Investigation into Online Banking and its Prevailing Fraud Factors: A Comprehensive Analysis

This study explores the investigation of security concerns surrounding online banking, the prevailing fraud factors that affect banks and customers and discusses effective measures towards preventing fraudulent activities using combination of authentication and verification methods. Employing a qualitative research approach, data was collected through online interviews during the pandemic lockdown and restrictions. Findings reveal that while online banking has transformed financial transactions by offering unprecedented convenience and efficiency, it has simultaneously exposed both banks and customers to significant fraud risks. The study discusses user perceptions of online security, the impact of fraud on reputation and customer trust and recommends integrated fraud detection, prevention, and resolution measures. These insights provide a critical contribution to the ongoing development of robust online banking security protocols. The study further discusses preventative measures that aid fraud mitigation and prevention in online banking.