Internet Banking Fraud

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What is Internet Banking Fraud?

The electronic banking is now practiced by most of the banks of the countries. India is also practiced it for better service facilities and easy access of banking facilities. Due the increasing rate of the e-banking the problems and crimes related to the e-banking are not sufficient enough. The financial sectors operation that are important for the economy of a country are being driven by the banks are engines. Banks from a very crucial part in the economic development of any country. With an increase in the operations of the banking sector, there is also increase in the number of banking frauds and simultaneously. Fraud in the Indian banking section is not a new event. The Information Technology Act 2000 gives only validity to it, not any clear and specific provision relating to e-banking. The security issues relating to e-banking are increasing and create problems in providing services to the people. The unauthorised access of the banks account by the criminals and other problem relating to it are not getting the proper remedy to the people.

Deliverables

The important elements of fraud are: there has to be representation and affirmation about a particular fact; the person makes a false statement must be aware that the statement that he or she is making is false and it must persuade the other party to commit or omit an act by the affirmation in question. Thus, banking fraud is an outcome of transactions wherein one party by fraudulent or dishonest means wrongfully gains, and the other party wrongfully loses. Traditionally, misappropriation, scams, manipulation, etc constituted banking frauds but with the coming up of technology, there has been an expansion in the institutions involved in the banking business.

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