2024, Vol. 7, Issue 1

author(s)
Arushi Mehta

abstract
The Indian banking sector is experiencing a significant transformation due to technological advancements, resulting in increased convenience and efficiency. However, this has also led to an increase in banking frauds, posing significant security and integrity challenges. This paper examines the relationship between technological advancements and banking frauds in India, focusing on mitigation measures and future directions. It examines the evolving landscape of banking frauds, including tactics like phishing, malware attacks, identity theft, and social engineering. The paper also investigates the impact of digital payments, mobile banking, and online transactions on fraud proliferation, highlighting vulnerabilities and emerging threats. Key strategies for mitigating technological frauds include regulatory frameworks, advanced authentication mechanisms, investment in fraud detection systems, collaboration, and cybersecurity awareness. The paper emphasizes the importance of a holistic approach to cybersecurity, advocating for collaboration, innovation, and education as essential pillars for building a secure and resilient banking ecosystem in India.