Today as “Cyber-Crime”. Simply stated, “Cyber-Crime” is crime that

 Today
activities performed over the internet are not just limited to technology
freaks for technical uses, rather every second individual is enjoying the easy
internet availability and accessibility for day-to-day purposes like banking,
ecommerce, education, entertainment and many more. Markedly, the wave of
smartphones has definitely acted as a catalyst to this tremendous internet
growth. As an increasing number of users are demanding online services, the
background mission of providing balanced security and convenience is seeming to
be a tough challenge due to numerous obtrusive actors collectively referred to
as “Cyber-Crime”. Simply stated, “Cyber-Crime” is crime that involves a computer
and a network. Cyber-Crime is being considered a serious threat to all the
aspects of a nation’s economic growth as maximum instances of the same are
being observed in financial institutions. Cyber-Crime incidents include but are
not limited to credit card fraud, spamming, spoofing, e-money laundering, ATM
fraud, phishing, vishing, identity theft and denial of service.The
banking industry has enjoyed the ride of emerging technology to undergo
significant changes. Banks are among the biggest beneficiaries of the IT
revolution and have largely adopted Information Technology solutions for
rendering the banking services to their customers. The proliferation in online
transactions mounting on technologies like NEFT (National Electronic Fund
Transfer), RTGS (Real-time Gross Settlement Systems), ECS (Electronic Clearing
Service) and mobile transactions is a glimpse of the deep rooted technology in
banking and financial matters. With the swift expansion of computer and
internet technologies, new forms of worldwide crimes known as “Cyber Crimes”
has evolved in the scene. Over a period of time, the nature and pattern of
Cyber Crime incidents have become more sophisticated and complex. Banks and
Financial Institutions remain the unabated targets of cyber criminals in the
last decade. Notably financial gain is still one of the major motivations
behind most cyber criminal activities and there is little chance of this
changing in the near future