This is the era of technology and the internet, be it communication, transactions, entertainment, information, gaming, buying, and selling everything that can be done over the internet. We have access to the internet from anywhere and at any time.
The Internet has a worldwide range and has no boundary which makes our life easy but has dark shade as well. I am talking about criminal activities and fraud that take place online and most commonly referred to as cybercrime such as cyber terrorism, cyberstalking, cyber defamation, spamming, and many more.
In this article, I will be particularly discussing “Banking financial frauds and scams in the cyber world”. Online transactions, digital payment via Paytm, Google pay and other online payment application has set a new trend of cashless payment which brings with it the frauds and scams that rising at a high pace.
Though there are regulations, cyber laws, and provisions regarding the same as Information Technology Act, 2000 (IT Act,2000) there is an immense need to find a newer way to curb cyber frauds like phishing, spyware, spam, etc. and make the internet secure and citizen-friendly. Further, I will be discussing various case laws regarding the same.
Key Words: Cyber Crime, Banking Financial Frauds, Cyber laws, IT Act,2000, Phishing, Spyware