Consumer Perception With Regards To Frauds in Mobile Banking Reference to Chennai

Abstract

Mobile banking has transformed financial services by providing ease, rapidity and accessibility. Unauthorized and unlawful activity carried out through mobile application is known as mobile banking frauds. As the technology develops and increase in use of mobiles the consumers are exposed to new risks such as phishing, sim swap, fake apps, or code and malware attacks. The study aims to examine the awareness level of frauds in mobile banking, identify most common frauds in mobile banking, analyse the security satisfaction level in mobile banking, grievances faced by the consumers due to mobile banking frauds and to examine measures taken by banks for prevention of frauds. It is concluded from the study that the majority of respondents are male belonging to the age group 29-44 yrs. Phishing is the most common fraud in mobile banking. Major grievances faced by the consumers is immediate account blocking and authentication measures from banks to prevent frauds is effective.