Journal Press India^®

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With the rapid expansion of digital technology and online transactions, financial fraud in India has also seen a surge. Online financial fraud refers to illegal activities that involve the use of the internet, computer networks, or any electronic communication devices to commit fraud. This paper aims to provide an overview of the increasing online financial fraud in India and its impact on individuals, businesses, and the economy. Online financial fraud has become a serious concern in India, with a significant increase in the number of reported cases in recent years. It is important to take necessary measures to prevent such fraudulent activities and safeguard the interests of individuals, businesses, and the overall economy. This paper aims to provide a perspective on how to counter the increasing trend of online financial fraud in India. Online financial fraud has become a significant challenge for the global economy, and India is no exception. According to a report by the Federal Trade Commission, the United States alone has reported a loss of $1.9 billion due to online fraud in 2019. Similarly, a recent report by the Reserve Bank of India (RBI) indicates that online banking frauds in India have increased by 500% over the past year. The rise of digital transactions, coupled with inadequate cyber security measures and lack of awareness among consumers, has created a fertile ground for fraudsters to operate. This paper aims to analyse the challenges and solutions to mitigate the growing threat of online financial frauds in India, with a focus on the increasing trend of online financial fraud across the world.

Keywords

Challenges and solutions, Online financial frauds, India

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