Volume : 11, Issue : 3, MAR 2025

CAPITALIZING ON BUSINESS DEVELOPMENT AND CHALLENGES IN THE DIGITAL ERA RESEARCHED BY STUDENTS, PG DEPARTMENT OF COMMERCE WITH COMPUTER APPLICATIONS, MANNAR THIRUMALAI NAICKER COLLEGE MADURAI.

A STUDY ON CYBER SECURITY AFFECTING ONLINE BANKING AND ONLINE TRANSACTION

M.GURU NARAYANAN, M.SHANMUGAPRIYA

Abstract

Online banking has revolutionized financial transactions by providing convenience, accessibility, and efficiency. However, the increasing reliance on digital banking services has also introduced significant cybersecurity risks. Cybercriminals exploit vulnerabilities in banking systems through phishing attacks, malware, ransomware, and identity theft, jeopardizing the security of sensitive financial data. One of the major threats is phishing, where attackers deceive users into revealing login credentials. Additionally, banking trojans and keyloggers compromise personal and financial information, leading to unauthorized transactions. Weak authentication mechanisms further expose banking systems to brute-force attacks and credential stuffing, emphasizing the need for robust security protocols. Despite advancements in encryption and multi-factor authentication (MFA), cybercriminals continuously develop sophisticated methods to bypass security controls. The adoption of artificial intelligence (AI) and machine learning (ML) in fraud detection has strengthened cybersecurity measures, but the evolving nature of cyber threats remains a persistent challenge.

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References

1. European Union Agency for Cybersecurity (ENISA) (2023). Cybersecurity Threats in the Financial Sector. ENISA Reports. Retrieved from www.enisa.europa.eu

2. Federal Financial Institutions Examination Council (FFIEC) (2023). Cybersecurity Best Practices for Online Banking. FFIEC Guidelines. Retrieved from www.ffiec.gov

3. Kaspersky Lab (2023). The Evolution of Banking Malware: Emerging Cyber Threats. Kaspersky Security Bulletin. Retrieved from www.kaspersky.com