CYBERSECURITY IN BANKING OPERATIONS: STRENGTHS AND WEAKNESSES

Banking is considered to be one of the oldest professions. Its roots date back to the ancient world, circa 1000 BC. The three major reasons for the unbelievable increase in internet banking transactions in India are demonetization of high-value currency notes, the Covid-19 pandemic, and Pradhan Mantri Jan Dhan Yojana (PMJDY). Considering these factors and the growth of online transactions in day-to-day activities and the business world need has arisen to analyze whether the current legislation is sufficient or changes are required to be made in order to combat the situation of cybercrime. The gap between the legislature to drafting and enacting legislation to prevent cyber fraud and technological intelligence of fraudsters helps these fraudsters to step forward.