Authors

1. Ms. Vandana Shrlvastava
2. Dr. Yogendra Kumar Verma

Affiliation

• Assistant Professor, S.S. Jain Subodh (Autonomous) College, Jaipur
• Assistant Professor, S.S. Jain Subodh, PG (Autonomous) College, Jaipur

Abstract

Electronic Transaction is an internet based facility used for sales or purchase of goods, services between individual, businesses and other public or private organizations conducted over computer network. It is a very popular and one of the most enticing technique used by most of the internet users and provides benefits like cost-efficiency, easy availability, no movement, and flexibility. Mobile Banking is a preferred and very popular mode of a­ transaction. It provides user to do its banking safely and conveniently using a mobile device. From user's view it provides most popular banking feature like check account and balance, make transaction, bill payments, fund transfers etc. promoting digital and cashless society and from bank's point of view, mobile banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal, fund transfer, bill payments and many more things. Mobile Banking made banking simpler, easier, extremely convenient and much popular among users. Its increased popularity added hundreds of users day by day to the digital world, but with the number of users increasing, it poses some serious security issues over the transactions. Besides providing lots of benefits, mobile banking faces security issues and challenges like mobile malware, unsecured wi-fi, third party apps, user's behavior, unaware about security issues, device fingerprinting etc. which always arise some serious questions about security of the same. To promote digital and cashless transactions, it is very necessary that all activities and transactions must be kept secure to protect from threats and vulnerabilities. It is stated that mobile banking in India is not only unsafe but quite risky because cyber laws are not adequate to provide full cyber security. It is also noticed that in absence of well proven security measures, cyber crimes and frauds are increasing very rapidly. So it is very necessary to design a latest framework of full proof cyber laws so that crimes can be kept negligible and digital transactions can be promoted.

Keywords

Mobile Banking, Security Issues, Cyber Laws

References

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