CUSTOMERS’ CONSCIOUSNESS ABOUT FINANCIAL CYBER FRAUDS IN ELECTRONIC BANKING: AN INDIAN PERSPECTIVE WITH SPECIAL REFERENCE TO MUMBAI CITY

The use of Machine Learning and Deep Learning techniques has become pervasive in areas of finance, such as trading, mobile banking, payments, and granting of credit to customers. Moreover, these methods are essential in dealing with financial offenses, fraud, and cyberattacks. Cybercrime is on the rise and cybercriminals are taking advantage of hacking and social engineering strategies to undermine the security systems of financial and corporate establishments. It is troublesome to recognize financial cybercrime activities. Banks and other financial organizations have to confront not just the challenge of distinguishing authentic illegal dealings, but also the need of transparency, fairness, and confidentiality from their customers and regulatory authorities, which necessitates applying artificial intelligence techniques to identify fraud-related activities in a specific way. Despite their popularity, there is still a lack of a complete comprehension of the financial cybercrime environment, associated methods, their flaws, and fresh open issues in this area. Through this investigation, the researcher intends to fill the void by examining the financial cybercrime system based on two levels: (a) the various deceitful practices utilized by criminals; and (b) customers' comprehension of various kinds of financial cyber frauds. This study will concentrate on the financial literacy and public understanding of cybercrime technique. The goal is not only to address cybercrime yet additionally to build up preventive measures by characterizing proper procedures which fraud is acted and devoted. It is estimated that the income generated from financial wrongdoings makes up 2-5% of the world's total GDP (approx. $2 trillion USD) (Forum, n.d.). The anti-money laundering rules in effect are not adequate enough to tackle a problem of this magnitude. Not only have the number of crimes, both identified and hidden, grown, but so has their cost. Cybercrime and malicious hacking have become more common. In the world of financial crime, regulators are continually changing the rules, with a view to counter illegal trafficking and money laundering, and governments are more actively utilizing economic sanctions, focusing on countries, organizations and even single people. Institutions are realising that their existing techniques for dealing with such criminal activities are not enough.