An Analysis of Online Monetary Fraud and the Application of Marketing Strategies by Indian Banks to Mitigate Fraudulent Activities: A Literature Review

Abstract

This study examines online monetary fraud and its impact on Indian and international financial institutions. Through a comprehensive literature review and case studies, it analyzes definitions, classifications, and preventive measures related to online fraud from various institutional perspectives. The research investigates the evolution of fraud techniques, compares approaches to prevention between Indian and international institutions, assesses regulatory frameworks, and explores the role of emerging technologies in both perpetrating and preventing fraud. Key findings highlight the increasing prevalence of online fraud due to the expansion of digital transactions, particularly during the COVID-19 pandemic. The study identifies common types of fraud and outlines preventive measures implemented by financial institutions, including two-factor authentication and customer awareness campaigns. It emphasizes the importance of collaboration between stakeholders and the need for continuous adaptation of security measures in response to evolving fraud techniques. The research concludes that online monetary fraud has significant economic implications for both consumers and financial institutions, underscoring the critical need for ongoing efforts to combat this issue.