Analysis of Cyber Security and Cyber fraud in India

Indian banking sector moves from traditional banking to digitalize banking.There were two major pushes for digital transactions in India.The first was demonetisation in 2016 andsecond COVID-19-induced lockdown when physical currency was considered a potential carrier of the virus.Digital Transactions are meant to curb tax evasion, corruption, and the use of hard cash in crime.As digital technology increasingly becomes a part of every aspect of our lives.India's impressive expansion in online transactions also coincides with an unprecedented spike in cyber frauds.Banking sector is facing cyber attacks more times compared to other sectors.This paper analyzes the cyber security and cyber fraud by users and bank perspectives.The main aim of cyber-Security in Digital Banking is to provide safety measures to the user's account digital money like debit cards and credit cards for transactions.To protect the IT systems, confidential data of bank's as well as customers either in rest or in motion, and to ensure continuity of business a Cyber Security Policy and a Cyber Security Framework are required for every bank.The weapon for cybercrime is Cyber Security which is used in digital banking as one of the best and important tools.