Cybercrime refers to the use of a computer to advance illicit activities like fraud, the trafficking of child pornographic material and other intellectual property, identity theft, privacy invasions, etc. It entails spreading viruses, downloading files unlawfully, engaging in phishing schemes, and stealing personal data like bank account numbers, etc. Thus, a crime can be identified as a “cybercrime” if “computer” and “internet” are among its primary components. Because of this, computer crimes are frequently used to refer to cybercrimes. The majority of cyberattacks fall under the category of “economic crimes,” which are typically carried out by highly organized criminals and employ the most cutting-edge technologies.The number of cases of financial fraud has risen along with the rate of innovation. Different methods are being used by cybercriminals to gather bank information and conceal their funds. The banks have employed a number of specific procedures to protect against these frauds, yet the problem persists. This is explained by the fact that the security measures currently available through banks are also available in public or in other places where they can be exploited by cybercriminals who can simply breach security measures.Banking sector has suffered an impact of cybercrimes. RBI has defined bank fraud has as, “A deliberate act of omission or commission by any person, carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for a temporary period or otherwise, with or without any monetary loss to the bank.”

Cyber Crime, Banking frauds, IT Industry,Hacking, Spyware, Credit card fraud, Virus, Narasimha Committee