JURJ

Emerging Trends of IndianBanking System: Check& Control Fraudulent Activities

Author: Dr. C.P. Guptaa and Abhilasha Sharma

Abstract:

The banking sector is increasingly harnessing the information technology in a big manner to bring by lesser service satisfaction through increased effectiveness, delicacy, inflexibility and speed in banking deals completion. The 21st Century has witnessed the electronic fund transfer (EFT), automatic teller machine (ATM), Real time gross settlement (RTGS) in data processing accoutrements, automation in banking services, tele- banking, mobile- banking, use of various disbenefit/ credit cards, etc. which has made banking easier, timesaving and precise.

The technological advances have changed the face of banking but at the same time have attracted the attention of the greedy unethical money- chaser people towards itself. As the threat of losing anything in the attempt of snatching money off from the electronic mode of guardianship of money is much lower than the possible gain that could be generated indeed through one single banking fraud. In simple words, the old ways of frauds are snappily giving space to new technological frauds. The perpetrators of frauds are using the ultramodern technology for commission of Banking Frauds it's so charming for a wicked greedy mind.

Also, as a result, there's the lurking fear of numerous that similar frauds may remain undetected. Banking frauds are effective defence against this imminence needs legal munitions to descry the frauds, to collect attestations of the frauds and to insure on-recurrence of the Banking Frauds. The hanging rising trend of Banking Frauds makes it imperative that new advanced ways and means are innovated to contain the curse of Banking Frauds in the 21st Century. This study concentrates on the traditional frauds, their procedural aspects and new ultramodern Banking Frauds. The study also concentrates on the legislative measures espoused for the prevention for banking frauds within the legislative frame.