CYBERSECURITY CHALLENGES IN ONLINE BANKING TRANSACTIONS

Abstract

The rapid growth of online banking has transformed the financial services industry by offering enhanced convenience and accessibility. However, this digital shift has also introduced significant cybersecurity risks that threaten the confidentiality, integrity, and availability of financial data. This paper explores the major cybersecurity challenges in online banking transactions, including phishing attacks, malware infections, identity theft, data breaches, and insecure application programming interfaces (APIs). It also examines the evolving tactics employed by cybercriminals and evaluates the effectiveness of current security frameworks, such as multi-factor authentication, encryption protocols, and regulatory compliance measures. The study underscores the importance of proactive threat detection, customer awareness, and robust cybersecurity infrastructure in mitigating online banking risks and ensuring secure financial operations.