FINANCIAL CRIMES IN CYBERSPACE
Author – PRACHI SHUKLA, STUDENT AT S. S. KHANNA GIRL’S DEGREE COLLEGE, UNIVERSITY OF ALLAHABAD
Best Citation – PRACHI SHUKLA, FINANCIAL CRIMES IN CYBERSPACE, International Journal on Cyberspace Law and Policy, 1 (1) of 2023, Pg. 75-74, ISBN – 978-81-960677-4-8.
ABSTRACT
With the advancement of information and communication technology (ICT) the world has gradually stepped-in to a wholly virtual space called- “cyberspace”. The global communication and easily accessible information is a bane as well as a boon for mankind. That is to say, on onehand the ICT is cementing the path of technological development on national and international level and on the other hand the hi-tech networks and evolving technology has made individuals vulnerable to a lot of wrongful or malicious acts in the cyberspace which is commonly known as cybercrime. To begin with the list of cybercrimes there are many categories but the most popular among thoseseveral categories in the recent decades is- cybercrime in financial activities/ the financial crimes in cyberspace. For transactions individuals as well as the banking sector have shifted largely to online banking platforms and transactions through mobile phones, e-banking, debit/ credit card, etc. The expansion of ICT in areas of banking and finance is indeed much useful in the fulfilment of day-to-day requirements of individuals and business institutions. But on the very next step it poses grave threats to the user’s personal information and details which the individual would otherwise keep as confidential, like:- individual’sbank account details, credit card information, ATM pin, account password, etc. Also, cybercrime in finance occurs due to lack of awareness among individuals, wherein even pin-point negligence can land them as victims in the hands of cybercriminals. This article aims to identify the most frequent forms of financial cybercrimes, scanning the redressal available in case of cybercrimes in finance in Indian context.
KEY WORDS:- Cyberspace, finance, cybercrimes, banking fraud, I4C scheme.