Co esponding au ho : Aa a Kapu
Copy igh © 2025 Au ho (s) e ain he copy igh o his a icle. This a icle is published unde he e ms o he C ea i e Commons A ibu ion Liscense 4.0.
How do online banking scams a ec consume beha iou and inancial sys em
s abili y in de eloping economies like India?
Aa a Kapu *
G ade 12 S uden , Kunskapsskolan In e na ional, Gu ug am, Ha yana, India.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 798-803
Publica ion his o y: Recei ed on 30 June 2025; e ised on 08 Augus ; accep ed on 11 Augus 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.27.2.2890
Abs ac
Online banking has e olu ionised inancial ansac ions by b inging abou e iciency, accessibili y, and con enience
ne e seen be o e. Howe e , his shi owa ds digi alisa ion o inances has caused signi ican ulne abili ies, especially
h ough online banking scams. This esea ch pape examines he economic implica ions o such scams, ocusing on how
auds a ec consume beha iou and he b oade inancial sys em, pa icula ly in de eloping economies like India. By
del ing deepe in o se e al scam ypologies, such as phishing and ishing, he pape in es iga es how consume s’ us
in digi al banking may be e oded, po en ially leading o inc eased cash dependency. Addi ionally, he s udy analyses he
inancial p essu e on banks, egula o s and in ech companies as hey end o in es la ge amoun s in aud de ec ion,
cybe secu i y in as uc u e, and compensa ion o ic ims. The pape concludes wi h policy ecommenda ions aimed
a enhancing digi al secu i y and es o ing public us in online banking pla o ms.
Keywo ds: Online banking scams; Phishing; Vishing; Consume beha iou ; Financial sys em s abili y; De eloping
economies
1. In oduc ion
The spu ing g ow h o online banking o e he las ew yea s has e olu ionised India's inancial scena io en i ely, wi h
unp eceden ed con enience and accessibili y o inancial se ices o consume s. As s a ed in he RBI Repo on T end
and P og ess o Banking in India 2023-24, in Ma ch 2024, digi al paymen s made up 97.1% o he o al alue. The
Uni ied Paymen s In e ace (UPI) con ibu es mos o he ansac ion olume.[1] Bu his cybe e olu ion has also
p o ided gullible cus ome s wi h esh me hods o exploi hem. Phishing and ishing a acks hi ic ims wi h decep i e
messages o seize sensi i e banking passwo ds and make unau ho ised ansac ions.
Phishing ypically comp ises audulen emails o websi es ha ep esen legi ima e inancial ins i u ions, in ending o
ick use s in o e ealing pe sonal de ails such as login in o ma ion o one- ime passwo ds (OTPS). Vishing, also
e e ed o as " oice phishing," is a me hod o conduc ing phone calls ha pe suade ic ims in o sha ing p i a e banking
de ails. These calls a e mos o en ini ia ed by scamme s ac ing as bank ep esen a i es o law en o cemen o icials.
Phishing and ishing we e epo ed o ha e con ibu ed a la ge sha e o epo ed cases in 2023, as pe he Indian
Compu e Eme gency Response Team (CERT-In), ende ing inancial aud he mos dominan ype o cybe c ime in
India.[2]
These scams no only make consume s lose money ou igh , bu also c ea e an en i onmen o dis us and anxie y ha
migh de e indi iduals om u ilising digi al banking, especially in low-income and u al a eas. The inancial
consequence also ex ends o egula o y agencies ha mus implemen cybe secu i y policies and apply hem, and banks
ha mus in es hea ily in aud p e en ion in as uc u e.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 798-803
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Phishing and ishing a acks ha e become powe ul enemies o India's digi al banking economy, incu ing huge
mone a y losses o consume s and d aining con idence in online inancial sys ems, es ic ing he usage o digi al
cu encies and subjec ing inancial ins i u ions o heigh ened economic and egula o y p essu es.
2. Case s udy 1 - Phishing scam in Rajas han
In Janua y 2023, a 55-yea -old a me om S i Ganganaga in Rajas han ell p ey o a sophis ica ed phishing a ack ha
cos him o e ₹8 lakh. The whole hing s a ed when his son, Ha sh Va dhan, who li es in Dwa ka, Delhi, ecei ed an
SMS s a ing ha hei S a e Bank o India (SBI) accoun was locked as hey had incomple e KYC (Know You Cus ome )
in o ma ion. The SMS had a link u ging him o ake immedia e ac ion. Con inced ha he message was genuine, Va dhan
clicked on he link, which esul ed in he download o a ake SBI YONO app. No knowing he ick, he en e ed he login
de ails in o he imi a ion applica ion.[3]
Wi hin minu es, ₹8,03,899 wo h o unau ho ised ansac ions we e ca ied ou om he a me 's accoun , wi h money
sp ead ac oss se e al pla o ms, including Payu, CCA enue, and an Axis Bank accoun . Va dhan immedia ely ale ed his
a he , who ang up he local bank b anch. The bank manage mo ed as , coope a ing wi h he cybe cell in S i
Ganganaga o ack he ansac ions. Thei imely in e en ion esul ed in he eco e y o ₹6.24 lakh, mos ly om Payu,
which had e ained he money pending e i ica ion. Bu he es o he amoun had al eady been wi hd awn o spen ,
making u he eco e y di icul .
2.1. India Today
The case highligh s he weaknesses o digi al banking, pa icula ly in he con ex o phishing a acks ha ake ad an age
o use s' us and sense o u gency. I also emphasises he need o p omp esponse and coo dina ion among ic ims,
banks, and cybe c ime uni s o limi losses. Addi ionally, i aises he issue o g ea e public awa eness abou
cybe secu i y p ac ices and he adop ion o s ong e i ica ion p ocesses by inancial ins i u ions o a oid such
inciden s.
3. Case s udy 2 – Vishing scams in Indo e
Ea ly in 2025, Indo e was hi by a ishing scam wa e a ge ing unsuspec ing c edi ca dholde s wi h ala ming
consis ency and p ecision. Scamme s impe sona ing bank o icials om highly espec ed es ablishmen s such as Axis
Bank and IndusInd Bank called people, elling hem ha hei c edi ca d ewa d poin s we e se o lapse. Vic ims we e
in o med ha hey could immedia ely exchange hese poin s by clicking on a link o ins alling a mobile app o wa ded
h ough SMS o Wha sApp. One ic im, a 47-yea -old businessman, was called and asked o ac immedia ely so he would
no lose his accumula ed poin s. Thinking he calle was genuine, he ins alled he applica ion and inpu his banking
c eden ials and OTPs. In a ma e o minu es, ₹4.05 lakh was d ained om his accoun ia a se ies o quick ansac ions.
[5]
I was no a one-o case. Indo e police egis e ed mo e han 50 such cases in a pe iod o a ew weeks wi h an agg ega e
loss o mo e han ₹24 lakh. Mos ic ims had complained o ecei ing simila calls wi h download links o imi a ed
banking apps o o access ake websi es mimicking au hen ic in e aces. In a ew ins ances, he ic ims had downloaded
.apk iles on o hei And oid handse s, p o iding emo e access o he pe pe a o s. Though cybe c ime uni s quickly
ac ed upon i , only a hi d o he s olen money could be aced and eco e ed, as he auds e s apidly ans e ed he
money h ough elec onic walle s and mule accoun s.
These scams a e much mo e han abe an inancial e o s- hey ha e p o ound, long-las ing impac s on bo h people
and he inancial sys em. Vic ims a e le dis essed, no me ely because o he loss o sa ings, bu also because o he
psychological shock ha esul s. Fea , anxie y, and an o e a ching sense o insecu i y gain g ound, pa icula ly among
he senio ci izen y and he digi ally illi e a e sec ions. In mos cases, he ic ims a e discou aged om a ailing o digi al
banking again, and he e o e, he e is a su ge in cash ansac ions again wi h a e e sal o he o e all objec i e o d i ing
a digi al economy.
The ha m also p opaga es in he inancial sys em as a whole. Banks ha e o spend la ge sums on aud de ec ion
mechanisms, be e cybe secu i y in as uc u e, and cus ome complain ed essal sys ems. Regula o y au ho i ies
such as he Rese e Bank o India a e unde inc easing p essu e o p omulga e igh e guidelines, unde ake public
awa eness campaigns, and in ensi y en o cemen measu es agains cybe scams. The ime and esou ces being in es ed
in comba ing such scams end o ake away om de elopmen al objec i es such as enhancing inancial inclusion and
inc easing digi al access in u al egions.
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All in all, ishing auds such as hose in Indo e highligh an u gen es o de eloping economies like India. While he
na ion a emp s a cashless economy, he ai h and us o he use s in digi al pla o ms becomes indispensable. In he
absence o his, he digi al di ide migh inc ease, and he e y p omise o inancial echnology-e iciency, inclusion, and
anspa ency is jeopa dised. Thus, comba ing such scams in he cou s o law, educa ing he masses, and implemen ing
sys emic p o ec ion is no me ely i al; i is impe a i e.
4. Cu en policy landscape: egula o y & ins i u ional esponses o online banking scams
India's pa h o a obus and secu e digi al banking landscape has been in luenced by a mul i-p onged egula o y
app oach ha ocuses on he p e en ion o aud, consume sa egua ding, cybe secu i y egula ion, and use awa eness.
A he hea o he amewo k has been he Rese e Bank o India's (RBI) o wa d- hinking ini ia i e o obus
au hen ica ion in online ansac ions. In Augus 2024, he RBI issued a d a ci cula i led Al e na i e Au hen ica ion
Mechanisms (AFA), opening up a new wo ld beyond SMS-based OTPs. The ound di ides au hen ica ion me hods in o
h ee secu i y ca ego ies-knowledge (PINs, passph ases), possession (ha dwa e/so wa e okens), and inhe ence
(biome ics)-and equi es all elec onic paymen s (o he han small, low- alue excep ions) o be au hen ica ed by a
dynamic ac o ha is unique, ansac ion-dependen , and non- eusable. [5]
This isk-based s a egy enables banks o adap au hen ica ion me hods based on ansac ion alue, channel, and
cus ome . While low- isk ansac ions such as small- alue o line o ecu ing manda es a e excluded, he RBI manda es
issue s o secu e exp ess cus ome consen be o e he implemen a ion o al e na i e me hods o au hen ica ion and
ensu e simple de egis a ion p ocedu es. [6] The objec i e is o subs an ially lowe he dependence on phishing o
ishing h ough he inclusion o mo e obus , cus ome -speci ic e i ica ion p ocedu es.
In addi ion o au hen ica ion e o ms, he RBI has eleased mul iple cybe secu i y and ope a ional esilience manda es
ha banks and inancial ins i u ions mus adhe e o. In pa icula , he 2023 Mas e Di ec ions on In o ma ion
Technology Go e nance, Risk, Con ols and Assu ance P ac ices manda e egula ed en i ies such as banks, NBFCs, and
paymen s banks o enhance IT go e nance, implemen obus cybe - isk amewo ks like c isis- esponse plans, and
collabo a e in close coo dina ion wi h CERT-In and RBI on inciden epo ing. [7]
This includes eal- ime h ea de ec ion and eco e y s a egies co e ing h ea s like phishing, ishing, malwa e, and
DDoS a acks. Addi ionally, lende s a e now obliga ed o u ilise TRAI’s Mobile Numbe Re oca ion Lis (MNRL) o
iden i y and block calls om decommissioned numbe s, which educes he po en ial o auds e s o pose as using
ecycled SIM numbe s.
A he na ional le el o cybe secu i y, CERT-In (Indian Compu e Eme gency Response Team) has enhanced i s ole by
manda ing inciden epo ing egula ions. In Ap il 2022, i made i manda o y ha c i ical o ganisa ions-such as banks
and paymen companies-ha e o epo cybe inciden s wi hin six hou s, s o e ICT logs locally, and ake measu es like
NTP synch onisa ion and VPN audi ing.[8]
Mo eo e , he e ised IT Ac penal ies b ough h ough he Jan Vishwas Amendmen (2023) now encompass highe
ines (maximum o ₹1 lakh) and imp isonmen o de aul on epo ing equi emen s, bols e ing en o cemen agains
iola ions. Con inued in e na ional collabo a ion, including collabo a i e cybe de ence exe cises, also enhances
na ional esilience. [9]
La e on, mo e ecen ly, in Feb ua y 2025, he RBI issued a new ini ia i e b inging in an o icially app o ed ".bank.in"
domain o all banks-wi h a planned ". in.in" domain o in ech i ms- o gi e cus ome s a secu e, go e nmen -
moni o ed URL space. Fo he pu pose o lowe ing phishing h ough imi a ion websi es, banks will need o shi by Ap il
2025.[10] The go e nmen is also u ging banks o use email and messaging au hen ica ion measu es such as DMARC,
SPF, and DKIM and o pa ne wi h pla o ms such as Google, Apple, and Wha sApp o p e en spoo ing. [11]
Toge he , hese measu es- a ious as hey a e om sophis ica ed au hen ica ion p o ocols and g ie ance ed essal
mechanisms o cybe secu i y egula ions and public awa eness-cons i u e a mul i- ace ed de ence amewo k. They
mi iga e no jus he echnical aspec s o aud, bu also consume con idence and sys emic s abili y. Whils a om
lawless in e ms o ake-up and consis ency, his egula o y amewo k is e idence o a na ional de e mina ion o
s abilise India's digi al inancial landscape and s em he ise o online bank scams.
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5. C i ique and ecommenda ions: enhancing policy e ec i eness
India's egula o y s uc u e o hwa online banking aud is s ong, bu a ious gaps and implemen a ion issues
comp omise i s e ec i e unc ioning. This sec ion c i ically e alua es exis ing measu es and gi es p agma ic
sugges ions o s eng hen digi al mone a y sa e y.
5.1. Implemen a ion Issues wi h Al e na i e Au hen ica ion Mechanisms:-
Despi e e o s by he RBI o encou age al e na i e au hen ica ion me hods (AAM), i.e., passph ases and biome ics,
banks ha e esolu ely held back. P i a e bank ad iso s ha e e med his ansi ion as "ha d o implemen " and
expensi e, wi h no appa en incen i e o he e u n on in es men and di icul ies in ope a ions, especially o mul i-
channel suppo , including desk op banking[12]. The ubiqui ous use o SMS-based OTPs con inues e en as SMS channel
ulne abili ies inc ease, wi h inc easing h ea s om SIM-swap a acks and SS7 p o ocol ulne abili y exploi s[13].
Recommenda ion: RBI should implemen he adop ion o AFA by a s aged ye binding plan wi h deadline e ms o
compliance and audi obliga ions. To acili a e implemen a ion, an AFA oolki -consis ing o open-sou ce SDKs and
echnical amewo ks-mus be o e ed o banks, especially u al o small lende s. S anda disa ion o au hen ica ion
me hods on desk op and mobile de ices mus be suppo ed o aid use con enience and adop ion.
5.2. Limi ed En o cemen Beyond High-Le el Guidelines
RBI policy is p ima ily ad iso y, ocusing on p inciple-based guidelines no speci ying obliga o y me hods. Media
epo s highligh banke s' wa iness: as one in ech ad iso sugges ed, "I i ain' b oke, don' ix i ," in an exp ession o
ins i u ional conse a ism[14]. Lacking sanc ionable guidelines, only high-p o ile banks wi h compliance p oblems
(Ko ak Mahind a, HDFC, e c.) a e subjec o cu bs- his selec i e en o cemen does no s eng hen he digi al sa e y ne
o e all[15].
Recommenda ion: The egula o needs o mo e om ad iso ies o binding manda es. A ie ed en o cemen model-
s a ing wi h sys em-wide audi s and penalising non-compliance, would spu quicke adop ion. Public disclosu e o
compliance measu es could spu lagging banks in o ac ion.
5.3. Gaps in Public Awa eness and Educa ion
Awa eness p og ams such as "RBI Keh a Hai" b ing c i ical wa nings agains phishing and usage o public Wi-Fi. Ye ,
hey a e no sui ed o a ge ed g oups like u al use s and senio s. Also, digi al li e acy is low. Mo e han 95,000 UPI
aud cases ook place in FY 2022–23, which shows ha messaging isn' enough[16].
Recommenda ion: Launch mul ilingual campaigns o a ge ed use g oups using local banks, sel -help g oups, and
illage cen e s. In eg a ing sho educa ional ideos and sho quizzes in o banking applica ions can maximize e en ion
and engagemen . Addi ionally, he implemen a ion o a pee -d i en ambassado p og am in illages may inc ease us
and awa eness.
5.4. Technical Loopholes in Message Au hen ica ion and Domain Secu i y
The RBI p oposal o in oduce a ".bank.in" domain o au hen ic banking si es has p omise bu alls sho in add essing
key a eas. Exis ing walle and mobile SMS/Wha sApp ulne abili ies, such as spoo ed SMS/Wha sApp messages, a e
s ill no add essed[17]. No manda o y email secu i y measu es, such as DMARC, SPF, o au hen ica ed badges on online
pla o ms, ha e been en o ced by au ho i ies, making consume s suscep ible o phishing h ough spoo ed messages.
Recommenda ion: The RBI mus manda e all banks and NBFCs o ansi ion o he ".bank.in" domain and implemen
consis ency in bank communica ion channels. I will also ha e o manda e DMARC, SPF, and DKIM email au hen ica ion
and wo k wi h la ge messaging pla o ms o suppo e i ied o ganisa ional iden i y ma ks. These measu es would
ab up ly cu down impe sona ion-based ishing and phishing a acks.
Th ough emedying hese s uc u al, echnical, and beha io al de iciencies, India can deepen he con idence o
consume s in digi al banking. En o cing AFA wi h compliance deadlines, imp o ing use educa ion, s eng hening
communica ion au hen ici y, and es ablishing a uni ied ed essal au ho i y a e essen ial s eps o make egula o y
egimes a angible p o ec ion o all use s, u ban o u al, and suppo he coun y's digi al inance e olu ion.
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6. Conclusion
Online banking aud, especially phishing and ishing, la gely h ea ens no jus consume con idence bu also he
ins i u ional s abili y o inancial sys ems o de eloping economies such as India. Wi h he na ion mo ing inc easingly
o wa d wi h i s digi al inancial e olu ion h ough UPI and mobile banking pla o ms, hese scams s and he chance
o des oying long-ea ned g ound h ough loss o public us , especially in ulne able ca ego ies such as u al use s
and elde ly ci izens. The wo case s udies examined in his pape cap u e no only he economic damage caused o
people bu also he p o ound psychological and sys emic consequences ha ensue.
Though he Rese e Bank o India and CERT-In ha e implemen ed s ong measu es o comba hese h ea s h ough
new au hen ica ion p ocedu es, cybe secu i y measu es, and public awa eness d i es, he e a e s ill majo challenges.
These ange om he slow pace a which banks ha e adop ed s ong secu i y p ac ices o a lack o coe ci e en o cemen
machine y, and oo li le ou each o hose less digi ally in o med.
Thus, o bols e ing he obus ness o India's digi al banking in as uc u e, egula o y in en needs o be suppo ed by
en o ceable manda es, igh e compliance, and illage-le el educa ion. Banks need o be made accoun able o
emb acing sa e au hen ica ion echnology, and digi al li e acy d i es need o be b ough locally in o ac ion and made
con ex -speci ic. Simul aneously, ins i u ional coo dina ion has o be s eng hened o he apid iden i ica ion,
in es iga ion, and ec i ica ion o scams.
In conclusion, he long- e m sus ainabili y o India's digi al economy elies on building back consume con idence
h ough sys em-le el p o ec ion, clea communica ion, and b oad digi al empowe men . Then only can he ision o a
secu e, inclusi e, and e ec i e inancial u u e be ealised in i s en i e y.
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