Financial Fraude

LUCKNOW—The rise of digital banking has made it easier than ever for customers to manage their finances. However, it has also created new opportunities for cybercriminals. According to a report by Javelin Strategy & Research, online banking fraud losses are expected to reach $5.6 billion by 2025.How Cybercriminals Exploit Online Banking: Account Takeover: Cybercriminals can gain access to customer accounts by stealing login credentials or using malware. Unauthorized Transactions: Once they have access to an account, cybercriminals can make unauthorized transactions, such as transferring funds to other accounts or making purchases. Data Breaches: Cybercriminals can also steal customer data from banks, which can then be used to commit identity theft or other crimes. The Impact of Online Banking Fraud:Online banking fraud can have a devastating impact on customers, as it can lead to significant financial losses. It can also damage the reputation of banks and erode customer trust.How Banks Can Protect Customers from Online Banking Fraud: Implement strong security measures, such as two-factor authentication and encryption. Monitor customer accounts for suspicious activity. Educate customers about the risks of online banking...