SECURITY IN ONLINE BANKING : CASE STUDY ON HACKING

Abstract

A bank is a financial institution licensed to receive deposits and make loans. It easily allows people to transfer funds. Online Banking allows the users to execute financial transactions via internet. It can be used by any means like PC, Mobiles and online websites. Though there are lot of merits in online banking it gives way to online hackers. Online hacking is a means by which the personal information and their money is completely wiped out from the system, by the unknowns which leads to mal practice. Around the world, there are more than 25k crores cases related to online bank forgeries which are yet to be solved. The world’s top three cybercrime and online frauds are at it’s peak in Russia, Brazil and China. Though India doesn’t top the list yet it also has its own unfinished cases. In the fraud ranking of India; Maharashtra, Haryana, Karnataka, Tamil Nadu and Delhi are the major crime States. Here are crucial cases and it’s remedies. Hacking and cybercrime has given numerous information and guide lines about the security in online banking.