Securing Digital Vault: A Comprehensive Approach to Mitigating Internet Banking Frauds

Abstract

In an era marked by the rapidly evolving digital landscape, technological advancements have permeated every facet of our lives, transforming various industries, including education, legal, healthcare, and communications. One industry that has been significantly impacted is the financial sector, where internet banking has revolutionized how individuals manage their finances. This digital evolution has also given rise to a concerning surge in banking frauds, challenging the security and integrity of the digital vault. Banking frauds encompass a wide range of illicit activities, including phishing, identity theft, account takeovers, malware-driven attacks, and social engineering. These fraudulent activities pose a significant threat to individuals, organizations, and governments worldwide. Moreover, financial institutions, as repositories of sensitive and confidential information, including client data, financial records, and personal information, have become attractive targets for cybercriminals. The motivations behind these malicious acts range from financial gain to identity theft and corporate espionage