THE ROLE OF BANKS IN SAFE-GUARDING CONSUMER RIGHTS AGAINST CYBER FRAUDS
Publication Date : 30/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
Abstract This chapter presents an in-depth analysis of the findings from a qualitative study on cyber fraud in the banking sector, with a focus on regulatory frameworks, accountability, and consumer protection. The data was gathered through extensive literature review and analysis of relevant regulatory documents, offering a comprehensive overview of cyber fraud’s nature, impact, and redress mechanisms across different regions. The chapter begins by outlining the methodology, which employs a thematic approach to identify recurring patterns and insights. It acknowledges inherent limitations, such as reliance on secondary data, which may limit generalizability, and the global diversity in legal frameworks. Ethical considerations, such as data confidentiality and unbiased analysis, are also emphasized. The study categorizes cyber fraud into external and internal threats. External threats include phishing, malware attacks, social engineering, and identity theft, while internal fraud stems from insider threats. Phishing emerges as the most prevalent form of attack. The scale of cyber fraud is escalating globally, with alarming statistics from the US, UK, and India highlighting significant financial and reputational losses for both consumers and financial institutions. An evaluation of regulatory frameworks reveals that while comprehensive laws and policies exist—such as those from central banks and cybersecurity agencies—their effectiveness is hindered by enforcement gaps, resource constraints, and the rapidly evolving nature of cyber threats. Despite guidelines that mandate secure channels for transactions and timely breach reporting, many financial institutions struggle with consistent compliance, particularly smaller banks. The study assesses the banking sector’s accountability in protecting consumers. It finds that although regulatory policies assign clear responsibilities to banks, challenges such as limited resources, fragmented enforcement, and occasional prioritization of profit over security hinder their effectiveness. Consumer education and transparent communication about risks and incidents are lacking. Moreover, banks often delay in responding to complaints, further eroding trust. Existing redress mechanisms, including reimbursement, dispute resolution processes, legal avenues, and external arbitration bodies, vary in their accessibility and effectiveness. While some banks offer streamlined redressal systems, inconsistencies and delays remain common. Victims often face challenges in proving fraud or locating perpetrators, especially given the cross-border nature of cybercrime. The study suggests improvements such as the implementation of standardized metrics to evaluate policy effectiveness, increased inter-agency coordination, and enhanced consumer awareness programs. Alternative dispute resolution (ADR) mechanisms, adoption of advanced cybersecurity technologies like biometrics and AI, and equitable regulatory reforms are also recommended. In conclusion, the findings emphasize that cyber fraud in banking is a multifaceted and escalating problem that necessitates a holistic and collaborative response. The study calls for a strengthened regulatory framework, improved enforcement, heightened accountability, and better consumer support mechanisms. These measures are vital to safeguarding consumer interests, maintaining trust in the financial system, and adapting to the dynamic cyber threat landscape.
No. of Downloads :
0
A Study of Future Remote Work and Its Strategic Role in Business Evolution
Publication Date : 30/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
Remote work increasingly integrated into business practices has evolved into a strategic component of business evolution impacting various aspects from employee experience to operational efficiency companies are leveraging remote work for enhanced flexibility global talent access and reduced overhead costs however challenges related to communication team cohesion and cyber security remains strategic remote work planning involves adapting policies investing in technology and fostering a culture of trust and open communication.
No. of Downloads :
0
Article isn't published yet.
Article isn't published yet.
Article isn't published yet.
A Study on impact of Hr practices on employee’s innovation and creativity with reference to Adapton global service
Publication Date : 29/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
This study investigates how Human Resource (HR) practices influence innovation and creativity among employees at Adapton Global Services. In an era of competitive market dynamics, fostering innovation is a critical driver of sustained growth. HR practices, including recruitment, training, rewards, and performance management, are key levers for nurturing creative behaviors. Using a structured questionnaire distributed to 170 employees, the study analyzes the impact of these HR interventions using descriptive statistics, correlation, and chi-square tests. The findings emphasize the importance of supportive HR frameworks in enhancing creative thinking, motivation, and collaborative culture in the workplace
No. of Downloads :
0
A study on Employee morale with reference to micro concept tools pvt ltd
Publication Date : 29/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
Employee morale is a critical factor influencing productivity, engagement, and overall organizational success. This study aims to evaluate the levels of morale among employees at Micro Concept Tools Pvt. Ltd., identifying key influencing factors. Using descriptive research design and statistical tools like chi-square and ANOVA, the study finds that while most employees are satisfied with compensation and environment, issues like communication and career growth require attention. The paper recommends structured engagement and recognition programs to enhance morale.
No. of Downloads :
0
A STUDY ON EMPLOYEE ABSENTEEISM WITH REFERENCE TO MULTIVISTA GLOBAL PRIVATE LIMITED
Publication Date : 29/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
The “ A Study on Employee Absenteeism” project , carried out by Multivista Global Private Limited, The goals of this study are to analyse overall attendance data and determine absenteeism rates, to increase employee productivity by cutting down on absences, to identify the major causes of absences in a given department, to suggest management strategies to cut down on absences, to identify the causes of both avoidable and unavoidable absences, and to learn about the different facilities and employee welfare programmes available.
No. of Downloads :
0
A STUDY ON ORGANIZATION ETHICS
Publication Date : 29/05/2025
Author(s) :
Volume/Issue :
Volume 05
,
Issue 5
(05 - 2025)
Abstract :
Organizational ethics refers to the principles and standards guiding behavior within a business or institution. It encompasses values such as integrity, accountability, this study was implemented the simple random sampling of 150 employees statistics tools such as correction, regression, chi- square and ANOVA the organizational culture and decision-making processes. Ethical practices within organizations promote trust among stakeholders, support compliance with laws and regulations, and contribute to long-term sustainability. This abstract explores the importance of ethical frameworks, the role of leadership in fostering ethical behavior, and the impact of ethics on organizational performance. As global scrutiny and stakeholder expectations rise, the integration of ethics into core business strategies has become essential for maintaining reputation and achieving success
No. of Downloads :
0