Book Title: Advanced Studies in Multidisciplinary Research and Innovation (ASMRI)
Chief Editors: Dr. Jagdish Kumar Sahu and Dr. Krishna Ashutoshbhai Vyas
Associate Editors: Dr. N. Ramesh Chandra Srikanth and Dr. Lourdu Vesna J
Co-Editors: Dr. Aarti Sharma and Dr. Pushpa Mamoria
ISBN: 978-93-7183-010-2
Chapter: 6
DOI: https://doi.org/10.59646/745/6
Author: Dr. Gunjan Agrawal
Abstract
Digital banking services have revolutionized the Financial Services industry by allowing customers to interact with financial services online and via mobile apps. The research paper discusses the cybersecurity risks of digital banking, including the new cyber threats, data protection risks and the implications of financial stability and customer trust. The study is designed using a mixed-methods approach that will involve both quantitative and qualitative research techniques. Quantitative research techniques will be used to collect data on cyber-attack incidents, fraud cases, and banking security reports, while qualitative research techniques will be used to gather data through analysis of expert opinions, regulatory guidelines, and industry reports. The results show that cybersecurity threats in digital banking are constantly changing, and typical frauds consist of phishing, malware, ransomware, identification burglary, and unauthorized access to monetary records. Banks that have more modern digital infrastructure and have a better system of regulatory compliance are more likely to be able to have a more robust cyber security system, while institutions that have less investment in technology are more vulnerable. Even though the company has switched to multi-factor authentication, encryption technologies and fraud detection systems, cybercriminals are making increasingly clever attempts to circumvent the company’s security measures. Moreover, customer awareness and digital literacy are key in minimising cybersecurity threats, as many cybercrime incidents can be prevented if informed users were more aware of the best practices for online banking. The research also reveals that cyber incidents can have a great influence on customer trust, resulting in reputational harm and economic damages for banking institutions. Recommendations for the policy include improving the regulation, investing in high-tech cybersecurity solutions including AI threat detection, and increasing user education initiatives. Overall, the findings highlight the importance of cybersecurity in the context of sustainable digital banking systems and the need for ongoing innovation, regulatory support, and customer awareness to ensure that financial services are secure and reliable in the digital age. The study will help the body of literature on fintech security by offering practical steps to minimise cybersecurity risks in the digital banking arena.
Keywords: Cybersecurity, Digital Banking, Online Banking Security, Phishing, Data Protection, Financial Fraud, Ransomware, Identity Theft, Fintech Security, Cyber Threats