A Study on the Problems Faced and Impacton th...

A Study on the Problems Faced and Impacton the Victims of Plastic MoneyFraud in Maharashtra

Author Name : Vira Bharat Dhirajlal, Dr. Pushpkant Shakdwipee

DOI: https://doi.org/10.56025/IJARESM.2023.120124107

ABSTRACT Online payments or electronic payments are provided with maximum security, even though, like every invention by human, is not free from flaws. Plastic money along with Internet provides many advantages and opens new channels for business and personal transactions, it also increases the possibility of credit / debit card transaction fraud, which is a technology-based crime. Of the security issues facing banks everywhere, prevention of credit cards frauds has always been a high priority.In this dynamic digital world, it is indispensable not to use Cards and hence we are vulnerable 24 x 7 to be exposed to Banking frauds especially related to plastic money. Victims of financial frauds find it difficult to register their complain due to fear, lack of knowledge, ignorance of the system and also lack of awareness. This research paper brings into light the problems faced and its impact on the victims of Card frauds. As most of the time, the scamsters may have UpToDate technical knowledge. Hence toprevent this R.B.I, banking sector and the cyber cell has a vital role to create awareness about the scams and modus operandi adopted by fraudsters who siphon the hard-earned money of the people.