On Cyber frauds related to Banking/e-wallets and to ways to address them to protect the consumers from the monetary loss

Abstract

Every day we keep on hearing about some or other ways in which a person or a group of persons are being cheated of their money. The hackers/criminals either collected the information and then hack into victim’s account or fraudently collects the same from the victims on some pretext and then swindle the money. Lack of awareness among consumers, weak data protection laws and easy availability of SIM cards are some of the factors which increase the chances of cybercrimes. The criminals play on the emotions of greed and fear of their victims. In many cases it is found that these elements have opened schools in which they teach how to cheat and hack the accounts maintained by individuals with their Bank. The present study goes into the evolution of e-wallets and the increasing popularity of mobile banking and Net banking and the need for strengthening IT infrastructure of Banks and e-wallets companies. In 2017, RBI has come up a notification which protect consumers if they have not shared the payment credential and the loss is due to negligence of bank and they have informed the bank about the loss in stipulated time. These rules protect the customers to a very large extent. ?