Cyber Fraud in banking sector by Harsh Vardhan Chaturvedi @lexcliq

Bank fraud is a criminal act that occurs when a person uses illegal methods to receive a money or assets from a bank or other financial institutions. The term bank fraud is also to attain by a person to opt in a money from banks depositors by pretending to be firm or belongs to bank or financial institution. Digitalization and globalization have been increased in the world economics which resulted in increase in financial transactions across borders, innovation in a cashless system, financial assets etc. This increased the number of cyber frauds in a banking sector. This challenges the bank in the data security and management data quality on the continual basis and becomes difficult tasks for the banking sector. For that, banks need to acquire and nurture more new skills and set like information security framework, data scientists and data architecture to execute data security and practice size information security management program with a cyber due diligence successfully which would help the sector in a tremendous way.
Now talking about types of banking frauds noted till date we have internet banking frauds, mobile banking frauds, ATM frauds, forex banking frauds, UPI frauds and cure core frauds and many more. Banks are tracking stolen financial data on dark web markets to catch identity thieves. Financial companies are also largely adopting AI armies that uncover criminal behavior and hunt fraudsters. Banks are also investing in deception security tolls that trap hackers. In future, firms that are champion proactive security will put defense in the hands of consumers. We have already seen innovations such as polymorphic credit cards, this is essentially a credit card where one can link up to eight different payment methods, this also creates one time use pin that significantly reduces card theft and thus the chances of fraud.

HarshVChaturvedi

My name is Harsh vardhan chaturvedi. I belong to Agra (Uttar Pradesh). I am currently pursing B.Tech in Computer Science with LLB (Hons.) specialisation in Cyber Laws. I am a self motivated person. I have been in situations where i was not having any motivation to proceed further. Like choosing a branch such as cyber law where your parents are also not sure about the future of the branch. Motivating yourself to move further in this field of law is a great example of self motivation. A person who does not have any legal background motivating himself for this course which involves study of two different areas itself is a challenging task. I am very good at managing tasks as i have been the Event head of UURJA i.e fest of UPES. I try to take part in every activity whether it is curricular, co-curricular or extra curricular. I believe a person should not only focus on academics but also focus on other activities for overall development. I have great legal drafting skills. In my free time i love to portrait landscape . My hobbies includes travelling and photography. I believe travelling make you learn how one should never stop when they want to reach their goal. Travelling are challenging but one should never look back once started. Hence each treks and travel has always taught me something. I have always been a fan of movies which calms you down. I have a passion for everything i do and i believe this passion makes me going.

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