Legal Challenges In Regulating Online And Mobile Banking Security: Cybersecurity And Customer Trust

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Michelle Julka, Xavier Law School, XIM University

ABSTRACT

Banking holds a significant position in any country's economy. Information Technology has become an indispensable part of today’s banking system, which can be attributed to the liberalisation of the economy back in 1992, which increased the competition in every economic sphere globally. Mobile and Internet Banking is a practice that almost everyone is familiar with in today’s technologically sophisticated world, especially via private applications such as Paytm, Google Pay, etc. These online banking services benefit the economy and customers. They also help banks reduce customer service costs and the quantity and costs of employees. The downsides to online banking include data phishing scams, security breaches, fraud and hacking, etc.

This submission analyses the legal position of Mobile and Internet Banking in India. It further delves into the RBI guidelines for online and mobile banking, various legislations, and applicable rules dealing with the issues of cyber security and customer trust. The legal, technical, regulatory, and security-based challenges faced along with customers' liability in online banking are also discussed in greater detail in consonance with the guidelines issued by the Central Bank of India.

Keywords: Internet banking, Mobile Banking, Legal Challenges, “Reserve Bank of India Guidelines”, “IT Act 2000” 1.

LEGAL CHALLENGES IN REGULATING ONLINE AND MOBILE BANKING SECURITY- CYBERSECURITY AND CUSTO.

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