Cyber Threats in banking and financial services

E-commerce is a major component of the global market. Various E – Commerce platforms in India have given rise to a new era of Digital Banking. The banking and financial sectors have always been a major goal for cyber threats, because of the important nature of the information they handle. With the increased use of online banking methods, the risk of being affected by cyber threats has increased. This study focuses on the most important threats and challenges faced when interacting with banks and financial institutions. A detailed study on cybercrime highlights the dangers to consumers who are victims of cyber theft. Malicious use of technology leads to safety violations, customer mistrust, financial instability, and other forms of cybercrime. With an increasing dependence on technology and digital changes, the region is facing more complex and sophisticated hazards than cybercriminals. This study introduces some common practices, along with consumer awareness. It also mentions do’s and do not, which are to be followed to avoid vulnerable risk. It is also mentioned that cyber ethics people should know when using digital technology. A few important cases of cyberattacks are discussed to create awareness among customers. This study provides some solutions for the banking sector against cyber-attacks.