A Study on Emerging Trends of Cyber Frauds and Digitalization in India Including Financial Cybercrime Legal Implications

Abstract

Since the most recent demonetization in India, digital banking has grown in importance in the current era of digitalization. The digitization of banking has made fast financial transactions and opulent banking from anywhere at any time possible. In addition to promoting cashless transactions, the Indian government is offering financial. The current study aims to identify the many causes of fraud in the Indian banking sector and illustrate the types of fraud that have occurred since the banking industry went digital.

Since India's recent demonetization, digital banking has grown in importance in the current digitalization era. Fast financial transactions and opulent banking from any location at any time have been made possible by the digitization of banking. The Indian government offers financial incentives for digital transactions in addition to promoting the use of cashless transactions. A thorough understanding of how to use digitalization services is necessary to stop fraudulent activities because the rise in the use of digital banking transactions brought with it a variety of cybercrimes and an increase in the frequency of fraudulent activities. The current study aims to identify the many causes of fraud in the Indian banking sector and illustrates the types of frauds that have occurred since the banking industry went digital.