|
|
December 2019 Issue Vol.9 No.12
Insight on Internet Banking Crimes & Prevention
https://ia601408.us.archive.org/19/items/vol9no1201/vol9no1201.pdf
Kumaran K
Abstract:
Internet Banking started in the late 1990s. ICICI
was the first bank to champion its usage and introduced
Internet Banking to their customers in 1996. Banks like
HDFC, Citibank and IndusInd followed. SBI launched
Internet Banking in 2001. Anywhere Banking got
recognized and services like checking account status,
fund transfers, ordering demand drafts, loan
applications and shopping portals were viewed as high
value offerings. Total transaction value in the Digital
Payments segment amounts to US$64,787m in 2019
from about 513.8m users in India. The market’s largest
segment is Digital Commerce with a total transaction
value of US$58,812m in 2019. Total transaction value is
expected to show an annual growth rate (CAGR 2019-
2023) of 20.1% resulting in the total amount of
US$134,588m by 2023. A total of 5,743 fraud incidents
involving a total amount of Rs. 95,760 crores from Apr
2019 to Sep 2019 reported from Public Sector Banks.
