahrain
Mohamed Fareed Ghazi Rafea & Allam Hamdan
College of Business Administration, University of Business and Technology, Jeddah, 21448, Kingdom of Saudi Arabia
Ruaa Binsaddig
The Islamic University of Gaza, Gaza, Palestine
Esmail Qasem
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Northern Cyprus Campus, Middle East Technical University, Kalkanlı, Türkiye
Bahaaeddin Alareeni
College of Business and Finance, Ahlia University, Manama, Bahrain
Rafea, M.F.G., Hamdan, A., Binsaddig, R., Qasem, E. (2023). The Effects of Cyber Crime on E-Banking. In: Alareeni, B., Hamdan, A., Khamis, R., Khoury, R.E. (eds) Digitalisation: Opportunities and Challenges for Business. ICBT 2022. Lecture Notes in Networks and Systems, vol 621. Springer, Cham. https://doi.org/10.1007/978-3-031-26956-1_53
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The assessment of the impact of cyberfraud in the South African banking industry
Journal of Financial Crime
ISSN : 1359-0790
Article publication date: 1 February 2023
Issue publication date: 12 March 2024
The purpose of this study is to assess the impact of cyberfraud in the South African banks with the aim to provide recommendations to effectively mitigate it.
Design/methodology/approach
The study uses a qualitative approach involving the use of structured questionnaires. The questionnaires were made available to the staff of 17 licensed banks in South Africa who deal with management, operation, administration and banking services. Two hypotheses were formulated and non-parametric statistical analyses involving the use of Chi-square test, Fischer’s Exact test and Spearman’s correlation were carried out. The two hypotheses formulated were tested to draw a conclusion.
The results obtained indicate that the impact of cyberfraud in the South African banking industry is highly significant and has affected the reputation of some of the banks. This calls for the need to review the diverse ways of curbing cyberfraud to lessen their impact and that of associated fraud risks on the banking operation.
Practical implications
This study provides an analysis on the relationship cyberfraud occurrences and the reputation of South African banks. The implementation of the recommendations may reinforce the existing security measures in the fight against cyberfraud.
Originality/value
The novelty of this study lies in the fact that the assessment of the impact of cyberfraud on the banking industry in South Africa has not been sufficiently highlighted by the existing literature.
Banking operation
Akinbowale, O.E. , Klingelhöfer, H.E. and Zerihun, M.F. (2024), "The assessment of the impact of cyberfraud in the South African banking industry", Journal of Financial Crime , Vol. 31 No. 2, pp. 287-301. https://doi.org/10.1108/JFC-10-2022-0260
Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial & non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
1. Introduction
Fraud is a critical problem of global concern ( Gbegi and Adebisi, 2014 , p. 234). It involves the use of occupation for personal benefit via a deliberate misuse or misappropriation of an organisation’s resources [ Association of Certified Fraud Examiners (ACFE) , 2012, 2019 ].
The South Africa banking industry is managed and controlled by the South Africa Reserve Bank (SARB) as the regulatory authority over the banking industry and financial institutions, aiming to achieve a robust and efficient banking system in the interest of the customers and the economy in accordance with the Banks Act (No. 94 of 1990), or the Mutual Banks Act (No. 124 of 1993) ( SARB, 2020 ). Information Technology (IT) is critical in achieving this aim and for performing the day-to-day operations for most organisations ( Ali et al. , 2017 , p. 70). However, it can be said that IT has an adverse impact on the banking industry, too, where crimes such as phishing, hacking and forgery are committed ( Ramadani et al. , 2018 , p. 341).
Cybercrime involving the use of malicious software, computer hacking and denial-of-service attacks, phishing, data theft, spamming, card theft, online fraud, vishing, spying, etc. are becoming more common ( Tiwari et al. , 2016 , pp. 47–50; Cassim, 2016 , p. 131; Ali et al. , 2017 , pp. 72–73).
In South Africa, there are efforts carried out by the government in mitigating cybercrime such as the establishment of the South African Banking Risk Information Centre (SABRIC). The SABRIC is saddled with the responsibility of providing the banking institutions with the necessary information related to crime and risk management and to promote inter-bank synergy aimed at reducing the risk of bank and organised related crimes ( Cassim, 2016 , p. 131). In addition, the effort of the police is also perceived as a positive move in the quest to sustain the fight against cybercrime ( Cassim, 2016 , p. 131). It collaborates with the banking institution and the IT industry through the SABRIC to combat cybercrime and bring perpetrators to book ( Cassim, 2016 , p. 131). The Computer Security Incident Response Team (CSIRT) has also been established in South Africa to response swiftly to incidences of cybercrime.
However, despite these efforts put in place by the South African banking sector in mitigating cyberfraud, the impact of cyberfraud on the banks is still detrimental.
The report from the PwC Biennial Global Economic Crime Survey published in February 2018, revealed that South African businesses continued to recount the highest instances of economic crime in the world over the past decade (2008–2017) ( PwC, 2018 , p. 6). Nevertheless, in 2020, the following report from the same source indicated that the rate of economic crime in South Africa dropped from 77% to 66% ( PwC Report, 2020 , p. 8). However, the percentage remains still higher than the global average rate of economic crime given as 47% in the same year ( PwC Report, 2020 , p. 8).
The purpose of this study is to assess the impact of cyberfraud on the South African banks with the aim to provide recommendations to effectively mitigate the impact of cyberfraud. The study objectives involve the statistical analysis of data obtained via a structured questionnaire, testing of hypotheses and drawing of conclusions from the results obtained. The motivation for this study is to expand research on the nature of cyberfraud affecting the South African banks with a view to propose sustainable approaches aimed at curbing the rising occurrence of cyberfraud in South Africa. The identified problem of an increasing cyberfraud rate in the South African banking sector has made customers lose confidence in the services provided by the sector.
What is the nature of cyberfraud perpetrated in the South African banking industry?
What is the effect of the cyberfraud perpetration on the South African banking industry?
Section 2 presents the literature review followed by the methodology used in this study in Section 3, while the succeeding sections present the results and their discussion in Section 4, the conclusion drawn in Section 5 from the findings in relation to the study objectives as well as the recommendations and policy framework.
2. Literature review
Figure 1 presents the reported rate of economic crime in South Africa in comparison with the global average rate of economic crime in 2020 ( PwC’s Global Economic Crime Survey, 2020 , p. 8). In the figure, South Africa was ranked in the third position in the ten top ranking of countries with the highest rate of reported economic crime in the world as compared to the first position in 2018 ( PwC’s Global Economic Crime Survey, 2020 , p. 8; PwC’s, 2018, p. 9). This implies a 17% decrease in the rate of economic crime between 2018 and 2020 reported globally. However, comparing these statistics with the global average rate of economic crime, it shows that the reported rate of economic crime in South Africa still exceeds the average global rate with by 13%. More worrisome is the fact that there is an increase in the rate of crime involving senior management from 20% in 2018 to 34% in 2020 as shown in Figure 2 ( PwC’s global Economic Crime Survey, 2020 , p. 8). This implies that the percent rate of reported economic crime in South Africa decreased slightly between 2018 and 2020 when compared with other countries. The prevalent economic crime in South Africa has been identified as customer’s fraud, bribery and corruption, financial statement fraud and cybercrime ( PwC’s Global Economic Crime Survey, 2020 , p. 10). The PwC’s Global Economic Crime Survey (2020 , p. 12) categorised fraud perpetrators into three categories: external perpetrators, internal perpetrator as well as collusion between external and internal perpetrators. The internal perpetrators account for the highest percentage of the perpetrators accounting for (41%), followed by the external perpetrators (36%), while collusion between the internal and external perpetrators account for (21%) of the reported economic crime rate in South Africa ( PwC’s Global Economic Crime Survey, 2020 , p. 12).
The internal perpetrators were further classified into three management levels, namely, senior, middle and junior management levels, and the statistics of the economic crime attributed to these three management levels are presented in Figure 2 .
In a bid to sustain this fight, the Promotion of Access to Information Act 2 of 2000 (PAIA) as well as the Electronic Communication and Transaction Act 25 of 2002 (ECT) were enacted with the aim to facilitate and regulate communications and transactions to protect the interest of financial institutions and the general public. Unfortunately, the criminal section of the ECT act has been criticised as relatively not being stringent enough ( Cassim, 2016 , p. 128). The non-stringent nature of the ECT act might not send enough warning signals to the perpetrators.
The South African Banking Risk Information Centre ( SABRIC, 2019 ) reported that, in 2017, a total of 13 438 cybercrime cases involving mobile and banking apps as well as online reportedly banking costed the banking industry a gross sum of more than R250,000,000. Furthermore, the rate of cybercrime and economic crime is reportedly increasing in the South African financial institutions ( Cassim, 2016 , p. 130; PwC’s, 2016, p. 10; Van Niekerk, 2017 , p. 126).
The literature confirmed that cybercrime is still a threat to the South African banking sector, despite the efforts of the sector to mitigate its occurrences ( Mbelli and Dwolatzky, 2016 , p. 1; Van Niekerk, 2017 , p. 126; PwC, 2020, p. 8; Akinbowale et al. , 2022 , p. 996). The literature also indicated that the rate of cybercrime is increasing globally with dire consequences on the customer’s satisfaction, reputation and economic growth of financial institutions. Other losses include the indirect loss via loss of trust in the digital infrastructure, direct loss through fraud perpetration, as well as customer and stakeholder losses ( Kraemer-Mbula et al. , 2013 , p. 544; Lagazio et al. , 2014 , p. 60).
In South Africa, information security challenges due to cyberattacks continues to pose a serious economic threat to financial institutions and the country as a whole ( Mbelli and Dwolatzky, 2016 , p. 1; PwC Report, 2020, p. 8). This has made many financial institutions to consider risk management as an important entity in their business model. Van Niekerk (2017 , p. 126) identified the leading perpetrators of cyberattacks as hackers and criminals in South Africa while the two major cyberattack impacts are data exposure and financial theft.
The outcome of the review for this chapter indicates that the growing number of internet users coupled with the emerging technologies have increasingly exposed the information of many organisations to a variety of risks. Such attacks could be in the form of unauthorised access to the network or system with the intention to defraud or manipulate business operations ( Tiwari et al. , 2016 , p. 46). Furthermore, it can be in the form of a data breach where sensitive data are stolen.
The impact of cyberfraud on the South African banking industry is significant.
The occurrence of cyberfraud affects the South African banking industry.
3. Methodology
In this paper, the qualitative approach was used involving the gathering of different opinions and perspectives as well as the categorisation of the characteristics of the population about cyberfraud from the South African licensed banks. According to Mohajan (2018 , p. 21), the qualitative approach boasts of the following merits: it can be used for the improvement of both the design and interpretation of traditional surveys; it can explore the research problem from the perspective of the actors involved, rather than explaining it from the outside; it can assist in the understanding of complex phenomena which are difficult to capture via quantitative research. In addition to these merits, the qualitative approach is reliable and objective, it simplifies a complex problem to a limited number of variables, investigates the relationships between variables, while establishing the cause and effect in highly controlled circumstances. It is also suitable for theories and hypothesis testing; it assumes sample which is representative of the population with reduction in the subjectivity of researcher although it is less detailed but simpler than the quantitative data ( Ospina, 2004 , p. 1279; Mohajan, 2018 , p. 21). Due to the sensitive nature of cyberfraud and confidentiality which characterise the process of fraud investigation and uncovering, the researchers opted for the qualitative approach in view of the merits.
However, the qualitative approach involving the use of structured questionnaire was used for this study due to the fact is suitable for data collection, hypothesis testing and provision of results that would reflect the situation under investigation with statistical precision.
This study uses a purposive sampling because it permits the selection of specific groups in the sample who possess the necessary experience to understand cyberfraud, and it makes it possible to obtain the valuable perceptions of the target group. The population of this study consists of all the 17 licensed commercial banks listed in South Africa ( Bankscope, 2018 ). All these banks were considered in this study for an effective response rate because the response rate in any research is expected to fall between 70% and 80% which translates into an adequate representation ( Fincham, 2008 , p. 2).
All the 17 licensed banks were considered so that the outcome of the findings in this study can be a true representation of the prevailing situation in the South African banks. Using a structured questionnaire, a total number of 42 responses were obtained from all the 17 licensed banks in South Africa.
The research design used in this study is shown in Figure 3 .
The study uses qualitative analysis with the use of structured questionnaire. The questionnaires were administered to the staff of the 17 licensed banks in South Africa who deals with management, operation, administration and banking services.
The variables used for the testing of H1 include the responses obtained for the forms of cyberfraud.
The variables used for the testing of H2 include reputation loss, revenue loss, productivity loss and shareholder’s loss. This is because cyberfraud perpetration has been linked to the organisation’s revenue losses, reputation, customer’s loyalty and shareholder’s confidence ( Joyner, 2011 ; Dzomira, 2015 , p. 13).
the Chi-square test and Fischer’s Exact test for hypothesis testing; and
Spearman’s correlation for investigating the nature of the relationship between variables were carried out.
The rationale for using the Chi-square test lies in the fact that it is a non-parametric tool designed to analyse group differences when the variable is measured at a nominal (categorical) level ( Mchugh, 2013 , p. 143), and that it also allows for testing hypotheses as well as the relationship of two variables in a qualitative (categorical) data set ( Abebe, 2019 , p. 37; Rana and Singhal, 2015 , p. 69). To determine the association between two categorical variables (whether they are independent or dependent with respect to each other), the Fisher’s exact test was used. Unlike the Chi-Square test, it runs an exact analysis for a relatively small sized sample ( Kim, 2017 , p. 152). The Chi-square statistics were computed as well the p-values for the Chi-square and Fischer’s exact tests. Where the p -value is less than 0.05, there is no enough evidence to accept the null hypothesis at 5% level of significance; hence, the alternative hypothesis is assumed to be true with the level of evidence presented in this study.
Finally, Spearman’s correlation analysis was chosen as a non-parametric analysis to measure the degree of association between two variables of ranked scores ( Choi et al. , 2010 , p. 459). This is due to the fact that the effect of one variable may produce a direct or inverse effect on another variable once a common relationship exists between them. In this study, it was used for the determination of the degree of interdependence between the variables of cyberfraud and the effect of cyberfraud on organisation. According to Choi et al. (2010 , p. 460), the Spearman’s correlation coefficient ( ρ ) ranges from −1 to +1 with +1 denoting a perfect (correlation) between the variables and −1 implying a perfect negative correlation, while 0 means that there is no correlation between the variables.
The choice of the non-parametric techniques (Chi-square statistical analyses, Fischer’s exact test and Spearman’s correlation non-parametric technique) for hypothesis testing and for establishing the association between the identified variables relating to cyberfraud stems from the fact that the data set used in this study is not normally distributed.
4. Results and discussions
The variables used for the testing of this hypothesis include the responses obtained for the forms of cyberfraud. The respondents to the survey questions identified eight common forms of cyberfraud that are prevalent in South Africa. These include phishing, spying, malware, data theft, spam e-mail, online theft, hacking and skimming. This findings agree substantially with some existing literature which indicated that some financial institutions still suffer cyberattack in the forms identified via the survey ( Tiwari et al. , 2016 , pp. 47–50; Cassim, 2016 , p. 131; Ali et al. , 2017 , pp. 72–73; Ramadani et al. , 2018 , p. 341).
Table 1 presents the Chi-square and the Fischer’s Exact tests for the forms of cyberfraud identified from the survey. In H1 , the alternative hypothesis tested was therefore accepted. This is justified by the fact that the p -values of each of the variables is less than 0.05 for both the Chi-square and the Fischer’s Exact tests. This implies that the impact of cyberfraud on the South African banking industry may be significant.
Modugu and Anyaduba (2013 , p. 282) explain that an employee of the organisation can take advantage of easy access to the banks and customer information as well as weak internal controls to commit fraud. On the other hand, people outside an organisation can also exploit the weak security and anti-fraud measures of financial institutions to commit fraud. Some take advantage of customers’ ignorance to commit fraud ( Modugu and Anyaduba, 2013 , pp. 282–283). According to Hinde (2003 , p. 664):
It was estimated that 80% of the cyber security breaches result directly or indirectly (i.e. through collaboration with external bodies) by the people within the organisation.
This can be traced to the fact that internal employees have direct access to information and have a better knowledge of the control architecture of the organisation. This knowledge can be leveraged to invent cover-up schemes that can promote the affinity for continuous crime perpetration.
In H1 , the alternative hypothesis tested was therefore accepted. This is justified by the fact that the p -values of each of the variables is less than 0.05 for both the Chi-square and the Fischer’s Exact tests. This implies that the impact of cyberfraud on the South African banking industry may be significant. These findings agree significantly with the report of the South African Banking Risk Information Centre ( SABRIC, 2018 ) which reported that in 2017 there were 13,438 reported cases of cybercrime incidences which cost the banking industry over R250m in gross losses. SABRIC (2018) also indicated that the rate of cybercrime increased by 20% in 2018 causing an 8% increase in the gross losses. SABRIC (2019) also reported that there had been an exponential increase in cyberfraud related cases from January to August 2018, with an estimated increase by 64%. This has further resulted in a 7% increase in the gross losses when compared to the same period in 2017. Comparing the losses incurred between January to August 2017 with the same period in 2018, the losses incurred amounted to more than twice the original loss (gross losses of R39,322,237), with an increase of 44% (gross loss of R89,368,722) in online banking incidents ( African Union Report on Cyber Security and Personal Data Protection, 2016 ). The losses were mostly attributed to the use of online and mobile banking platforms. In 2019, the number of incidences increased to 26,567 which reportedly cost the South African banking industry about R308m in gross losses while in 2020, 35,308 incidences were reported which reportedly cost the banking industry about R309m in gross losses ( SABRIC, 2020 ).
The variables used for the testing of H2 include reputation loss, revenue loss, productivity loss and shareholder’s loss.
Some of the identified indicators for measuring the impact of cybercrime on the financial institutions include customer and employee satisfaction, product innovation, organisation’s growth and productivity, market share, and position in the stock market, financial losses, loss of customers and business partners or opportunities, loss of reputation and decrease in the organisation’s market value ( Dzomira, 2014 , p. 23; Goel and Shawky, 2009 , p. 404; Kraemer-Mbula et al. , 2013 , p. 544).
Table 2 presents the Chi-square and Fischer’s Exact tests for the effect of cyberfraud on the organisation. The alternative hypothesis tested was therefore accepted to be true as the p- values (0.000) of each of the variables is less than 0.05 for both the Chi-square and the Fischer’s Exact tests. This means that the occurrence of cyberfraud may affect the South African banking industry in terms of reputation loss, revenue loss, productivity loss and shareholder loss. This finding agrees significantly with the findings of Dzomira (2015 , p. 13) and Joyner (2011) that cyberfraud perpetration has an adverse effect on the organisation’s revenue losses, reputation, customer’s loyalty, and shareholder’s confidence. In South Africa, BusinessTech (2017 , p. 2) reported that in 2017, “ABSA and Standard Bank clients have lost between R1 million and R 2 million to Internet banking or SIM swap fraud, hence, they want the banks to be held liable for fraudulent activity”. BusinessTech (2017 , p. 2) also explains that fraud can result from the loss of trust by stakeholders, thus leading to loss of credibility and a lack of confidence in the organisation amongst the public. Cyberfraud has been identified as one of the major challenges in the banking industry [ PwC (2016) , p. 22, South African Banking Risk Information Centre (SABRIC) (2018) ]. If not effectively mitigated, it can have grave consequences on a business, trigger financial damage and destroy the reputation of the banking institution or the company’s reputation.
Wanemba (2010 , p. 6) found that the financial institutions have consistently lost huge sums of money to cyberfraud or other forms of fraud. This has led to a negative impact on the organisation’s profitability. Although the banking institutions decry that the impact is on increasing operational costs, loss of reputation and customer’s dissatisfaction as well as revenue loss.
Table 3 depicts the impact of cyberfraud incidents on the banking industry with respect to individual responses. The dimension of the responses gathered from the respondents indicated that the banking industry suffers different losses because of the occurrence of cyberfraud incidents as shown in Figure 4 .
In line with the findings of this study, cybercrime had been reported to exert a negative impact on organisation’s profitability, customers’ satisfaction, public trust, organisational goodwill and risk management, globally ( Goel and Shawky, 2009 , p. 404; Martin and Rice, 2011 , p. 803; Saini et al. , 2012 , p. 202; Kraemer-Mbula et al. , 2013 , p. 544; Lagazio et al. , 2014 , p. 60).
Existing literature has traced one of the major causes of cyberfraud and its increasing risk in South Africa to the recent innovations and technological development in this digital era ( Dlamini and Mbambo, 2019 , p. 1; Herselman and Warren, 2004 , p. 263; Dzomira, 2017 , p. 143; Coetzee, 2018 , p. 3; Dagada, 2013 , p. 148; Sutherland, 2017 , p. 84).
UK Finance (2018 , p. 6) reported that, over the years, cybercriminals have deployed many means of manipulating financial institutions via phishing emails, impersonation and account hacking, thereby paving way for unauthorised access to sensitive information and the compromise of the financial institutions. Similarly, Dzomira (2014 , p. 16) explained that the banking industry in Zimbabwe has also suffered cyberfraud different forms such as unauthorised intrusion into the banks’ or personal information or accounts, credit/debit card fraud, money laundering, employee embezzlement, pharming, phishing, malware, hacking, virus, spam and advance fee fraud.
To mitigate cyberfraud occurrences, Akinbowale et al. (2020a , p. 945) suggested the need for the use of a real time an alert system capable of creating awareness for both the financial institutions and their customers whenever there is unauthorised access into the customers’ account or the database of the financial institution. This will enhance a rapid response to block such intrusion before any unauthorised transaction takes place. Two simplified conceptual models for cyberfraud mitigation have also been reported by Akinbowale et al. (2020b , p. 1253). The first model addressed the incorporation of forensic accounting into the organisation’s structure while the second captured the detailed investigation and comprehensive data analysis processes of uncovering fraud. This will strengthen the organisation’s control structure and aid the process of fraud investigation and mitigation. This is because the procedural steps for implementation of forensic accounting, namely, preliminary survey, detailed investigation, comprehensive data analysis, reporting and expert witness are captured in the model.
Dzomira (2017 , p. 143) suggested the need for the augmentation of cyberfraud alert systems and sensitisation of internet banking users about the nature of cyberfraud perpetrated by cyber attackers in South Africa. While there was access to information on fraud-related Internet banking on the websites of the South African banks, this study suggested improved sensitisation about the nature of cyberfraud perpetrated and how they were perpetrated. Dzomira (2017 , p. 150) stated that the banking sector should relentlessly campaign against internet banking fraud in a manner that would benefit the clients and the diverse communities in South Africa.
Dlamini and Modise (2012 , p. 1) explained that for the South African Banks to reduce cyberfraud incidences, the first line of defence was cybersecurity. In the absence of a national cybersecurity policy in South Africa, cybersecurity awareness and initiatives were gaining momentum to create cybersecurity awareness ( Dlamini and Modise, 2012 , p. 1).
Using the cross tabulation function, the statistical analysis of the cross effect of pair of reputation loss and revenue loss was statistically significant at 95% confidence level, thus, indicating that a direct relationship may exist between two variables.
The magnitude of the Spearman’s correlation coefficient (0.365) shows that the two variables are dependent. Fischer’s Exact statistical value for the cross effect of reputation loss and revenue loss was 5.600 with a significance level (0.048 < 0.05) at one degree of freedom ( Table 4 ). Table 4 shows the cross-tabulation for the pair of reputation loss and revenue loss, while Figure 5 indicates the number of counts for the relationship between reputation loss and revenue loss based on the outcome of survey. The variations between the number of counts and the expected number of counts in Table 5 shows that the variables are dependent. This further lends credence to the fact that a relationship may exist between two variables, namely, reputation loss and revenue loss.
These results imply that a loss of reputation due to cyberfraud occurrence can cause a decline in the revenue generated by the organisation due to a negative public image. Similarly, revenue loss due to cyberfraud occurrence could also impair the reputation of the organisation.
5. Conclusion and policy implications
The purpose of this study is to assess the impact of cyberfraud on the South African industry with the aim to provide recommendations to effectively mitigate the impact of cyberfraud. This was achieved using a qualitative approach involving the use of structured questionnaire. A total of 42 responses were obtained across selected participants in the 17 licensed banks in South Africa. The results obtained indicated that the impact of cyberfraud on the South African banking industry is significant and that the occurrence of cyberfraud affects the reputation of the South African banking industry in terms of reputation loss, revenue loss, productivity loss and shareholder loss. According to the results obtained, the prevalent forms of cyberfraud perpetrated in the South African banking industry include phishing, spying, malware, data theft, spam e-mail, online theft, hacking and skimming.
Hence, a holistic review of the internal control system of the banking structure is hereby recommended. Cyberfraud had been reported to have negative impact on an organisation’s profitability, customers’ satisfaction, public trust, organisation good will and risk management globally. This calls for the need to review the diverse ways of curbing cyberfraud to lessen its impact or associated fraud risks on the banking operation.
This study provides empirical findings that could assist the South African banking industry in the areas decision making or policy formulation geared towards of cyberfraud mitigation. This research notifies the South African banking industry about the nature of cyberfraud perpetrated. The understanding of the nature of cyberfraud perpetrated can assist the South African banking industry to formulate measures to mitigate them. The findings reported in this study is based on the views of the bank experts consulted as well as those of the organisations. Future works can consider the analysis of the level of effectiveness of the fraud control measures in the South African banking industry vis-à-vis the forms of cyberfraud identified.
Reported economic crime in South Africa and global average rate in 2020
Economic crime by internal perpetrators in South Africa
Research design
The effect of cyberfraud on organisation
The number of counts for pair of reputation loss and revenue loss
Chi-square and Fischer’s exact tests for the forms of cyberfraud
Forms of cyberfraud
Chi-square statistics
Degree of freedom (df)
Asymptotic Significance (Asymp. Sig.)
Fischer’s exact significance
Point probability
Phishing
26.236
4
0.000
0.000
0.000
Spying
21.773
4
0.001
0.001
0.000
Malware
35.634
4
0.001
0.001
0.000
Data theft
15.667
4
0.012
0.012
0.003
Spam e-mail
22.235
4
0.000
0.000
0.000
Online theft
18.987
4
0.000
0.000
0.000
Hacking
25.678
4
0.000
0.000
0.000
Skimming
28.876
4
0.001
0.001
0.000
Statistical analysis of the responses obtained from the field survey
Effect of cyberfraud on organisation
Chi-square statistics
df
Asymp. Sig.
Fischer’s Exact Sig.
Point probability
Reputation loss
21.429
1
0.000
0.000
0.000
Revenue loss
18.667
1
0.000
0.000
0.000
Productivity loss
31.333
3
0.000
0.000
0.000
Shareholder’s loss
30.952
3
0.000
0.000
0.000
Statistical analysis of the responses obtained from the field Survey
Effects
No. of response ( ) Agree
No. of response ( ) Strongly agree
No. of response ( ) disagree
No. of response ( ) Strongly disagree
No. of response ( ) undecided
Total no. of respondents ( )
Reputation loss
6
36
0
0
0
42
Loss of revenue/profit
7
35
0
0
0
42
Productivity loss
18
21
2
1
0
42
Depletion of shareholder’s fund
20
19
1
0
2
42
Responses obtained from the field survey
Paired factors
Fischer’s exact test statistics
df
Exact Sig. (2 tailed)
Remarks
Spearman’s correlation coefficient
Relationship
Reputation loss and revenue loss
5.600
1
0.048
1 cell (25.0%) have expected outcomes less than 5. The minimum expected count is 1
0.365
Positive but weak
Statistical analysis of the responses obtained from the field survey
Revenue loss
Agree
Count
Reputation loss
Agree
Strongly agree
Total
3a
4b
7
% within revenue loss
42.9
57.1
100.0
% within reputation loss
50.0
11.1
16.7
% of total
7.1
9.5
16.7
Strongly agree
Count
3a
32b
35
% within opportunity
8.6
91.4
100
% within greed
50.0
88.9
83.3
% of total
7.1
76.2
83.3
Total
Count
6
36
42
% within opportunity
14.4
85.7
100.0
% within greed
100.0
100.0
100.0
% of total
14.3
85.7
100.0
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Impacts of Cyber Crime on Internet Banking
International Journal of Engineering Technology and Management Sciences
5 Pages Posted: 18 Nov 2021
Dr. Umamaheswari K.
Business Administration, Kebri Dehar University
Date Written: March 5, 2021
Internet banking or e-banking refers to the facility through information and communication technology. Internet banking is increasingly becoming popular because of both convenience and flexibility. Computer fraudsters are always trying to gain illegal access to the information of financial and business sectors for fraudulent activities. The customers of Internet banking always fear for their financial data when dealing with Internet banking and its services. There is a need to create awareness among Internet banking customer on how to avoid the available threats. The research in this paper critically analyzes and discusses the effects of cyber threats when dealing with online banking services. It is concluded that by the research that there is a need to increase safety measures in available cyber crimes when dealing with Internet banking and sensitive financial data.
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CYBER CRIME IN BANKING SECTOR
Harshita Singh Rao Law Department, Indore Institute of Law, India
Abstract [English]
With the headways in innovation, the Indian Managing an account Division has been at standard with the developing patterns and critical changes required in its tasks. The call for development has given this unit monstrous chances and therefore, banks are currently among the greatest recipients of the IT Insurgency. The multiplication in online exchanges mounting on advancements like NEFT (National Electronic Store Exchange), RTGS (Constant Gross Settlement) , ECS ( Electronic Clearing Administration) and portable exchanges is a look at the profound established innovation in saving money and budgetary issues. Be that as it may, similar to opposite sides to a coin, openings accompany dangers and achievement accompanies its equal difficulties. Consequently, with the quick development of PCs and web innovation, new types of overall violations known as 'Digital Wrongdoings' has advanced in the scene. Over some undefined time frame, the nature and example of Digital Wrongdoing occurrences have turned out to be progressively modern and complex. Banks and Money related Foundations remain the unabated focuses of digital culprits in the most recent decade. Prominently monetary profit is as yet the real inspiration driving most cybercriminal exercises and there is minimal shot of this changing soon. This paper centers around the specialized parts of different kinds of cybercrimes concerning the saving money units and their related effects. Furthermore, it recognizes the danger vectors supporting these wrongdoings and creates measures to help in battling the subsequent digital assaults with the goal that such assaults can be better avoided later on for improved security.
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CYBER CRIME IN INDIA WITH REFERENCE TO BANKING SECTOR
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CYBER-CRIME: A GROWING THREAT TO INDIAN BANKING SECTOR
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 (Symantec, 2015). This paper focusses on the technical aspects of various types of cybercrimes concerning the banking and financial sector and their related impacts. Additionally, it identifies the threat vectors supporting these cybercrimes and develop measures to aid in the combating the resulting cyber-attacks so that such attacks can be better prevented in the future for enhanced security.
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Digital technology is encompassing in all walks of life, all over the world and has brought the real meaning of globalisation. At the one end cyber system provides opportunity to communicate and at the other end some individuals or community exploit its power for criminal purposes. Criminals exploit the Internet and other network communications which are international in scope. Situation is alarming; Cybercrime is an upcoming and is talk of the town in every field of the society/system. Theoretically and practically this is a new subject for researchers and is growing exponentially. Lot of work has been done and endless has to be go because the invention or up gradation of new technology leads to the technical crime i.e. the digital or we can say the cybercrime or e-crime. This is because every day a new technique is being developed for doing the cybercrime and many times we are not having the proper investigating method/model/technique to tackle that newly cybercrime. In the present day world, India has witnessed an unprecedented index of cybercrimes whether they pertain to Trojan attacks, salami attacks, e-mail bombing, DOS attacks, information theft, or the most common offence of hacking. Despite technological measures being adopted by corporate organizations and individuals, we have witnessed that the frequency of cybercrimes has increased over the last decade. Since users of computer system and internet are increasing worldwide in large number day by day, where it is easy to access any information easily within a few seconds by using internet which is the medium for huge information and a large base of communications around the world. Certain precautionary measures should be taken by all of us while using the internet which will assist in challenging this major threat cybercrime. In this paper, we have discussed various categories of cybercrime and cybercrime as a threat to person, property, government and society and we have suggested various preventive measures to be taken to snub the cybercrime.
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The study was carried out to strategically to assess dark web and cybercrime threat mitigation in Nigeria. The population of this study comprised all professionals in computer science, computer engineering and security agents who have been exposed to cybercrimes, cyber security and general computer science. The study adopted a descriptive survey design, while stratified random sampling technique was used in selecting 400 respondents. The instrument for data collection, which was tagged "Dark Web and Cybercrime Threat Mitigation Questionnaire (DWCTMQ) ", was administered to the respondents and used for the study. Data collected were analyzed using percentage analysis, mean statistics and goodness of fit chi-square analysis. From the results of the data analysis, it was observed that there is high level of dark web and cybercrimes activities in Nigeria. It was also observed that there are various types of threats caused by dark web and cybercrimes in Nigeria including stealing of data, havoc on individuals and organizations by the criminals, advanced persistent threats, distributed denial of service attacks, botnets, destructive malware, the growing challenge of ransom ware etc. One of the recommendations was that cyber security should be seen by all as a shared responsibility which requires the attention of a broad range of stakeholders with effective public/private partnership that incorporates businesses and institutions of all sizes to produce successful outcomes in identifying and addressing threats, vulnerabilities and overall risk in cyberspace.
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Despite technological measures being adopted by corporate organizations and individuals, we have witnessed that the frequency of cyber crimes has increased over the last decade. Since users of computer system and internet are increasing worldwide in large number day by day, where it is easy to access any information easily within a few seconds by using internet which is the medium for huge information and a large base of communications around the world. The objective of this paper is to discuss about the cyber crime and its categories, professions giving birth to cyber crimes and its impact on businesses and the preventive measures to be taken to control the cyber crime
Ojo A D U R A G B E M I Sunday
The Global Information Infrastructure creates unlimited opportunities for commercial, social and other human activities. However, it is increasingly under attack by cybercriminals; as the number, cost, and sophistication of attacks are increasing at an alarming rate. This study sets out to examine the sociological and technological factors that impact cybercrime and cyber security and thereby articulates the relevant circumstances and threats of cybercrime in Nigeria. The study approached the issue of cybercrime from theoretical and investigative points of views. Structured interviews with law enforcement agencies and governmental institution for cyber security were also conducted. Data obtained through these research instruments were subjected to descriptive analysis and frequency counts in order to explain the activities of Nigerian cybercriminals based on existing theories of crime, and to understand their intents, purposes and methods. Four theories of crime, namely, Structural Functionalism Theory, Marxian Theory, Routine Activity Theory and Technology Enabled Crime Theory were all found to be relevant to Nigerian cybercrime. At the level of existing laws, the study established that there are no existing laws in the Nigerian statues that directly address cybercrime.
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The paper explores forms of electronic fraud which are being perpetrated in the banking industry and the challenges being faced in an attempt to combat the risk. The paper is based on a descriptive study which studied the cyber fraud phenomenon using content analysis. To obtain the data questionnaires and interviews were administered to the selected informants from 22 banks. Convenience and judgemental sampling techniques were used. It was found out that most of the cited types of electronic fraud are perpetrated across the banking industry. Challenges like lack of resources (detection tools and technologies), inadequate cyber-crime laws and lack of knowledge through education and awareness were noted. It is recommended that the issue of cyber security should be addressed involving all the stakeholders so that technological systems are safeguarded from cyber-attacks.
The paper discourses the conceptualization of the cyber-banking fraud in an effort to mitigate the risk. Key role players and elements in electronic and online fraud (cyber fraud) risk management are examined, concerns addressed and the answer is suggested. The key participants and elements include e-fraud victims; fraudster (s), guardian (bank), environmental factors and fraud types. This paper is based on conceptual study and applies ontological tradition which emphasizes concepts that identify the basic features of the cyber fraud risk management phenomena and aims to explore how the banking community experiences the reality. The paper concluded by assimilating all the pertinent elements in cyber fraud risk management into a proposed model to aid financial institutions in mitigating cyber fraud risk and the model development creates a different way of looking at cyber fraud risk management phenomenon since it shows a logical extension of current knowledge.
Balsing Rajput
Cyber economic crimes are technological crimes. The internet has engulfed the world and therefore their topology, geographical limits, complexity, technology used and protocols were also started to modify and expand. Thus, due to evolving technology, different kind of vulnerabilities in the technology has started to pop up. The processes of the economic transaction are misused for illegal gain. It is not the technology but man behind the machine is the culprit to exploit all this. Technology is incomplete without the people and processes. These three important aspects, the people, process and technology together create the holistic understanding of the entire spectrum of the activities and players in the criminal activities in cyber economic crime. Technology has a great impact on the financial crimes. Modus operandi can be classified into three type as technological vulnerabilities, Weaknesses in Human mind and lacunas in the processes. The interpretation in this way covers all the methods and ways of the crime. People-Process-Technology framework perspective provides holistic perspective for classifying and understanding the modus operandi of Cyber economic crimes. All the three components of people –process and technology frameworks are equally responsible for crime. This perspective should be considered for deciding for prevention strategy. 1. INTRODUCTION In the early nineties, the digital development made possible to store data massively and given unlimited computation power. This caused to interconnect the computers to talk each other over the telephone lines, commonly called as computer network. This experiment was first done at USA under the DARPA project. Slowly the size of network engulfed the world and therefore their topology, geography limits, complexity, technology used and protocols were also started to modify and expand. Thus, due to evolving technology, different kind of vulnerabilities in the technology has started to pop up. With this the issue of internet/ web order management, legal opinions, human behavior & usability issue, and appearance of dark web cybercrimes are central to the discussions of many governments. Initially the government and individuals does not consider it to be as a global threat, rather it was treated as a regular crime done through digital means. But, now with cyber physical threats, serious and large scale economic crimes, which can destabilize economies; individuals but governments also come to conclusion that they require serious measures, controls, training and laws to tackle the cybercrime. Cyber Economic Crime is dominant type of the cybercrime. This paper tries to elaborate the modus operandi of the cyber economic crime from people-process and technology frameworks' perspective.
Global Journal of Management, Social sciences and Humanities
Prof.Dr.Abdul Ghafoor Awan , Shoukat Malik
This research examines the impact of cybercrimes on the efficiency of Banking Sector of Pakistan. For this purpose, ten banks of Pakistan are considered as sample for data collection. Questionnaire is employed to collect and analyze the primary data for drawing the results. Correlation analysis and Likert Scale were used to measure the impact of cybercrime on the performance of banks. The empirical results reveal that cybercrimes have negative and significant impact on the efficiency of banks of Pakistan. Our results further reveal that Government policies may also lessen the impact of cybercrimes but not to higher limit. We suggest that special focus may be given to the causes of the cybercrimes.
Halefom H . Abraha
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Easy access to data: Once a cyber attacker is able to gain access into a computer system, they may have access to personal data, including private financial documents from customers, which can be copied or transferred into a small removable device. Since information technology powers the operations of banks, individuals, corporations, government agencies, etc., the insecure storing of confidential data and information processed on their computers presents a serious danger.
User's Negligence: All the authorities who use computer systems should remain very careful and cautious in order to safeguard their confidential data and information stored in the computers. Through proper usage of Passwords and Personal Identification Numbers (PIN) they can limit the access. Any negligence on their part will facilitate cybercriminals' easy access to certain devices and records.[6]
Hacking Hacking is a cybercrime that involves a person gaining illegal access to a system or attempting to circumvent security mechanisms by hacking into customers' accounts or banking sites. ''A hacker, however, can be prosecuted under Sections 379 and 406[8], and also u/s 43(a) read with Section 66 of the Information Technology (Amendment) Act, 2008[9].'' If the crime of hacking is proven, the convicted may be sentenced to three years in prison or a fine of up to five lakh rupees, or both, under the IT Act.[10]
Key logging It is referred to as ''keystroke logging or keyboard capturing''. It is the process of secretly recording (logging) the keys pressed on a keyboard so that the person using it is oblivious that their activities are being tracked and these are incredibly harmful for stealing confidential information such as banking details etc.[11]
Viruses It is a kind of self � replicating program that infects executable code or documents by inserting copies of itself. A virus is a programme that afflicts an executable file and causes the file to behave abnormally after infection. It spreads by linking itself to executable files such as programme files and operating systems. Loading the executable file could result in new copies of the virus being created.[12] Worms, on the other hand, are programmes that can replicate themselves and send copies to other computers from the victim's computer. Worms do not change or remove any files; instead, they multiply and send copies to other computers from the user's computer.
Spyware Spyware is the most common approach of stealing online banking credentials and using them for fraudulent purposes. Spyware operates by collecting or transmitting information between computers and websites. It is mostly installed by bogus 'pop up' advertisements to have software downloaded.[13] Industry standard Antivirus products detects and removes this type of software, primarily by blocking the download and installation before it infects the PC.
Phishing Phishing is a kind of swindle in which private information such as Debit/Credit Card number Customer ID, IPIN, CVV number, Card expiry date, and so on is stolen via emails that seem to be from a genuine source. Phishing is accomplished through the use of instant messaging and email spoofing.[14] In this type of crime, hoaxers act like officials of banks and they create a direct link that directs the targeted customers to a fake page which looks alike to the actual bank website. The acquired confidential information is then used to commit deceitful transactions on the customer's account.[15] Phishers these days also use SMS (Smishing) and mobile (voice phishing) to commit such crimes.
Pharming Pharming is carried out through the internet. When a customer logs in to a bank's website, the attackers hijack the URL in such a way that they are routed to another website that is false but appears like the bank's original website.
ATM Skimming and Point of Sale Crimes Installing a skimming device atop the machine keypad to appear as a real keypad or a device made to be affixed to the card reader to appear as a part of the machine is a tactic for compromising ATM machines or POS systems. Malware that directly steals credit card data may also be installed on these devices. Skimmers that are successfully installed in ATM machines retrieve personal identification number (PIN) codes and card numbers, which are then copied to perform deceitful transactions.[16]
DNS Cache Poisoning DNS servers are used in a company's network to increase resolution response times by caching query results previously received.[17] Poisoning attacks on DNS servers are carried out by exploiting a flaw in DNS software. As a result, the server validates DNS responses mistakenly to ensure that they are from an authoritative source. Incorrect entries will be cached locally by the server and served to all users who make the same request. Bank customers could be routed to a server controlled by criminals, which could be used to serve malware or trick bank customers into providing their credentials to a spoof of a legitimate website. An attacker can hijack clients by spoofing an IP address; DNS entries for a bank website on a given DNS server and replacing them with the IP address of a server they control.
Malware based-attacks One of the most dangerous cyber threats to electronic banking services is malware-based attacks. A malicious code is created in such attacks. The number of malware attacks in the banking industry is on the rise these days. Zeus, Spyeye, Carbep, KINS, and Tinba, are some of the most well-known banking malware. Nearly every virus has two characteristics: one, it secures a backdoor entry into the system, and the other, it steals a user's credential information.
Cosmos Bank Cyber Attack in Pune Cosmos Bank in Pune was the target of a recent cyber-attack in India in 2018, when hackers stole Rs. 94.42 crores from Cosmos Cooperative Bank Ltd situated in Pune, it rattled the entire banking industry in India. Hackers gained access to the bank's ATM server and stole the personal information of rupee debit cardholders and visas in large number. Money was wiped out, and hacker gangs from as many as 28 nations withdrew the funds as soon as they were notified.[19] It can be avoided by hardening surveillance measures and assisting approved individuals.
ATM System Hacked The ATM servers of Canara Bank was targeted in 2018 for cyber-attack. Twenty lakh rupees were cleared from numerous bank accounts. According to sources, cyber criminals had access to ATM information for more than 300 users, resulting in a overall 50 victims. Hackers used skimming machines to capture information from debit cardholders. Transactions involving stolen information varied in amount from Rs. 10,000 to Rs. 40,000. [20] It can be avoided if the protection mechanisms in ATMs can be improved to avoid data misuse.
RBI Phishing Scam The Reserve Bank of India was not spared by the fraudsters in a bold phishing attempt of its kind. The phishing email, which purported to come from the RBI, promised the recipient prize money of Rs.10 lakhs within 48 hours[21] if they clicked on a connection that took them to a website that looked exactly like the RBI's official website, complete with the same logo and web address. After that, the user is asked to disclose personal details such as his password, I-pin, and savings account number. The RBI, on the other hand, issued an alert about the fake phishing e-mail on its official website.
The Bank NSP Case In this particular case a bank management trainee was hitched to be married. Using the company's computers, the couple exchanged numerous emails. They had broken up their marriage after some time, and the young lady made some fake email ids, such as "Indian bar associations," and used them to send emails to the boy's international clients. She did this via banks computer. The boy's business lost a large amount of customers and went to court against the bank. The court decided and made the bank liable because the emails were sent using the banks system.[22]
Every single employee should have their own user account, with a policy requiring password changes in every three months. Employees must not be allowed to download or install unauthorized software.
All employees must be informed about the dangers of opening or uploading email attachments from unidentified sources. Educate personnel about the importance of not leaking or sharing sensitive information about the institute.
The IT department of a bank must ensure that a firewall is enabled on every workstation and Internet-connected device in the organization because firewall blocks all communication from unauthorized sources.
Banks must use 'two-factor authentication (2FA)' apps or physical security keys and, wherever possible, enable 2FA on all online accounts.
The Department would make sure that all PCs' operating systems receive regular security updates.
To find out if there is any ransomware or malicious software on the network, anti-spyware and anti-virus software must be installed on all PCs. All passwords and wireless networks must be kept secured and well-protected.
Banks must employ verification methods such as dynamic device authentication and web-based transaction verification as more consumers use mobile devices.
Customers must receive notifications and automated messages from their banks confirming the validity of their transactions.
Customers must be given instructions on how to verify the legitimacy of any sources that are asking information of personal accounts. Customers must also be given instructions on how to stay safe when using the bank's websites.
When using banking application or internet banking, use a secure network.
Joseph Johnson, Worldwide digital population as of January 2021 (Statista, 7 Apr 2021) accessed 3 March 2021
A.R. Raghavan and Latha Parthiban, The Effect of Cybercrime on a Bank's Finances (2014) 2(2) International Journal Current Research Academic Review 173-178.
Harshita Singh Rao, Cyber Crime in Banking Sector (2019) 7(1) International Journal of Research � Granthaalayah 148-161 accessed 5 March 2021.
Effects of Cyber Crime accessed 3 March 2021.
Kate Brush, Cybercrime (Search Security) accessed 4 March 2021.
Indian Penal Code 1860, s 379 & 406.
Information Technology (Amendment) Act 2008, s 43(a) r/w s 66.
Seema Goel, Cyber-Crime: A Growing Threat To Indian Banking Sector [2016] ICRISTME.
Stay Safe from these Credit Card Frauds (Axis Bank, 1 January 2021)< https://www.axisbank.com/progress-with-us/managing-credit/what-are-the-types-of-credit-card-frauds-in-india#:~:text=Steps%20to%20take%20if%20card%20is%20stolen%3A&text=Immediately%20block%20your%20card%20using,%2Dliability'%20for%20fraudulent%20transactions> accessed 7 March 2021.
Vivek Kumar Verma, Phishing (Indian Case Law, 16 July 2014) < https://indiancaselaw.in/phishing/> accessed 7 March 2021.
Animesh Sarmah, Roshmi Sarmah , Amlan Jyoti Baruah, A brief study on Cyber Crime and Cyber Laws of India (2017) 4(6) IRJET 1634.
Robert Siciliano, ATM Skimming and How to Protect Yourself(The Balance, 9 August 2020) < https://www.thebalance.com/what-is-atm-skimming-1947475> accessed 7 March 2021.
What are DNS Spoofing, DNS Hijacking, and DNS Cache Poisoning (Infoblox) < https://www.infoblox.com/dns-security-resource-center/what-are-dns-spoofing-dns-hijacking-dns-cache-poisoning/> accessed 8 March 2021.
Express News Service, Cosmos Bank Malware Attack: Interpol Issues Red Corner Notice Against Prime Suspect Traced in Foreign Country Indian Express (Pune, 29 August 2020) < https://indianexpress.com/article/cities/pune/cosmos-bank-malware-attack-interpol-issues-red-corner-notice-against-prime-suspect-traced-in-foreign-country-6574097/> accessed 12 March 2021.
Ranjitha S, 4 Biggest Cyber Security Threats for Indian Banking Sector (Great Learning, 24 March 2021) < https://www.mygreatlearning.com/blog/biggest-cyber-security-threats-indian-banking-sector/#:~:text=Canara%20Bank%20ATM%20servers%20were,rupees%20from%20various%20bank%20accounts.> accessed 12 March 2021.
Animesh Sarmah, Roshmi Sarmah, Amlan Jyoti Baruah, A brief study on Cyber Crime and Cyber Laws of India (2017) 4(6) IRJET 1636.
Harshita Singh Rao, Cyber Crime in Banking Sector (2019) 7(1) International Journal of Research � Granthaalayah 158 accessed 11 March 2021.
How the Banking Sector Can Combat Cyber Attacks: A Checklist (Byte Academy, 6 August 2020) < https://www.byteacademy.co/blog/banking-cyber-security> accessed 10 March 2021.
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Design/methodology/approach. This study uses a survey of literature and the balanced scorecard (BSC) to analyse the effect of cybercrime on the banking sector. ... Research limitations. ... H.E. and Zerihun, M.F. (2020), "Analysis of cyber-crime effects on the banking sector using the balanced score card: a survey of literature", Journal of ...
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Aayushi International Interdisciplinary Research Journal (AIIRJ) Vol - VI Issue - V MAY 2019 Peer Review e-Journal Impact Factor 5.707 ISSN 2349-638x ... Page No. 25 Cyber Crimes In Banking Sector Ms. Neeta Dr. V.K.Bakshi Research Scholar Research Supervisor Tantia University, Sri Ganganagar Abstract Online banking or e-banking refers to the ...
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It focusses on the preparedness of the financial organisations to deal with incidents related to Cyber Crime. III. CYBER CRIME IN BANKING SECTOR Cyber Crime can be simply stated as crimes that involve the use of computer and a network [2] as a medium, source, instrument, target, or place of a crime.With the growing aspect of e-commerce and e ...
An Overview of Cyber Crimes In Banking Sector
Methods to prevent cybercrime The crimes in the banking industry have alarmingly increased which have resulted in significant economic losses. As we all know that banking is the most important mainstay of our economy, so it must be prevented from cyber-attacks. ... Cyber Crime in Banking Sector (2019) 7(1) International Journal of Research ...
COMMENTS
Purpose - The purpose of this study is to review the effect of cybercrime on the banking sector. Approach - The study uses a survey of literature and the Balanced Scorecard (BSC) to analyse ...
Design/methodology/approach. This study uses a survey of literature and the balanced scorecard (BSC) to analyse the effect of cybercrime on the banking sector. ... Research limitations. ... H.E. and Zerihun, M.F. (2020), "Analysis of cyber-crime effects on the banking sector using the balanced score card: a survey of literature", Journal of ...
We focus on cyber-crimes connected to online banking in this paper and new methods employed by hackers. This paper also identifies the emerging online banking-related cybercrime from various ...
The Shodhganga@INFLIBNET Centre provides a platform for research students to deposit their Ph.D. theses and make it available to the entire scholarly community in open access. ... Cyber Crime in Banking Sector the Study of Customers perception and Responses: Researcher: Bhave, Shobha Suresh: Guide(s): Nikam, Kishor S: Keywords: Banking and Finance
Cybersecurity risk assessment in banking is the process of identifying, anal yzing, and evaluating. the cyber threats and vulnerabilities that may affect the confidentiality, integrity, and ...
Downloadable (with restrictions)! Purpose - The purpose of this paper is to review the effect of cybercrime in the banking sector. Design/methodology/approach - This study uses a survey of literature and the balanced scorecard (BSC) to analyse the effect of cybercrime on the banking sector. Findings - The literature reviewed confirms an increasing wave of cybercrime that has impacted ...
In the body we will go more into details. Firstly, we will state the ordeals of banking sector during these threats. We will explain the use of online services and how it may have risk services. A detailed methodology will be conducted on the use of artificial intelligence in the banking industry and how it may mitigate internal risks.
propose a research model which can be used to evaluate the significance of cybercrime in deterring the use of e-banking in the financial sector. It is hoped that the proposed research model will influence other researchers to conduct empirical research in their context. Keywords Cybercrime, electronic banking, e-commerce, financial institutions 1.
1. Introduction. Fraud is a critical problem of global concern (Gbegi and Adebisi, 2014, p. 234).It involves the use of occupation for personal benefit via a deliberate misuse or misappropriation of an organisation's resources [Association of Certified Fraud Examiners (ACFE), 2012, 2019].The South Africa banking industry is managed and controlled by the South Africa Reserve Bank (SARB) as ...
III. RESEARCH METHODOLOGY The data used is completely secondary in nature i.e., from sources published, printed media, magazines and journals. Objectives of the study To study cybercrimes and its implications on the Banking Sector To understand the seriousness of online cyber threats available to Internet banking industry.
Aayushi International Interdisciplinary Research Journal (AIIRJ) Vol - VI Issue - V MAY 2019 Peer Review e-Journal Impact Factor 5.707 ISSN 2349-638x ... Page No. 25 Cyber Crimes In Banking Sector Ms. Neeta Dr. V.K.Bakshi Research Scholar Research Supervisor Tantia University, Sri Ganganagar Abstract Online banking or e-banking refers to the ...
Http://www.granthaalayah.com ©International Journal of Research - GRANTHAALAYAH [148] Social CYBER CRIME IN BANKING SECTOR Harshita Singh Rao *1 *1 Law Department, Indore Institute of Law, India Abstract With the headways in innovation, the Indian Managing an account Division has been at standard
yet some older articles were utilized in finding out the development of cyber-crime and certain technologies. The literature was selected based on searches on JYKDOK of peer reviewed international e-materials using the search terms "cyber threat", "cybercrime", "bank", "banking sector", "banking operation",
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. 5 CONCLUSION Conclusion The paper gives a brief overview of cybercrime scenario in the banking sector and impact of cybercrimes on bank finances.
Cyber Crimes in Banking Sector in India: A Critical Analysis. Raju Majhi. 2022, Cyber Crime, Regulations and Security - Contemporary Issues and Challenges ... this study utilizes the combination of document analysis and empirical study research methodology to examine cybercrime legal and regulatory responses in the context of the ever-evolving ...
tries to understand various cyber crimes and various cyber legislations made in India with reference to cyber crimes related to internet and digital banking. Research methodology: Primary data collection through a structured questionnaire consisting of closed ended questions has been done for accomplishment of objectives..
banking sector. The study was made from the standpoint of the Directors and Officers of Banks (Rao, 2019). A study revealed that the main causes or the reasons of cyber-crimes in a banking sector were 1) a capacity to store information in nearly little space 2) Easy to pierce 3) complex 4) the negligence 5) the loss of evidence (Rao, 2019).
Several online fraud-related cases have been witnessed in the banking sector such as credit card fraud, ATM fraud, cyber money laundering, phishing, malware and hacking (Saleh et al., 2017, p. 86 ...
while also facilitating growth and output. Despite the fact that numerous research have been conducted on cyber-crime on banking platforms, there is still much dispute and misinformation. Some claim that too much digitization has resulted in the creation of cyber-crime platforms and advocate for a defensive safety protocol.
Steve Morgan (Nov. 17, 2018). "Cyber Crime Costs Projected To Reach $2 Trillion by 2019". Forbes. "Cyber crime costs global economy $445 billion a year: report". Reuters. 2014-06-09. "#Cybercrime— what are the costs to victims - North Denver News". North Denver News. Lewis, James (DEC.2018).
Abstract. The aim of this research is to study cyber crimes in India with reference to banking sector of India. This research topic is chosen for the premise that Information Technology has gained ...
It focusses on the preparedness of the financial organisations to deal with incidents related to Cyber Crime. III. CYBER CRIME IN BANKING SECTOR Cyber Crime can be simply stated as crimes that involve the use of computer and a network [2] as a medium, source, instrument, target, or place of a crime.With the growing aspect of e-commerce and e ...
Methods to prevent cybercrime The crimes in the banking industry have alarmingly increased which have resulted in significant economic losses. As we all know that banking is the most important mainstay of our economy, so it must be prevented from cyber-attacks. ... Cyber Crime in Banking Sector (2019) 7(1) International Journal of Research ...