Bank Frauds

A Study of Economic and Legal Perspectives

Abstract

In the 21st Century, India faces a big challenge in the development of advancement of technology. India’s economy is major dependent on the Banking sector. India has many private and public banks. We often hear about bank frauds in the news and from customers. After the COVID-19 Pandemic, banks and customers suffer from many issues and problems. Due to the use of the internet and online payment system, many have been victims of financial loss. It is not limited to that but many professionals and businessmen are included in bank frauds. It is a need of the hour to control and prevent such bank frauds. This is a big threat to the economy of India. It is a matter of National Economic Security (NES). Therefore, India should take strict action against such fraudsters. This article explores the various aspects of bank fraud, and how these affect national security, economy, and what has to be done to lessen this increasingly dangerous threat.