PHISHING & ONLINE BANKING FRAUD
School Of Law, Christ University
TABLE OF CONTENT
1. Abstract ...2
2. Introduction ...3
3. Statement of Problem ...3
4. Scope and Objective ...3
5. Fraud …4
6. Online Banking …5
7. Banking Fraud using Technology …6
8. Cyber Crime & Online Banking Fraud …6
9. Phishing …7
10. Classification of Phishing ...8
11. Indian Scenario …11
12. conclusion …12
Nowadays, almost every ...view middle of the document...
e. social, business, commerce, government, education, and family including religious organizations. Employee dishonesty is as old as the work place itself. Frauds have assumed different dimensions, albeit with increased sophistication. Hence forgeries, deceit and other unwholesome practices have continued to be a way of life and the practitioners have flourished overtime at the expense of the larger society. Incidentally, banks are their major targets in recent times notwithstanding the increased use of technology in banking operations. No bank appears safe from the menacing epidemic. The jitters are even felt beyond the seemingly secured vaults of the nation’s most vibrant sector. Due to the pivotal roles of banks in the growth and economic development of any nation, it has become very necessary to protect this institution from the antics of fraudsters.
Statement of Problem
With the progress in technology, there is a rapid increase in the merits and applicability of technology. The internet is one such technology used widely in banks; however, it also has a few drawbacks, the internet is subject to cyber crimes and phishing is one of the most dangerous ones. Thus the problem is to tackle economic crimes which occur in banking sectors.
Scope and Objective
This paper has a wide scope and a broad range which extends to online banking frauds in general, it also talks about fraud in brief and its adverse effects, later it narrows down to a particular, kind of online banking fraud called phishing which occurs online and thus attempts to cover a specific topic with reference to the above.
Black’s law dictionary (6th edition, 1990) has defined fraud asan intentional perversion of truth for the purpose of inducing another, relying upon it to part with some valuable thing belonging to him or to surrender a legal right. A false representation of a matter of fact, whether by words or by conduct, by false or misleading allegation or by concealment of that which deceives and is intended to deceive another so that he shall act upon it to his legal injury. Anything calculated to deceive, whether by a single act or combination or by suppression of truth or suggestion of what is false whether it be by direct falsehood or innuendo, by speech or silence, word of mouth, look or gesture.
Fraud is defined under Sec. 421 of the Indian Penal Code and under Sec. 17 of the Indian Contract Act. Thus essential elements of frauds are:
1. There must be a representation and assertion;
2. It must relate to a fact;
3. It must be with the knowledge that it is false or without belief in its truth; and
4. It must induce another to act upon the assertion in question or to do or not to do certain act.
In Rajendra Prakash v. Smt. Babita Gupta Alias Pratiba, held that, Section 17 of the Indian Contract Act defines that "fraud" means when a person induces anyone to enter into a contract on the suggestion of a fact which is not true by the person himself who does not believe it...