A COMPARATIVE STUDY ON PREVENTIVE MEASURES OF CYBER CRIMES IN DIGITAL PAYMENTS AMONG PUBLIC AND PRIVATE SECTOR BANKS WITH REFERENCE TO VELLORE BRANCHES

Abstract

In the present scenario, India is moving towards Digital era of Banking Sector. That too this sector is rapidly moving towards Digital Payments. The total transaction value of Digital Payments is expected to increase US$ 98,309m by 2022. The reports reveal major threats in the form of Cyber Crime as Phishing, theft and so on. The Cyber Crime reported towards the Law Enforcing Agencies (LEA) as per 2017, 73% relate to ATM theft, 40% are Data Theft, 33% are Electronic Forgery, 27% is phishing, 47% are Ransomware and 33% is related to Malicious code like Malware and Spyware. This study represents a sample size of 50 collected from both Private and Public Sector Banks located in the Vellore City. The main aim of the study identifies the frequency of accessing Digital Payments by the Vellore City customers. Further, this study provides preventive measures to protect the personal information, data and their transaction details against cyber threats. Through the preventive measure it secures the safety of their money. It also compares the performance of Digital Payments between Public and Private Sector Banks in the Vellore City. It has been analysed that all the statements of the study possess 72.7% of Validity and Reliability according Cronbach Alpha Reliability Test. The results of the has revealed that the respondents are frequently accessing Banking Cards i.e. ATM/ Debit Cards/ Credit Cards. The respondents agreed that they prefer to protect their information and money by Protecting the mobile/ System with Password. This study concludes that Private Sector Banks are performing better than Public Sector Banks in Digital Transactions.