Phising And Online Bank Fraud Essay

3597 words - 15 pages


Aditya Ravishankar
School Of Law, Christ University

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...

Other Papers Like Phising And Online Bank Fraud

Credit Card Frauds Essay

1878 words - 8 pages merchant. On average, each chargeback requires one to two hours to process. This is because processing a chargeback requires the merchant to receive and research the claim, contact the consumer, and respond to the acquiring bank or issuer with adequate documentation. 6. Loss of Reputation: Maintaining reputation and goodwill is very important for merchants as excessive chargeback and fraud monitoring could both drive cardholders away from transacting

Asssignt Essay

1173 words - 5 pages bank’s headquarters. News reports raised questions about why the fraud was not detected earlier. State regulators and the bank’s internal auditors failed to detect the fraud. Several reasons were given for the failure to find the fraud earlier. First, in checking for bad loans, bank auditors do not examine all loans and generally focus on loans much larger than the ones in question. Second, Greater Queensland had recently dropped its computer

Essay #1

584 words - 3 pages if he would have looked into what was going on in his bank financials could have probably elevated some of this commotion. He is a smart man he should have taken more time to make sure his bank was not committing fraud, as an owner I no he knew what he was getting into. I have to wonder if he had the intent to defraud the bank and the people. You need to be aware of what is going on with the finances and show up more. Don’t just think that

Internet And It's Affect On Business

2157 words - 9 pages via the bank website. Customers can now choose to view all their statements and check copies online. In addition, the banks will also allow for customers to submit their own requests for items such as statement copies which would normally be reserved for customer service to resolve. Funds can now be transferred at will between accounts, and customers can even request for new accounts to be opened without even stepping foot into a branch. The

Role Of The Internet & Crime

1226 words - 5 pages identity theft. Identity theft is the use of one person's personal information by another to commit fraud or other crimes. The most common forms of identity theft occur when someone obtains another person's social security number, driver's license number, date of birth, and the like and uses it to open a fraudulent bank, credit card, cellular telephone, or other account, or to obtain false loans. Criminal identity theft, the most common

Pay Pal

2170 words - 9 pages CASE STUDY* PayPal Has Company PayPal—the online payment processor now owned by eBay—was the first truly successful Internet-based e-commerce payment system. Its origins were quite simple. On November 16, 1999, Peter Theil sat with friends at a restaurant. When the bill arrived, Theil used his Palm Pilot to "beam" his share to a friend sitting across the table. Theil and fellow co-founder Max Levchin had built a

Cendant Case Study

1655 words - 7 pages Fraud Examination Cendant Case 1a. It is the auditor’s responsibility to provide reasonable assurance that the financial statements are free of material misstatement. Related parties make important decisions based on information provided in financial statements, so the auditor has a responsibility to plan and perform the audit accordingly in order to obtain reasonable assurance that the financial statements are reported fairly. b. The two

Personal Finace

478 words - 2 pages 1. Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below. EXAMPLE: Some large banks you might consider include Bank of America®, JPMorgan Chase®, Wells Fargo®, Citibank®, and U.S. Bank®. a. What is the name of the bank or credit union? (0.5 points) b. List three facts about savings account options at the bank or credit union you chose

Fraud Examination Chapter 1

2155 words - 9 pages 1 of 6 TEST BANK > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. Add Creation Settings Name Chapter 3--Fighting Fraud: An Overview Description Modify Instructions


1337 words - 6 pages numbers to every online merchant, and merchants appreciate having PayPal handle payment collection. New PayPal clients establish an account with a user name and password and fund the account by giving PayPal a credit card number or bank account transaction information. Although PayPal prefers the latter (because bank account transactions are cheaper than credit card transactions), half of PayPal's account are funded via credit cards eBay bought

Danske Bank On Facebook

3953 words - 16 pages Table of contents Case Description 1 Danske Bank on Facebook 3 The straw that broke the camels back 5 Danske Bank in a new world 7 Facebook is based on “Produsers” 8 Conclusion and Recommendation 8 References 10 Online data 10 Articles & litterature 10 Case Description Danske Bank have recently launched a new campaign with a new slogan called ”New Normal, New Standards”. Especially, the TV-advertisement has

Related Essays

Banking Essay

3880 words - 16 pages Bank Frauds “Lapses in system make easy the job of offenders to dupe banks” Fraud is any dishonest act and behaviour by which one person gains or intends to gain advantage over another person. Fraud causes loss to the victim directly or indirectly. Fraud has not been described or discussed clearly in The Indian Penal Code but sections dealing with cheating. concealment, forgery counterfeiting and breach of trust has been discusses which

Online Banking Essay

873 words - 4 pages The aim of this report is to assess and to compare the development of e-banking solutions by financial institution with a local approach. Online banking or Internet banking or E-banking allows customers of a financial institution to conduct financial transactions on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union or building society. In 2014, around 69 million American citizens bank online on

Kia Motor Fraud Essay

4866 words - 20 pages the detailed findings of Kia Motors and the fraud that occurred in 2002 through a Balanced Scorecard (“BSC”), Document Flowchart Diagram (“DFD”), as well as the facts and role of the accountant, Cecile Campbell in the fraud committed on Kia Motors in 2002. The report consists of mainly three components. Firstly, a BSC that was developed using Kia Motors’ mission, vision and strategies that were identified and inferred from online research and

Bank Of America Essay

1902 words - 8 pages bank account so that you can check your balance and transfer funds while on the road. Account security is another key benefit for mobile banking. While you are making transactions in business trip, you can also check your bank account on your cell phone for unauthorized transactions. To avoid that when you are getting home from a long trip, you discover that may have been a victim of fraud. Paying bills are the third feature of benefit