cybercrime in banking sector

Cyber crimes are committed using computer as a storage device, or as a target of the crime. As a storage device, computers can either store information that will assist in the execution of the crime and as a target, if the information that they contain is altered or retrieved in an unlawful way. The Perpetrators against banks can use several kinds of cyber-crimes namely, phishing, spoofing, identity theft, worms and trojan horses, spyware, search engines, blackmail etc., Cybercrimes can range from hacking to cyber terrorism. Cyber-related crimes, pose high risk to all vulnerable businesses which includes banks, insurance, communications/media, defense contractors, health care, technology, high-profile businesses, financial institutions and governments. The risks are probably higher in the banking sector as compared to the risks in other sectors. This paper is an attempt to provide an insight into the different types of cybercrime, challenges faced by the banking industry against cybercrime and measures undertaken by the various countries to combat cybercrime in the banking sector.