Cyber Crimes and Strategies for Mitigating in Banking and Financial Services

Abstract: A computer, network device, or network-based criminal activity is called a cybercrime. Nowadays, technology that is meant to enhance life, such as computers, the internet, and cell phones, has become the means to be cheated. Both ordinary and educated individuals are victims of cheats who cheat them out of their hard-earned cash. The Indian government launched the 'Citizen Financial Cyber Fraud Reporting and Management System' in 2021 due to an increase in cybercrimes in the banking sector. Individuals have lost money due to a range of cybercrimes such as phishing, identity theft, SIM switch scams, and vishing. Best practices such as do not pay by responding to alarming or threatening messages immediately. Do not click on unusual links or rely on unknown messages from unknown senders. To confirm the validity of such claims or allegations, the bank or lending institution should be contacted promptly through formal channels. Never shares sensitive or financial information with anyone, such as card number, expiration date, CVV, PIN, OTP, or bank credentials. To pay, not receive money, enter your UPI PIN, or scan a QR code. Do not accept requests for payments or financial transfers from unknown UPI IDs. Make payments via an authorized, official website or application, and always check the Customer Care or Helpline number on the original electricity bill. With Karnataka, Uttar Pradesh, and Telangana as the top states that reported the highest incidents, an analysis of cybercrime data between 2018 and 2022 reveals a staggering increase in cybercrime activities. Greater smartphone usage, e-transactions, and online interactions are culprits that drive cybercrimes upward. This highlights the importance of continuous awareness, improved reporting mechanisms, and more robust security protocols to shield individuals and businesses from cyber threats