Relationship between E-Banking and Cybercrime in UK Banking Industry

This dissertation evaluates the relationship between e-banking and cybercrime within UK banking industry, with a study on Lloyds Banking Group. It explores the concept of e-banking and cybercrime, the role of e-banking in cybercrime, and benefits of overcoming cybercrimes through e-banking.

Dissertation proposals
(Evaluate the relationship between e-
banking and cybercrime within UK banking
industry)

DECLARATION
I hereby declare that the project work entitled “Evaluate the relationship between e-
banking and cybercrime within UK banking industry” submitted for the partial fulfilment of
requirements of the aware of a degree of business studies is my own original work.
Additionally, the information being provided in the literature review section has also been
duly acknowledged in the text and the list of references is also offered. No section of this
dissertation was previously presented for another diploma or degree at this or any other
educational institution.
Name: Date: 1-09-2022

ABSTRACT
The report is being commissioned to analyse the relationship between e-banking and
cybercrime within UK banking industry. The research work was being conducted on Lloyds
Banking Group, which is the leading bank in UK. Different literatures were being explored
regarding this topic. Additionally, both primary along with the secondary data was being
accumulated in the study. Primary data was collected from the 20 employees of the bank.
Further, quantitative analysis was being performed through seeking help from SPSS software
to have more reliable and valid outcomes of the study. The findings and analysis of the study
reveals that there is a strong association amid e-banking and cybercrimes in the UK banking
industry. With the increase in the e-banking there has been augmentation in the rate of
cybercrimes. Thus, recommendations for combating and preventing cyber-attacks were being
offered in the final section of the report.

ACKNOWLEDGEMENT
I will like to acknowledge the University to provide me this opportunity to the
research study under the title “Evaluate the relationship between e-banking and cybercrime
within UK banking industry”. I would like to thanks my college, teachers, family and friends
for supporting me during the research and offering me right direction throughout this process.

CONTENTS
CHAPTER – 1: INTRODUCTION...........................................................................................1
1.1 Background of the study..............................................................................................1
1.2 Research aim...............................................................................................................1
1.3 Research objectives.....................................................................................................1
1.4 Research question........................................................................................................2
1.5 Rationale of the study..................................................................................................2
1.6 Significance of the study.............................................................................................2
CHAPTER – 2: LITERATURE REVIEW................................................................................4
2.1 Overview of the chapter..............................................................................................4
2.2 Concept of the e-banking and cybercrime...................................................................4
2.3 Role of e-banking in cybercrime.................................................................................6
2.4 Benefits of overcoming cybercrimes through e-banking..........................................10
CHAPTER – 3: ANALYSIS....................................................................................................12
3.1 Overview of the chapter............................................................................................12
3.2 Research approach.....................................................................................................12
3.3 Research philosophies...............................................................................................12
3.4 Research strategy.......................................................................................................12
3.5 Research design.........................................................................................................13
3.6 Data collection methods............................................................................................13
3.7 Data analysis methods...............................................................................................13
3.8 Sampling....................................................................................................................13
3.9 Ethical considerations................................................................................................14
CHAPTER – 4: DATA, METHODOLOGY AND RESULTS...............................................15
4.1 Overview of the chapter............................................................................................15
4.2 Presentation of the results..........................................................................................15
4.3 Discussion..................................................................................................................34
CHAPTER – 5: SUMMARY&CONCLUSION......................................................................36
Conclusion............................................................................................................................36
Recommendations................................................................................................................38
REFERENCES.........................................................................................................................40
APPENDIX – I.........................................................................................................................45
Questionnaire........................................................................................................................45
APPENDIX – II.......................................................................................................................47

Research title: Evaluate the relationship between e-banking and cybercrime within UK
banking industry
CHAPTER – 1: INTRODUCTION
1.1 Background of the study
There are some of the inventions and creativeness that have altered the dynamics of
banking sector as much as the electronic insurgency. Across the globe, banks are
reorganizing their business approaches for taking the benefit of novel occupational prospects
being provided by electronic banking. Talking in relation with the e-banking, it is believed to
have initiated in the year 1980s. From that time, it has been mounting up in an unprecedented
dimension in line with the growth in ICT development (Barker, 2020). E-banking has
allowed banks to overcome the boundaries, undertaking the strategic outlook and brining in
new prospects. As per Barker (2020), there has been reduction in the cost of processing due
to information communication technology. Even through there is no official definition of
electronic banking has been set up, it is usually suggested to be a service that enables the
clients to utilize some types of computers to access account particular data and conceivably
carries out routine banking transactions from any remote place, for example home or
workplace. In addition to this, it can also be said that e-banking has several rewards to the
clients in relation with accessibility where the clients can carry out their daily activities of the
business from their comfort level as well as security of any location from, they desire to
perform (Chevers, 2019). This was accompanied by trapping of telephone, violations of
privacy, encroaching as well as dissemination of illegal materials. Based on this, the present
research work aims to analyse the relationship between e-banking and cybercrime within UK
banking industry.
1.2 Research aim
The main aim of the current research report is to analyse the relationship between e-
banking and cybercrime within UK banking industry: A study on Lloyds Banking Group”
1.3 Research objectives
For fulfilling the above aim, there is a requirement of certain small objectives and
these are as follows:
 To increase basic understanding about the e-banking and cybercrime
 To determine the role of e-banking in cybercrime within Lloyds Banking Group
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 To examine the benefits that Lloyds Banking Group could be gained by overcoming
cybercrime through e-banking
1.4 Research question
Some of the research questions that the current research study will be going to answer
are as follows:
 What is concept of the e-banking and cybercrime?
 What is the role of e-banking in cybercrime within Lloyds Banking Group?
 What are the advantages that Lloyds Banking Group could be gained by overcoming
cybercrime through e-banking?
1.5 Rationale of the study
With the rising level of internet technologies such as 3G, 4G and 5G, the global
village is effectively sharing as well as communicating important information throughout the
network. Even the banking industry has also adopted digitalization for offering ease and
convenience to their customers. In the present era of globalization, electronic or online
banking has transformed the integral transactions of the modern 21st century. The
development of the e-banking technology is making the transactions of banks very simple
with just a single click. Furthermore, it has made banking very fast and convenient
(Olowokere and Olufunmilayo, 2018). Further, in the present time, because of the increasing
level of cybercrimes there has been lot of damages to individuals, companies and even the
government of a particular nation as well (Ablon, LibickiandGolay, 2015). The percentage of
the damages, challenges and risk related with the cybercrimes have augmented and pertaining
to this, the current research report is being undertaken for ascertaining the association
between e-banking and cybercrime.
1.6 Significance of the study
The current research study in relation with the relationship between e-banking and
cybercrimes within the UK banking industry is considered to be very crucial. This is due to
the fact that this research work supports in conducting valuable as well as comprehensive
data in regards with the topic of e-banking and cybercrime. Other than this, the following
study will also help in explaining different sub-sections like understanding the idea of the e-
banking and cybercrime in the banking industry, role and advantages in overcoming the
impact of the cybercrime. In addition to this, in the present digitalized world, people are more
2

making use of electronic banking services due to its ease and convenience. However, this has
resulted in the rise in the cybercrimes, online frauds and money related scams Goel (2016).
Thus, this research is making an effort to understand the ways cyber-crimes are
related with e-banking. It will further be going to render a supportive hand to all those
researchers as well as practitioners who are undertaking studies in this field. Furthermore, the
present research work will also help the researcher both personally as well as professional
which leads to improvements in the skills along with knowledge and understanding of this
specific topic.
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CHAPTER – 2: LITERATURE REVIEW
2.1 Overview of the chapter
The next important chapter after the introduction is the literature review section. In
the simplest level, it is being defined as the chapter which offers an overview of the main
literature which are pertinent to the topic under study.
2.2 Concept of the e-banking and cybercrime
According to Olowokere and Olufunmilayo (2018), e-banking is an innovation
wherein novel information technologies are being merged into the out-mode services of bank.
Further, the electronic banking services are being boosted by the major drivers such as
maximization of the revenue and minimization of the operating costs. On the other hand,
Bhandary (2021), have stated that e-banking services are fundamentally a self-service by the
clients and thus, for the banks, it needs less resources and the transaction cost along with the
production cost is also very minimum.
Earlier studies being conducted by Chaimaa, Najib and Rachid (2021) have argued
that e-banking will not only help in generating new service delivery channel, however it
might also result into creation of value to both the clients and the banks. There has been
substantial evolution in the banking system all across the globe due to the reaction to the
altering present lifestyle of people. On contrary to this, Burgers,Brugman andBoeynaems
(2019) have stated that one of the key alterations is introducing the novel technology into the
system as well as accepting the same which is known as electronic banking. E-banking is a
novel type of reform in the services of banks that has been and is playing a crucial role in the
achievement of the electronic government.
As stated by Manvikar, Joshi and Guru (2018), e-banking encompasses all the
banking services dependent on the execution of the electronic system. He further stated that
this has become one of the most crucial phenomena in the banking sector and will continue to
progress with the advancement of information technology. Therefore, it can be said that the
financial industry is steadily undergoing modifications from the traditional system to a
paperless system which is more appropriate as well as consistent. Nevertheless, it has been
argued by Ali and et.al. (2017), the speedy evolution of the market for the electronic devices
along with the tools has resulted in the development of different definition of e-banking by
different researchers. Even through all these definitions does not vary in the principle, they
are found on the topic of the study and field of investigation.
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As per Punter, Coburn and Ralph (2016), cybercrime is being regarded as one of the
burning issues in the online banking industry in the present world. According to Kumar
(2016), cybercrime can be referred as the computer mediated transactions being carried by
the international electronic networks which are illegal and regarded as unlawful by some of
the parties. For the purpose of having suitable measurements to be executed, firms are
required to comprehend the influence of cybercrimes. Financial firms are required to be
aware of the threats related to internet and must take into concern all those measures that can
support in making improvement in the awareness of the people in the context of the safety
and to sustainable financial business environment.
Other than different benefits being brought up by the fast evolving as well as
innovative World Wide Web, which is being regarded as effective and efficient in several
ways, the internet comes with idea of negatives as well. As per Yu, Hou and Lang (2018),
because of the development of new technologies, there has been development of new
criminal prospects however few novel kinds of crimes. In defence, it can be said that
cybercrimes are one of its one extension to the current novel illegal activities. As cited by
Manvikar, Joshi and Guru (2018), software privacy is being regarded as the key issue being
faced by the technological industry in the present time. This statement was further
supplemented by Jansen (2015), saying that privacy along with intellectual property rights are
some of the top issues of professionals. There are two important modes in acquiring data
which has controlled the mass other than the expansion of the cyberspace and erosion and
that is streaming and piracy.
As per Ablon, LibickiandGolay (2015), in the daily life and the present time of living,
the most common and widespread thing throughout the globe is the working on the online
system. This situation became more prevalent after the coronavirus pandemic in the year
2019 which has made the global world to reside and depend on the internet and online means.
Now, without making use of internet and online processing, communication and many other
processing of tasks is next to impossible. However, this has given birth to rising threat of
conducting cyber-attacks by attackers which is just like robbery in the bank or home.
Cybercrimes, also involves robbing of the personal belongings of the individual and present
the same on the internet directly and indirectly and sharing the same through electronic
device. According to Xingan (2018), this might cause a national threat and physiological
disorder along with financial influence on individual or even on any business corporation.
However, there are different ways which can be adopted for minimizing the cybercrimes such
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as through comprehending the future trends of this cyber interrupts as well as the ways of
preventing from them.
As per Akhtar,Parwej and Perwej (2017), there are numerous cybercriminals who are
being grouped as crackers, hackers, career criminals, cyber bulls, pranksters and
cyberterrorists. Other than this, there are different types of crimes such as data crimes, which
are being referred as those crimes which is concerned with data interpretations, modification
and data theft which are very confidential to utilize for any individual. On the other hand,
network crimes involve transmission, damaging, interfering, inputting, deleting, changing,
suppressing and deteriorating the information being stored on the network.
2.3 Role of e-banking in cybercrime
As stated by Manvikar, Joshi and Guru (2018), information technology has an
important role to play in the field of banking. Electronic or online banking is being defined as
an electronic payment system that has allowed the clients of the banks and other financial
institutions to carry out financial transactions on a website being operated by the institutions
like virtual banks, retail banks and credit unions. Banking in UK in the current sense have
been developed in the last decades of the 18th century. From that time, the banking sector is
making use of varied manners of offering amenities to a common people in regards with
money. As per Paliwal (2016), the banking sector of UK has completely altered after the
occurrence of internet particularly in relation with the security due to the fact that in the
present time money is in the hand with just a single click. Now, the user has wide options for
managing the money with varied types of methods. Furthermore, e-banking implies provision
of banking products as well as services by electronic delivery channels.
According to Akhtar,Parwej and Perwej (2017), it is a method of banking where the
clients carry out transactions electronically through internet. It is also being known as
electronic fund transfer and simply making use of electronic means for transferring the finds
directly from one account to another instead of check or cash. nevertheless, on contrary to
this, Perwej (2019) have stated that because of the high level of connectivity to the globe
from any place, there has been development of different crimes and these has augmented
varied offenses as well. as per the authors, cyber-attacks are nothing but the computer
network attack that takes place from one computer to another through utilization of network
deliberately to change, deny, delete, destroy or damage the information of the host in the
attacking system or network.
6

As per Chaimaa, Najib and Rachid (2021), with the increased in the utilization of
novel technology and online banking sector has more value as compared to the any other
sector. This mainly due to money and involvement of confidential information. Cyber
criminals and hackers are always targeting the banking industry for their personal benefits.
On the other hand, it has been stated by Wada andOdulaja (2021), that the cases in the
banking sector have grown increasingly because of the internet connectivity as well as
utilization of mobile. Each and every one makes use of internet and mobile phones for paying
bills, shopping and many other banking transactions such as online passbook, fund
transferring, opening fixed deposits and recurring deposits etc. The cyber criminals are
always stalking online and with they get the confidential data about the individual. This
might be dangerous for the banks as well as clients.
Most of the credit and debit cards details along with the confidential information are
always affected in cybercrime and cyber criminals misuse that information. This in turn
impacts the clients and banks severely due to heavy financial losses. Thus, it can be said that
the cybercrimes and e-banking have a strong relationship with each other. earlier, when
internet was not in vision, the cybercrimes were very limited. However, with the rise in the
level of digitalization, there has been augmentation in the cybercrimes which has impacted
both the banks and their potential customers.
Underpinning the discussion further, according to Ngo and Paternoster (2021), there
has been varied types of cybercrimes that has resulted due to development and massive
utilization of electronic banking. The financial influence of these types of cybercrimes is
either directly and indirectly on the financial system of the country. It might also have a
border ripple influence. As per Longe and Chiemeke (2018), there is a simplified list of
unintentional impact of information communication and technology to involve the acts like
cyber terrorism, phishing, electronic spam mails, fake copycat websites and cyber stalking.
Some of the types of crimes are particularly to UK like false statements, cut across all nations
and identify theft.
As per Jaishankar (2018), phishing is being defined as a simple high-tech identify
theft that does not only steak personal data along with the identify from the unsuspicious
users, however also an action of fraud in comparison with the legitimate businesses as well as
financial institutions that became the victim through phishing. This statement was further
supplemented by Roger (2018), who stated that phishing is generally a social designing
wrongdoing unavoidable in going after associations' or alternately people's (clients') data
7

frameworks to assemble private data to be utilized against associations to extricate some
advantage for the culprit through the obscurity of fraud or personality trickiness acts.
As per ongoing evaluations from the Anti-Phishing Working gathering, phishing
tricks stay a somewhat little level of spam sent across the globe today. Phishing endeavours
to present critical risks for clueless casualties. It has become the quickest developing overall
danger on the Internet. This quick development has focused on battling it for electronic mail
specialist co-ops, since phishing influences each part of the internet and figuring and there is
no single activity from any one organization or association to tackle the issue. The cure can
arrive in a comprehensive style including cooperation between innovation development,
industry, government, and client schooling as prescriptive direction (Jansson and Von
Solms,2019).
Furthermore, as per the U.S. Federal Bureau of Investigation, cyber terrorism is being
referred as the premediated, politically encouraged attack in contradiction to information,
computer programs, information or computer system which might leads to violence in
contrast to non-combatant targets through sub-national teams or some underground or secret
agents. Contrasting to nuisance virus, computer attack that leads in a denial of service, a
cyber terrorist attack is being formed to cause physical violence or life-threatening financial
danger. On the other hand, as defined by Martins, Oliveira and Popovic (2014), cyber
terrorism is said to have occurred when the influence of an extensive computer network is
random and might cause enough financial disruption, civilian death, fear for qualifying
terrorism.
As per Poonia (2014), there are other types of cyber-attacks or crimes other than
phishing and cyber terrorism and that is electronic spam mails. These are being defined as the
unsolicited bulk emails to multiple recipients. The spam mails can be political, cultural or
commercial. However, one of the most widespread documented types of spam is electronic
mail spam. Further, this term is being utilized for same kind of abuses in other media such as
blogs, web search engine and instant messaging spam. On contrary to this, Sandu, Gide and
Karim (2020) have stated that spamming is very famous due to the fact that advertisers does
not have any operating costs other than management of their mailing lists and it is not easy to
hold the senders liable for their mass mailings. Due to which, the cost for example lost
productivity along with fraud are borne by the general people and internet service providers
that have been compelled to enhance additional volume for coping up with the inundation.
Further, Karim and Gide (2018) have defined that the impact of such scam is quite
enormous with long established loses of millions of dollars on a yearly basis. According to
8

Ngo and Paternoster (2021), government have made efforts to come up with the policies to
try to restrain this risk. For example, the government of Nigeria have banned night browsing
through EFCC. This was being done as most of the deceitful actions are committed at cyber
café during night time. Further, there is not quantitative information for measuring the impact
of this action on the reduction or otherwise of cybercrime in Nigeria. Other than the
accessibility as well as utilization of internet facilities in cyber cafes for pornography and
other cybercrimes, the development of fixed wireless in UK, for example had added one more
dimension to the issues of cybercrime (Al-Ajam and Md Nor, 2015). Thus, it can be said that
the UK enjoys a dubious distinction of being the source of what is normally called as 419
mails.
On the other hand, Soniand Soni (2019) have defined that there is more type of crime
which is very common and it is cyber stalking. It is being referred in the physical sense as
threatening or harassing behaviour wherein individual involve recurrently in different acts
like following the person, appearing at home, place of work, leaving letters or written
messages, calling over phones and harassing and vandalizing the property of the person. As
per Moul (2019), cyber stalking in being referred as the utilization of the internet, electronic
mails and many other electronic communication devices for stalking other person. This term
is utilized interchangeably with online annoyance as well as online abuse.
Moreover, Karim and Gide (2019) have supported this that cyber stalking is now
becoming very common approach in discrimination and other appearance of abhorrence.
They further added that cyber stalkers harness as well as targets victims though chat rooms,
discussion forums, blogs, emails and websites. In addition to this, the presence of free
electronic mails, namelessness along with website space provided by these chat rooms and
forums has made an important contribution towards augmentation of cyber stalking as a type
of harassment. The growth of the electronic banking has further presented an augmented
probabilities to the committer’s cybercrimes. Funds can be misappropriated through utilizing
wire transfer or account takeover. Criminals might submit fake applications for loans from
banks, disturb electronic commerce though engagement in renunciation of service attacks and
by compromising online banking payment system (Al-Alawi, Al-Bassam and Mehrotra,
2020). Other than this, identity takeover can also influence online banking, as novel accounts
can be taken by identity thieves and therefore, raising issues in regards with the safety as well
as unassailability of the financial institutions.
9

2.4 Benefits of overcoming cybercrimes through e-banking
Because of the speedy evolution of the technological environment in the present time,
most of the firms whether large or small have full reliance on the utilization of information
system in their day-to-day operations which has developed a requirement for the banks or any
other financial institutions to take into account appropriate strategies in regards with the
information security for protecting the sensitive institutions along with valuable databases
from being stolen or attacked by cyber criminals. Further, as per Ali and et.al. (2017), the
international banking system has also come across with varied alterations within the last few
years in relation with transactions as well as operations which are being impacted by
technology and its innovations within the current trends. Nevertheless, there are some
particular issues within universal operations and information technology innovation. Cyber
threats along with attacks are quite challenging because of the quick alteration in
technologies. Further, banks should also take into account cyber-attacks for protecting the
clients (Wada andOdulaja, 2021).
On the other hand, Kuepper (2017) have defined different strategies which can help
the banking industry to overcome the issues of cybercrimes such as including information
system, focussing on effects, securing the network with anti-virus and other software,
protecting personal information and documents, making use of strong passwords, upgrading
system as well as software and checking the security settings of social media on a regular
basis. These security measures will help the banking industry to prevent cybercrimes and
attacks and will secure the financial data.
According to Al-Ajam and Md Nor (2015), there are numerous benefits which are
being generated through overcoming cybercrimes from electronic banking. It was stated that
through execution of security measures banks and other individuals can protect themselves in
regards with the wide variety of cyber security threats and varied others that takes place.
Further, the banks do not have to worry in relation with unauthorized uses accessing their
information or network. It thus, helps the banks in protecting their end users along with the
workers. Moreover, in the rare occasion, overcoming cybercrimes does not prevent an attack
or breach, however it makes improvement in the recovery time afterward. The clients along
with the developers become more confident in products that have strong cyber security
solutions in place.
Furthermore, as per Spalević (2014), seeking help through overcoming cybercrimes
from e-banking the banking industry can maintain their brand name and reputation in the
market. in addition to this, they will be in a position to gain loss of public trust as well as
10

security of the clients. it is quite essential to have an important team of an information
security analyst and other cyber security jobs. On the other hand, Al-Alawi, Mehrotra and Al-
Bassam (2020) have stated that prevention of cybercrimes and adopting measures related to
cybersecurity also helps in preventing loss of money and time of the valuable of customers.
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CHAPTER – 3: ANALYSIS
3.1 Overview of the chapter
Momentarily after analysing pertinent and crucial works in regards with the area of
the research work, the coming significant section is to comprehend and know about the
research methodologies for the current study.Research methodology chapter is the most
significant chapter as it supports in elucidating about the type of research design the
researcher chose(Dodds and Hess, 2020).
3.2 Research approach
Research approach are of two types that is deductive as well as inductive(Andrew,
Pedersen and McEvoy, 2018). In relation with the present research study, the researcher has
utilized deductive research approach. This approach was being selected by the investigator
because it has helped in testing the existing theories in an enhanced manner. Furthermore, the
other reason behind the selection of deductive approach is that it has offered help to the
researcher in accumulating as well as evaluating quantitative data in an effective and efficient
way for the purpose of attainment of the research objectives and aim (Bajpai, 2016).
3.3 Research philosophies
There are two principal research methods of reasoning that is positivism as well as
interpretivism (Säfsten and Gustavsson, 2020).Taking into account the contemporary
research study, the agent has adopted positivism research philosophy. This method has been
selected by the researcher as it intends to collect quantitative data in the present work.
Further, quantitative information is more beneficial in utilizing the aim and objectives in an
effective way. Moreover, it has been selected by the researcher as it supports in finishing the
whole study in a reliable way and it also provides a helping hand in accumulating relevant
data in the context of the topic under study in an authentic manner (Bryman and Bell, 2015).
3.4 Research strategy
There are different types of research strategies which can be utilized by the researcher
such as quantitative, qualitative and mixed methods(Collis and Hussey, 2014).As far as the
present research is being concerned, the researcher has chosen quantitative research strategy
wherein survey strategy was being utilized. This method has been chosen by the investigator
as it has supported tin deriving right, accurate as well as valid data from the give area of
study in a suitable as well as cooperative manner.
12

3.5 Research design
There are different kinds of research design that is experimental, quantitative,
qualitative, mixed and other correlational studies. In the present research work, the researcher
has chosen quantitative method since it involves numerical figures which can be evaluated
easily. In addition to this, the other reason for selecting this research design is that it becomes
quite easy for the researcher to calculate and it also helps in understating the figures along
with the facts and supports in better and enhanced interpretation of the information (Rutberg
andBouikidis, 2018).
3.6 Data collection methods
There are majorly two kinds of approaches for collecting the data and that is primary
and secondary data collection methods. In respect of the current research work, the researcher
has adopted both the methods that is primary and secondary methods for collecting relevant
information (Denscombe, 2014). These methods are being selected by the researcher as they
are crucial and supports the investigator in accumulating and evaluating more comprehensive
data in regards with the specific topic. The researcher has collected primary data through
conducting survey with the help of questionnaire. On the other hand, secondary data was
being gathered by reviewing varied scholarly as well as academic articles, books, newspaper,
magazines and other published sources in regards with the topic of the study. These methods
are being selected as they are cost effective methods (Saunders, Lewis and Thornhill, 2019).
3.7 Data analysis methods
There are mainly two methods of collecting information that is qualitative and
quantitative analysis methods. As far as the current research work is being concerned, the
researcher has adopted quantitative data analysis method for analysing the collected
information both from the primary as well as secondary data collection methods. In this the
researcher has utilized statistical analysis in which SPSS tool was being utilized for
interpretation the findings and final outcomes (Rutberg andBouikidis, 2018). This method is
being selected as through this method; the researcher was in a position to produce objective
information which can be clearly communicated with the help of numbers as well as
statistics.
3.8 Sampling
The investigator in the current work has opted for probability sampling as it has
supported the investigator in offering equal chance to all the population of getting selected as
13

a participant of the study (Brink, 2015). The participants were being selected based on simple
random sampling method and the sample size was 20 workers of the Lloyd's banking group.
3.9 Ethical considerations
 Security of the freedoms of the members being engaged with the primary review
 Earlier consent of the members has been taken before the initiation of the review and
it has been guaranteed that they all are not compelled to be a part of this exploration
work (Ngozwana, 2018)
 Logical uprightness has been being kept up with in doing the review
 Privacy of all the data of the members has been kept up with
 The secondary data is aggregated from dependable as well as genuine sources
14

CHAPTER – 4: DATA, METHODOLOGY AND RESULTS
4.1 Overview of the chapter
Speaking in relation with the discussion and the evaluation chapter of the research
work, it is being considered as one of the most crucial and important method out of all the
other chapters in the thesis. Further, the discussion and the analysis section of the segment
helps in enveloping each and every single discovery along with the implications of the work.
4.2 Presentation of the results
Statistics
15

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king
grou
p?
Q5.
Acco
rding
to
you
what
is the
most
com
mon
role
being
playe
d by
e-
banki
ng in
mana
geme
nt of
cyber
crim
e?
Q6.
Wha
t
impa
ct
does
use
of e-
bank
ing
creat
es on
the
prote
ction
of
peop
le
from
cybe
rcri
me?
Q7.
Wh
at
are
the
pos
itiv
e or
neg
ativ
e
im
pac
t
bei
ng
cre
ate
d
by
use
of
e-
ban
kin
g?
Q8.
Wh
at
are
the
typ
e of
cri
me
s
whi
ch
hav
e
incr
eas
ed
due
to
incr
eas
e in
e-
ban
kin
g?
Q9.
Is the
use
of e-
banki
ng
advan
tageo
us for
overc
omin
g the
cyber
crime
?
Q10.
Fro
m
the
follo
wing
what
are
the
majo
r
bene
fit of
usin
g e-
bank
ing
for
the
remo
val
of
cybe
rcri
me?
Q11.
Are
there
any
challe
nges
as well
which
are
being
faced
by the
imple
mentat
ion of
e-
bankin
g?
Q1
2.
Fro
m
the
foll
owi
ng
wh
at
are
the
maj
or
cha
llen
ge
bei
ng
fac
ed?
Q13.
Is it
nece
ssary
for
com
pani
es to
remo
ve
these
chall
enge
s in
order
to
impr
ove
the
work
ing
effici
ency
and
redu
ction
of
cybe
rcri
me?
Q14.
Fro
m
the
follo
wing
what
strat
egie
s
can
be
used
to
rem
ove
thes
e
chall
enge
s?
NVa
lid
20 20 20 20 20 20 20 20 20 20 20 20 20 20
16

Mi
ssi
ng
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Mea
n
1.6
50
0
1.5
00
0
1.25
00
1.70
00
2.95
00
1.75
00
2.2
000
2.9
500
1.250
0
3.25
00
1.2500 1.9
000
1.05
00
1.65
00
Med
ian
2.0
00
0
1.5
00
0
1.00
00
1.00
00
3.50
00
2.00
00
2.5
000
3.5
000
1.000
0
4.00
00
1.0000 2.0
000
1.00
00
1.00
00
Mod
e
2.0
0
1.0
0a
1.00 1.00 4.00 2.00 3.0
0
4.0
0
1.00 4.00 1.00 2.0
0
1.00 1.00
Std.
Devi
atio
n
.58
71
4
.51
29
9
.444
26
1.17
429
1.23
438
.444
26
.89
443
1.2
343
8
.4442
6
1.06
992
.44426 .71
818
.223
61
.812
73
Vari
ance
.34
5
.26
3
.197 1.37
9
1.52
4
.197 .80
0
1.5
24
.197 1.14
5
.197 .51
6
.050 .661
Ske
wne
ss
.21
2
.00
0
1.25
1
1.73
8
-.642 -
1.25
1
-.4
32
-.64
2
1.251 -
1.12
8
1.251 .15
2
4.47
2
.766
Std.
Erro
r of
Ske
wne
ss
.51
2
.51
2
.512 .512 .512 .512 .51
2
.51
2
.512 .512 .512 .51
2
.512 .512
Kurt
osis
-.5
52
-
2.2
35
-.497 2.36
6
-
1.28
5
-.497 -
1.6
72
-
1.2
85
-.497 -.100 -.497 -.88
0
20.0
00
-
1.00
2
17

Std.
Erro
r of
Kurt
osis
.99
2
.99
2
.992 .992 .992 .992 .99
2
.99
2
.992 .992 .992 .99
2
.992 .992
Ran
ge
2.0
0
1.0
0
1.00 4.00 3.00 1.00 2.0
0
3.0
0
1.00 3.00 1.00 2.0
0
1.00 2.00
Sum 33.
00
30.
00
25.0
0
34.0
0
59.0
0
35.0
0
44.
00
59.
00
25.00 65.0
0
25.00 38.
00
21.0
0
33.0
0
a. Multiple modes exist. The smallest value is shown
With the help of the above descriptive table, it is clear that the majority of the people
belong to the age group of 36- 55. This simply implies that the majority of the people
working within the company are of middle aged. Along with this the table also evaluated that
all the participants were equally divided that is 10 males and 10 females. This outlines the
demographic features and characteristic of the whole sample. Furthermore, the table
explained that the majority of the respondents were having proper knowledge relating to the
concept of banking and cybercrime. This implies that that the respondent are having
information relating to the concept of e- banking and cybercrime. Also, the e- banking plays
a crucial role in the increase of cybercrime. This is because of the reason that the use of e-
banking is very wide and there are many different ways through which fraud can be done.
Moreover, it was also evaluated that e- banking plays a negative role in increasing the crime
which is not good. This is pertaining to the fact that the with increase in e- banking there are
more ways of doing crime and online fraud and this affects the working of the banking
industry to a great extent. Along with this the table also highlighted the fact that there are
different types of the cybercrime which has been increased due to increase in e- banking as
well. Furthermore, the descriptive statistics also evaluated that using e- banking also provides
for the certain benefits and this is very necessary for the effective working of banking
industry. This ultimately implies that the e- banking has a relation with cybercrime that is as
the use of e- banking increases then this result in increase in cybercrime rate as well.
Frequency Table
Q1. What is the age group to which you belong?
Frequency Percent
18

Valid 25- 35 8 40.0
36- 55 11 55.0
55- 65 1 5.0
Total 20 100.0
Interpretation
When the participants being involved in the primary survey were asked in relation
with the age group, they belong to than it was found out from the study that most of the
employees working in the Lloyd's banking group that is around 11 out of 20 were of 36 to 55
years. Further, the 8 out of 20 were from the age group 25-35 years and the remaining 1 was
from the age group of 55-65 years. Age is also being regarded as the most crucial factor in
determining the level of understanding of the concepts related to e-banking and the
knowledge in regards with the operations of the bank.
Q2. What is the gender category to which you belong?
Frequency Percent
Valid Male 10 50.0
Female 10 50.0
Total 20 100.0
19

Interpretation
When the participants being involved in the primary study were enquired about their
gender than it was revealed that there were equal number of males and females that were
being involved in the study. it was found out that 10 out of 20 were males and the remaining
10 out 20 were females. This signifies that the equal chances were being given to both male
and females to participate in the study and express their views and opinions in relation with
the topic under study.
Q3. Are you aware of the concept of e- banking and cybercrime?
Frequency Percent
Valid Yes 15 75.0
No 5 25.0
Total 20 100.0
20

Interpretation
At times when it was asked from the participants whether they are aware of the
concept related to e-banking and cybercrimes than it was explored from the study that 15 out
of 20 were aware of the concepts related to banking and cybercrimes. On the other hand,
there were around 5 out of 20 participants who stated that they are now aware about the
concept of e-banking and cybercrimes as they have not been into such practices.
Q4. Do you agree that e- banking plays a crucial role in managing cybercrime within Lloyds
banking group?
Frequency Percent
Valid Strongly agree 13 65.0
Agree 3 15.0
Neutral 2 10.0
Disagree 1 5.0
Strongly disagree 1 5.0
Total 20 100.0
21

Interpretation
This theme is concerned with determining the importance of e-banking in
management of cybercrimes within the Lloyds banking group. When this was asked from the
participants who were the employees working in the bank than it was originated that 13 out of
20 participants stated they strongly agree to this that e-banking has a crucial role to play in
managing cybercrimes within the Lloyds banking group. However, there were around 3 out
of 20 participants who stated that yes, they agree that e-banking is important in management
of cybercrimes. Th other 2 participants were quite neutral in their answer and they think that
e-banking might or might not play a crucial role in management of cybercrimes. Furthermore,
there was 1 participant who think that e-banking is not necessary. Further, there was 1 out of
20 participants who stated that he strongly disagrees with this.
Q5. According to you what is the most common role being played by e- banking in
management of cybercrime?
Frequency Percent
Valid Facilitating electronic fund
transfer
4 20.0
Preventing cybercrime 3 15.0
Maintaining confidentiality 3 15.0
Accessing 24/7 accounts 10 50.0
22

Others 0 0
Total 20 100.0
Interpretation
When the respondents of the study were questioned in regards with the most common
role being played by the e-banking in the management of cybercrime than it was found out
from the study that 10 out of 20 were of the opinion that Accessing 24/7 accounts is the most
common roles being played in e-banking in management of cybercrime. On the other hand,
there were around 4 out of 20 respondents who were of the view that facilitating electronic
transfer is the main role being played by e-banking in cybercrimes. Furthermore, the other 3
out of 20 respondents when asked this revealed that they think that e-banking helps in
prevention of cybercrime. However, the remaining 3 out of 20 respondents were of the
opinion that e-banking helps in maintaining of confidentiality.
Q6. What impact does use of e- banking creates on the protection of people from
cybercrime?
Frequency Percent
Valid Positive 5 25.0
Negative 15 75.0
Total 20 100.0
23

Interpretation
At times when the participants being involved in the primary research work were
being asked about the impact does the use of e-banking creates on the protection of the
people from the cybercrime than it was highlighted that there are 15 out of 20 participants
who stated that e-banking has a great influence on the protection of people from the
cybercrime. On the other hand, there were around 5 out of 20 participants who were of the
view that use of e-banking does not have a great influence on the protection of people from
the cybercrimes. They further answered that increase in the cases of cybercrimes are not
related with the increase in the usage of electronic banking.
Q7. What are the positive or negative impact being created by use of e-banking?
Frequency Percent
Valid Increase in crime 6 30.0
increase in fraudulent
activities
4 20.0
Increase in online and
offline fraud
10 50.0
Others 0 0.0
Total 20 100.0
24

Interpretation
With the evaluation of the respondent’sidea, it is clear that majority of the people are
agreeing with the fact that major negative impact is increase in online and offline fraud. This
is pertaining to the fact that when there will be immense use of the e- banking then this will
be providing base for increasing fraud which can take place in both online and offline format.
This is very crucial because when there is excess use of e- banking then this will be resulting
in many fraudulent activities and ultimately will be resulting in crime enhancement. On the
contrary it was also analysed that another impact created by use of e- banking is the increase
in order fraudulent activities as well. This is pertaining to the fact that when the e- banking
will be used then there are many different loopholes of it and it can result in increase in
frauds and this will be affecting the efficiency of the system to a great extent.
Q8. What are the type of crimes which have increased due to increase in e- banking?
Frequency Percent
Valid Phishing 4 20.0
Cyber attacks 3 15.0
Debit and credit card fraud 3 15.0
Digital misconduct 10 50.0
Others 0 0.0
Total 20 100.0
25

Interpretation
At times when the participants being involved in the primary research work were
being asked in relation with the type of crimes which have augmented because of the increase
in the e-banking in the recent time than it was explored from the responses that 10 out of 20
were of the view that there has been increase in the crimes that is digital misconduct because
of the rise in the level of e-banking in banks. On the other hand, there were around 4 out of
20 participants who stated that because of the increment in e-banking there has been increase
in the level of phishing. Also, 3 out of 20 were of the view that cyber-attacks have also been
increased a lot due to augmentation of electronic banking. Other than this, the remaining 3
were of the opinion that debit and credit card crimes or fraud have been augmented
tremendously because of the increase in the use of e-banking in the present times.
Q9. Is the use of e- banking advantageous for overcoming the cybercrime?
Frequency Percent
Valid Yes 15 75.0
No 5 25.0
Total 20 100.0
26

Interpretation
At times when the people involved in the study were questioned whether the
utilization of e-banking is beneficial for overcoming the cybercrimes than it was revealed
from the study that 15 out of 5 participants were of the view that the utilization of e-banking
is advantageous for overcoming the cybercrime. They further stated that with the help of e-
banking and establishment of certain preventive steps, the rising number of cybercrimes can
be controlled effectively. On the other side, it was also found out from the study that 5 out of
20 participants thinks that e-banking is not beneficial for overcoming the cybercrimes rather
it is responsible for cybercrimes.
Q10. From the following what are the major benefit of using e- banking for the removal of
cybercrime?
Frequency Percent
Valid High protection and
confidentiality of the data
2 10.0
24/ 7 access of accounts 3 15.0
Easier fund transfer 3 15.0
Lowering overhead fees 12 60.0
Others 0 0.0
Total 20 100.0
27

Interpretation
When the participants were questioned about the major benefits of using e-banking
for the removal of the cybercrimes than it was found out that 12 out of 20 participants stated
that there are numerous benefits of utilizing e-banking for the removal of cybercrimes that is
lowering overhead fees. On the other hand, there were around 3 out of 20 participants who
stated that with the help of e-banking one can have easier fund transfer and in this manner is
help in removal of cybercrime. On contrary to this, there were around 3 out of 20 participants
who stated that e-banking helps in 24*7 access of account. Furthermore, the remaining 2 out
of 20 participants were of the opinion that e-banking helps in protecting as well as
confidentiality of the information and in this manner is help in removal of cybercrime.
Q11. Are there any challenges as well which are being faced by the implementation of e-
banking?
Frequency Percent
Valid Yes 15 75.0
No 5 25.0
Total 20 100.0
28

Interpretation
When the participants being involved in the primary research work were asked in
relation with the challenges being faced by the firm while implementing e-banking than it
was revealed from the study that 15 out of 20 stated that there are different challenges as
which are being faced by the implementation of e-banking. On the other hand, there are some
of participants that is around 5 out of 20 who stated that there are no challenges being faced
by the firm in executing e-banking.
Q12. From the following what are the major challenge being faced?
Frequency Percent
Valid Internet connectivity issues 6 30.0
Fear of online fraud 10 50.0
Less trust of people 4 20.0
Others 0 0.0
Total 20 100.0
29

Interpretation
By the evaluation of the above datait was clear that majority of the people have
agreed to the fact that there arehigh challenges being faced by the banking industry due to use
of internet. Thisis pertaining to the fact that it is not necessary that every person is being
having knowledge relating to use of new technology. When asked which is the major
challenge being faced by the banking industry majority of the people agreed with fear of
online fraud. This is the major challenge because of the fact that when the working is being
shifted online then this will result in increasing the chances of fraud. Along with this some of
the respondent stated that internet connectivity issue is also a major challenge which can be
faced by the people using e- banking. Along with this less trust of the people within the
online working is another challenge which banking industry will be facing while
implementing the internet banking.
Q13. Is it necessary for companies to remove these challenges in order to improve the
working efficiency and reduction of cybercrime?
Frequency Percent
Valid Yes 19 95.0
No 1 5.0
Total 20 100.0
30

Interpretation
When the participants being involved in the primary research work were being
questioned in relation with whether there is a requirement for the firms to remove these
challenges for making improvements in the working and decrease in the level of cybercrimes
than maximum number of the participants that is around 19 out of 20 were of the opinion that
challenges and issues in regards with the implementation of the e-banking needs to be
reduced for making improvement in the efficiency of the work and decreasing the degree of
cybercrimes. On the other side, there was only one participant who stated that it is not
essential on the part of the bank to remove the challenges for the purpose of improving the
working efficiency as well as reduction of cybercrimes.
Q14. From the following what strategies can be used to remove these challenges?
Frequency Percent
Valid Focus on training to people 11 55.0
Ensuring all software are
updated
5 25.0
Protecting from identity
threat
4 20.0
Others 0 0.0
Total 20 100.0
31

Interpretation
By the analysis of the question asked that whether there are strategies for overcoming
the challenges then majority of the people stated yes. When asked then what kind of
strategies can be used then majority of them agreed with providing training to the people
using facility of e- banking. This is pertaining to the fact that when the people will be having
proper knowledgerelating to the use of e- banking and different software then this will be
assisting banks in reducing the challenges being faced. Along with this another strategy
selected by the respondent is the fact that the software which are being used by the banks are
all updated and this latest. This is because when the banking industry will be using outdated
software then the efficiency of the system will be low and chances of crime will be higher.
Along with this another strategy involves protecting the user from the identity threat which is
also a major challenge being faced.
Regression
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .761a .579 .529 .80557
32

a. Predictors: (Constant), Q8. Is the use of e- banking advantageous for
overcoming the cybercrime? Q7. What is the type of crimes which have
increased due to increase in e- banking?
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 15.168 2 7.584 11.687 .001b
Residual 11.032 17 .649
Total 26.200 19
a. Dependent Variable: Q4. Do you agree that e- banking plays a crucial role in managing
cybercrime within Lloyds banking group?
b. Predictors: (Constant), Q8. Is the use of e- banking advantageous for overcoming the
cybercrime?, Q7. What are the type of crimes which have increased due to increase in e- banking?
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients
t Sig.B Std. Error Beta
1 (Constant) -1.044 .730 -1.430 .171
Q7. What are the type
of crimes which have
increased due to
increase in e-
banking?
.076 .150 .080 .509 .617
Q8. Is the use of e-
banking advantageous
for overcoming the
cybercrime?
2.015 .417 .762 4.832 .000
a. Dependent Variable: Q4. Do you agree that e- banking plays a crucial role in managing
cybercrime within Lloyd’s banking group?
With the help of regression, it is clear that R value is 0.76 that is 76 % correlation
being present within the test variables. This simply means that both the dependent and
independent variable are having the correlation of 76 % and this implies that it is highly
33

correlated with one another. Along with this R square is 57.9 % and this simply means that
the any change in the independent variable will be causing a change of 57 % in the dependent
variable as well. moreover, the significance value was 0.001 which is lower than the standard
of 0.05. Hence, with this it can be stated that the alternate hypothesis is being accepted and
the null is rejected. Moreover, with the help of coefficient table it is clear that crucial role of
e- banking is being determined by the advantages which the concept provides for the
effective working. Thus, this simply signifies that the working need to be improved with the
help of effective use of e- banking.
4.3 Discussion
As per the outcomes of the study, it can be stated that the e-banking and cybercrimes
are related with the each other. In other sense, with the increase in the utilization of e-
banking, there has been increase in the number of cybercrimes in the present time. This is
being supported by Olowokere and Olufunmilayo (2018), who stated that e-banking is
playing a crucial role in the cybercrimes due to the fact that clients are generally making use
of internet for carrying out all the activities. From the above evaluation being done it has
been originated that 13 out of 20 participants stated they strongly agree to this that e-banking
has a crucial role to play in managing cybercrimes within the Lloyds banking group. Further,
they also stated that cybercrimes normally encompass debit and credit issues, ATM card
frauds, spamming, denial of service and phishing which are quite dangerous for the financial
health of the business along with the workers. From the above evaluation being done it has
been it has been explored that10 out of 20 were of the view that there has been increase in the
crimes such as phishing, cyber-attacks and debit and credit fraud because of the rise in the
level of e-banking in banks. With the increase in the digitalization as well as internet services,
there has augmentation in the risk related to fraud by hacking of personal and confidential
information. This has also been supported by Ngo and Paternoster (2021), who stated that
there has been varied types of cybercrimes that has resulted due to development and massive
utilization of electronic banking.
The results being found out from the study also suggests that e-banking plays a
negative role in protecting the people from the cybercrime. This is being found when it was
asked from the primary respondents and it was revealed that there are 15 out of 20
participants who stated that e-banking has a great influence on the protection of people from
the cybercrime. In contrast, there were around 5 out of 20 participants who were of the view
34

that use of e-banking does not have a great influence on the protection of people from the
cybercrimes
It was further explored that with the augmentation of the electronic banking and
online transactions there has been rise in the level of cybercrimes across the banking industry.
On the other hand, some of them also considered that the use of e-banking has a positive
influence on the protection of people from the cybercrimes. 12 out of 20 participants stated
that there are numerous benefits of utilizing e-banking for the removal of cybercrimes such as
high protection and confidentiality of the data, 24*7 access of accounts and easy transfer of
money. These respondents further answered that increase in the cases of cybercrimes are not
related with the increase in the usage of electronic banking. This is being supported by
Baechler (2020), which states that with the help of the e-banking, the cybercrime can be
reduced up to some extent as it supports in protecting the information of the customer which
is very confidential for the bank to retain that information properly.
From the evaluation of the results, it has also been originated that there are many
benefits of utilizing e-banking for the removal of cybercrimes such as high protection and
confidentiality of the data, 24*7 access of accounts and easy transfer of money. This is being
reinforced by Baechler (2020), who stated that there are different types of advantages that the
banking industry can gain through reducing cybercrime by the utilization of e-banking and
the very first is protecting the data of the clients which is very confidential for the bank to
retain that information. Secondly, it also supports in protecting the mode of payment at the
time of carrying out transactions via online means or internet. It was identified from the study
that there were around 3 out of 20 participants who stated that e-banking helps in 24*7 access
of account. Furthermore, the remaining 2 out of 20 participants were of the opinion that e-
banking helps in protecting as well as confidentiality of the information and in this manner is
help in removal of cybercrime.The crime related to internet is increasing tremendously all
throughout the world and this is mainly because government, people, banks, business and
companies are now utilizing internet with the new innovative technologies with no
boundaries and all the information which are available digitally are becoming more
vulnerable and dangerous.
Thus, from the above analysis of the results it has been found out that e-banking and
cybercrime have an important relationship with each other. From the above evaluation it has
been found out that 19 out of 20 were of the opinion that challenges and issues in regards
with the implementation of the e-banking needs to be reduced for making improvement in the
efficiency of the work and decreasing the degree of cybercrimes. With the augmentation of
35

the utilization of the e-banking, there has been rise in the cybercrime in the banking industry.
On the other hand, e-banking can be utilized by the banks for overcoming the challenges
being brought up by the cybercrimes and attacks.
CHAPTER – 5: SUMMARY&CONCLUSION
Conclusion
From the evaluation and the findings of the study, it can be concluded that there is a
significant relationship amid the e-banking and cybercrimes. Further, the Lloyds Banking
36

Group has utilized the modern and recent technologies for making improvement in the
operational competence of the bank. Talking in relation with the literature review section of
the research work, it has provided a total indication in relation with the concepts related to e-
banking, cybercrimes, the role of e-banking in cybercrime and also examined the benefits
which could be gained by banks and other financial institutions by overcoming cybercrime
through e-banking. From the literature review section, it can be concluded that because of the
rise in the level of electronic banking and its related operations within the banks and other
financial institutions, there has been rise in the number of cybercrimes in the market.
Furthermore, it was also revealed that the key problems concerning the financial institutions
and banks operating within the cyber space or online platforms have nothing but safety,
information breaches, identity theft, lack of trust, fraudulent transactions as well as robbery.
On the other side, research methodology chapter has provided an all-inclusive
explanation of the methods being chosen by the investigator in the process of the research
study. the chapter has significantly highlighted the types of data collection methods being
utilised by the researcher that is both primary and secondary methods. Moreover, it has also
explained about the tools and techniques being utilized by the investigator for evaluating the
accumulated data that is quantitative analysis using SPSS software. In addition to this, the
data evaluation section along with the findings section has offered the reviews along with the
responses of the respondents being involved in the primary study in relation with the
association of E-banking and cybercrimes in the banking industry of UK.
The key findings that have been revealed from the analysis of the accumulated data is
that most of the participants were aware in regards with the concepts related to e-banking and
cybercrimes. In addition to this, it has also been found out that there is a strong relationship
between the electronic banking and cybercrime. Because of the rising use of e-banking there
has been increase in the cybercrimes and cyberattacks in the banking industry of UK. Other
than this, the findings from the evaluation of the primary data being collected also stated that
e- banking plays a crucial role in the augmentation of the cybercrime. additionally, it has also
been originated that there is a negative role being played by the e-banking in augmenting the
crime which is not a good sign. This is because of the fact that with the augmentation in the
electronic banking in the markets of UK and across the world, there have been development
in the manners of conducting crimes and online fraud. This has clearly impacted the working
and operations of the banking industry to a great level.
Other than this, the responses of the participants along with the secondary research
have also highlighted that there are varied kinds of cybercrimes which has been upsurged
37

because of the extensive use of electronic banking. Further, the descriptive statistics also
analyzed that making use of e-banking also offers for the certain advantages and this is very
much essential for the effective functioning and operations of the banking industry. Also, the
crucial role of e- banking is being determined by the advantages which the concept provides
for the effective working. Thus, this simply signifies that the working need to be improved
with the help of effective use of e- banking.
Recommendations
It is critical that security cameras are required to be installed near Automatic Teller
Machine (ATM) for protecting the clients. It is also suggested that the public must be
educated in regards with the cybercrime and attacks and the manners cybercriminals conducts
theft and robbery of their personal information and finances. It is also significant that all
financial institutions must publish data in relation with the information breaches and must
undertake measures for correcting the same. Other than this, the internet service providers
functioning in the nation must be instructed to report suspicious traffic going by their
networks. Further, the law enforcements agents in United Kingdom must work in
collaboration with their international counterparts for helping in dealing with the crimes
related to cross borders (Kovalchuk, Korystin and Sviridyuk, 2019). Moving further, there are
some other recommendations in regards with the security tips that needs to be considered by
the bank, users or general public and other financial institutions for securing their online
transactions and these are as follows:
 Not secured network – In case of the network is not properly secured than it is
suggested that the customers, banks and other financial institutions must avoid online
banking, stepping into credit card details, shopping and other transactions. It is also
important that the online account needs to be checked frequently and must ensure that
all listed transactions are valid.
 Never ever clicking on a link – It is also important to have knowledge and awareness
regarding electronic mails asking for confidential data as that might be phishing
emails from the fraudsters. it is crucial to ensure that one should not click on the link
being shared in a spam email (Kozytska, 2020).
 Deleting spam emails – deleting the spam emails as soon as it is received is being
considered as an important safety tip regarding protection from the cyber criminals
and attacks. The trash box should be empty for preventing clicking on the same link
accidently.
38

 Adopting advanced authentication techniques – It is important on the part of the
banks and financial institutions to have an advanced degree of authentication for
securing the financial transactions. Just setting complex username along with
passwords is not enough because the hackers and cyber criminals can constantly
innovating means for creaking confidential credentials. Thus, it is significant that the
banks should employ techniques and tools such as smart cards, fingerprint sensors,
pin and facial recognitions. Further, a mobile verification should be deployed by the
banks.
 Using a combine approach – No, single security technology is enough for full
proofing the information technology of banks and other financial institutions.
Therefore, banks and financial institutions are required to execute a combination of
different techniques for fortifying their information technology infrastructure. Each
and every technology has its own level of strengths and thus, choosing the suitable
combination of the correct technologies will offer advantages such as of-band
transaction verification, strong authentication as well as behavioural detection of
fraud. These strategies are considered as one of the best approaches of combating the
cybercrimes (Tarasenko, 2017).
39

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APPENDIX – I
Questionnaire
Q1. What is the age group to which you belong?
 25- 35
 36- 55
 55- 65
 Above 65
Q2. What is the gender category to which you belong?
 Male
 Female
Q3. Are you aware of the concept of e- banking and cybercrime?
 Yes
 No
Q4. Do you agree that e- banking plays a crucial role in managing cybercrime within Lloyd’s
banking group?
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly disagree
Q5. According to you what is the most common role being played by e- banking in
management of cybercrime?
 Facilitating electronic fund transfer
 Preventing cybercrime
 Maintaining confidentiality
 Accessing 24/7 accounts
Q6. What impact does use of e- banking creates on the protection of people from cybercrime?
 Positive
 Negative
Q7. What are the positive or negative impact being created by use of e-banking?
45

 Increase in crime
 Increase in fraudulent activities
 Increase in online and offline fraud
 Others
Q7. What is the type of crimes which have increased due to increase in e- banking?
 Phishing
 Cyber-attacks
 Debit and credit card fraud
 Digital misconduct
Q8. Is the use of e- banking advantageous for overcoming the cybercrime?
 Yes
 No
Q9. From the following what are the major benefit of using e- banking for the removal of
cybercrime?
 High protection and confidentiality of the data
 24/ 7 access of accounts
 Easier fund transfer
 Lowering overhead fees
Q10. From the following what are the major benefit of using e- banking for the removal of
cybercrime?
 High protection and confidentiality of the data
 24/ 7 access of accounts
 Easier fund transfer
 Lowering overhead fees
 Others
Q11. Are there any challenges as well which are being faced by the implementation of e-
banking?
 Yes
 No
Q12. From the following what are the major challenge being faced?
46

 Internet connectivity issues
 Fear of online fraud
 Less trust of people
 Others
Q13. Is it necessary for companies to remove these challenges in order to improve the
working efficiency and reduction of cybercrime?
 Yes
 No
Q14. From the following what strategies can be used to remove these challenges?
 Focus on training to people
 Ensuring all software are updated
 Protecting from identity threat
 Others
Q15. What are some of the recommendations which can improve the use of e- banking in
corporate world?
___________________________________________________________________________
___________________________________________________________________________
APPENDIX – II
CHAPTER – 1: INTRODUCTION
Background of the study
Further, it has also facilitated the transmission of information resulting to drastic
alteration in the business of banking. It is also worth to be noted that e-banking has not been
restricted just to the developed nations, however it is found also in the nations which are still
at the developing stage. In such countries, e-banking systems are offering many new
prospects to different businesses. Thus, it can be attributed that developing notion of e-
banking has apparent drawn the interest level of business fraternity along with the researcher
47

and scholars to the impact of such vitality on the banking industry. Crime along with the
corruption is a key concern for the business managers not only in UK but also in other
nations of the world. Cybercrimes are being referred as any kind of misconduct in the cyber
space. In other words, it is nothing but the criminal utilization of the internet. It has been
believed to be started in the year 1960 in the form of hacking (Chevers, 2019).Because of the
fast pace of evolution in the technological world, there has been rise in the crimes. E-banking
has also resulted in number of cybercrimes wherein bank details and other useful information
of the clients are being passed on to the fraudsters and this has increased the risk of
dissemination of information. Considering this, it becomes quite imperative to understand
both the terms that is e-banking and cybercrimes comprehensively.
Rationale of the study
Additionally, e-banking is increasing at a fast pace and more and more people are
moving towards this banking owing to the number of benefits being offered by the same.
Nevertheless, there are some groups, individuals and bodies who are intentionally trying to
track and get the crucial as well as personal information unlawfully for their personal
utilization or for any form of financial gain and so forth. It can be attributed that the misuse
of information technology in the cyber space is grasping up which is giving path to
cybercrimes at both the national as well as global level.
Significance of the study
It will support the researcher personally in the sense that there will complete idea in
regards with the risk being comprised in making use of e-banking or internet while doing any
banking transactions. On the other hand, professionally, the researcher can give direction to
the other people and workers and can execute better practices for conducting the study.
Structure of the study Chapter1: Introduction – It generally includes background information, research aim
and objectives, research questions, justification and significance of conducting the
study and the overall structuring of the research work.
 Chapter 2: Literature review – It thus, underpins the theoretical background of the
topic and offers an idea to the research about what previous explorations have found
out about the concerned selected topic.
 Chapter 3: Research methodology – Some of the methods such as research
approach, research philosophies, data collection methods, data analysis method,
48

research limitation and ethical considerations are included in this chapter of the
study. Chapter 4Discussion &Analysis – In addition to this, this is the chapter which
encompasses interpretation of the information and presents the key findings of the
overall work to the readers.
 Chapter 6: Conclusion & recommendations – Other than this, it also encompasses
the key implications and the future scope of the study significantly. Furthermore,
this chapter also throws some light on understanding in regards with the further
areas in which the studies can be undertaken along with the valid suggestions for
further enhancements.
CHAPTER – 2: LITERATURE REVIEW
Overview of the chapter
Furthermore, this is the section which offers smooth flow of discussion of what
previous studies have already performed in the context of the given topic, what is being
unknown in those studies and finally, what is contested in regards with the topic of the
current research study. Thus, it can be said that it provides an integrated knowledge around
the main topic of the research work being chosen.
Concept of the e-banking and cybercrime
In the year 1995, this system was firstly executed in the United States of America and
was quickly adopted by other business units as well as a means of convenience and economy
for the clients and such novel issues for officials as security, unreachability to networks
because of the faults, updating database, maintenance cost and planning and implementing
contemporary economic policies. There have been numerous researches being performed in
regards with the e-banking sector from the year 1999 to till now and all have presented that
the application of electronic banking can make improvement in the performance of the banks
in relation with the growth in the assets and decrease in the expenses pertaining to operations
and can also result into enhancement of the portfolio.
The extensive range of applicability of electronic banking recommends an inclusive
definition to cover all the issues in the system. As per Ayo and et.al. (2016), e-banking is the
substitute method of the outmoded banking system by a process of running an electronic
medium through banks to carry out each and every probable services amid the banks and
their valuable clients. Further, as per Bressolles and et.al. (2014), e-banking is nothing but
49

allowing to carry out the financial transactions inside as well as outside their establishments
by the internet, automated teller machines through utilizing debit or credit card, wireless
network and direct payment etc. As defined by Baechler (2020), the development of the
internet banking is also because of the number of advantages for both the clients as well as
the provider.
From the point of view of the bank, these are majorly connected with the savings of
cost, maximum customization, better marketing and interaction. However, benefits of the
clients are countless such as convenience, quick services, frequent monitoring, lesser cost of
transactions, saving of time etc. Nevertheless, there are some clients who fear to make use of
e-banking due to security concern. As defined by Goel (2016), cybercrimes assort
transversely a range of actions that is right from committing fraud, intellectual property,
trafficking child pornography, thieving identity to violation of privacy of the individual.
In the 21st century, the rising development of the cybercrimes is the key concern for
the financial institutions and the requirement for protecting the cyber space is becoming more
dangerous comparing to other times. The influence of cybercrimes is quite more as compared
to the financial integrity of financial institutions and many other firms. further, for suitable
measurements to be executed, it is crucial that the firms must comprehend the influence
cybercrimes have on the business activities.
However, there are different ways which can be adopted for minimizing the
cybercrimes such as through comprehending the future trends of this cyber interrupts as well
as the ways of preventing from them. Furthermore, in the present time, cybercrime is being
regarded as the official crime just like any other crimes and those who do the same should be
punished for violating the laws and regulations. Furthermore, as defined by Hajdarevic,
Kozic and Avdgic (2017), unauthorised entry and virus dissemination with the private
information is also being regarded as the attack being regarded as the cybercrime. Computer
related fraud along with cybersex are also unsolicited commercial communication over the
internet which encompasses under the content concerning offence.
Role of e-banking in cybercrime
According to Dawson and Thomson (2018), with the utilization of internet and
development of e-banking, there has been augmentation of cybercrime in the banking sector.
The main reason behind this increasing number is the lack of cyber security awareness
between the clients of banks. There is an urgent requirement to have awareness in regards
with the cyber security of online banking operations as only cyber security knowledge and
50

understanding can help in preventing the cybercrimes (Karim and Gide, 2018). Further, it has
also been determined that cybercrime is growing continuously all across this virtual globe.
Due to the fact that individuals, government, firms and banks are making use of internet
along with the novel technology with no limits and all that digital online information are
getting more vulnerable as well as dangerous.
Furthermore, in case of cyber stalking, there is not physical threat to a victim,
however the stalker follows the victim online for gathering data and making threats or many
other types of verbal pressure. As argued by Chandarman and Niekerk (2017), the
namelessness of online interaction decreases the probability of proof of identity and helps in
making the cyber stalking more common as compared to physical stalking. Even though,
cyber stalking might seem relatively harmless, it can result into emotional as well as
psychological harm to the victim and infrequently might result into actual stalking.
Furthermore, on contrary to this, Soni and Soni (2017) have also supported the fact
that because of the lack of knowledge, the phishing attacks occurs regularly without any
difficulty. Further, according to Ngo and Paternoster (2021), the Bangladesh Bank Heist that
took place in the year 2016 was mainly took place due to negotiated SWIFT systems and so
did the other forms of attacks. Further, he stated that there are two views present for defining
the term cyber terrorism. Firstly, cyber terrorism takes place when the computer attacks lead
to the impact which are troublesome enough to create fear in comparison with the outmoded
act of terrorism, even if being carried out by the criminals. Secondly, cyber terrorism takes
place when illegal or governmentally encouraged computer attacks are being performed for
intimidating or forcing a government of the people to further a political goal or to cause
serious damage or else severe financial harm.
CHAPTER – 3: RESEARCH METHODOLOGY
Overview of the chapter
Furthermore, this chapter also supports in making justification of the methods that the
researcher selected by connecting back to the literature review chapter (Dodds and Hess,
2020). Moreover, this chapter is comprised in the project work after the accomplishment of
the literature review section and helps by significantly including relevant methos, approaches,
strategies, data collection and evaluation, sampling and ethical considerations of the study.
Research approach
51

Speaking in volume in relation with the research approach, it is being define as the
plans and the process for the whole research work that spans the steps from the broad outlook
to comprehensive information accumulation approaches, evaluation and clarification. Further,
there are two types of research approaches that is deductive as well as inductive. Focusing
about the deductive approach, it begins with the present theory, next involves the
development of hypothesis and collection of data for checking and proving or disproving the
hypothesis (Andrew, Pedersen and McEvoy, 2018). In addition to this, deductive approach is
mostly used by the researcher in case of quantitative analysis in which the efforts are being
put in by the researcher for carrying out causativeness and present an arithmetical assessment.
On contrary to this, inductive approach is being referred as the approach which begins with
observation, evolution of the theory and afterwards, analysis as well as making of conclusion.
Moreover, inductive approach also encompasses evolution of the questions which are being
answered in the study.
Research philosophies
Throwing light in relation with the research philosophies, it isalluded as the structure
that assists in directing the manner with which the work ought to be done based on the
thoughts with regards to the real world and the idea of information. In addition, research
philosophy ismentioned as the activity plan by which the review will be attempted effectively
and precisely. Both of these methods of reasoning connote two basically shifted habits that all
people figure out the world across them (Säfsten and Gustavsson, 2020). First talking about
with regards to the positivism research philosophy, it proposes utilizing logical techniques for
assessing the way of behaving of human and society. Additionally, it furthermore inclines
toward quantitative strategies like organized polls, social studies alongside true insights. On
the opposite side, interpretivism research reasoning recommends utilizing non-logical and
subjective strategies for assessing the way of behaving of human and society.
Research strategy
Articulating about the research strategy, it is being referred as the step-by-step plan of
action which offers a complete guidance and path to the thought process of the investigator. It
also allows the investigator to carry out the study methodically as well as on right timetable
or agenda. Further, the main aim of the research strategy is to make introduction of the
principal elements of the research work, for example major emphasis, research design,
research topic and research methods. In addition to this, the research strategy supports the
investigator to select accurate data collection along with the evaluation process (Palys and
52

Atchison, 2014). Therefore, it is quite significant to select correct strategy at the time of
carrying out study.
Talking in regards with the qualitative research strategy, it is normally being utilized
to comprehend the underlying reasons or the opinions of the people on certain facts as well as
issues. It does not involve any form of numerical information and offers insights into the
issues of the research and therefore, supports in achievement of the objectives of the study.
On the other hand, quantitative research strategy involves accumulation of the primary as
well as secondary information in the numerical form and the mixed method involves the
utilization of both quantitative and qualitative research (Collis and Hussey, 2014).
Research design
Contemplating in relation with the research design, it is referred as the outline of the
market research approaches and the strategies which the researcher selects. In other words, it
is a composition of information or data discovered through formulation of hypothesis and
consequently, coming up with functional findings in an organised manner. The study can be
carried out on an academic as well as on a methodical foundation as well. Other than this, the
research design is being regarded quite important as it supports the investigator in pursuing
his or her journey into the unknown however with a methodical tactic by their side (Wright
and et.al., 2016). The manner in which the architect frames a design for a structure similarly,
the investigator designs the whole structure of the study from different approaches for
checking which kind of research needs to be performed.
Data collection methods
Focusing in relation with the research design, it is referred as a crucial procedure of
accumulating accurate as well as appropriate data from all the valid and reliable sources in
order to trace out the answers to the main research issues, testing the hypothesis if it is
developed in the study and evaluating the final outcomes. Other than this, data accumulation
methods are considered very crucial as the way in which the information being gathered is
utilized and what explanations it can generate are being identified by the methodology as well
as analytical strategies applied by the researcher (Saunders, Lewis and Thornhill, 2019). Both
these approaches are important for carrying an effective study and concluding the whole
work. Talking in references with the primary data, it is referred as the data which is gathered
for the first time by the investigator directly from the main source through seeking support of
different tactics like survey, interview, experiments and many others. Furthermore, secondary
data is elucidated as the data which is not directly collected from the key source and is
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already present prior to the study being undertaken. In other words, it can be said that
secondary data encompasses accumulation of the information which is already available.
Both these methods have some or the other importance in conducting an effective study.
Data analysis methods
Speaking in volume in regards with the data evaluation approach, it is defined as the
process of polishing, changing as well as representing the data for discovering information
for making crucial decisions for the business. The main purpose of this section of the research
work is to cite useful information and making best decision based on the analysis of the
information by seeking help of varied techniques. In addition to this, data evaluation is also
referred as the systematic application of arithmetical as well as rational methods for
describing the structure of information via graphs, tables and images and analysing the
statistical inclinations along with deriving the meaningful conclusions also called as data
evaluation (Rutberg andBouikidis, 2018). Qualitative data analysis encompasses pictures,
substances, metaphors along with words and signs. In addition to this, it is also utilized for
comprehending words, thoughts, experience and concepts. On the other side, quantitative
evaluation encompasses statistical analysis. Further, it is expressed in terms of numbers as
well as graphs and is being utilized for testing or confirming the assumptions and test.
Sampling
Sampling is an important method of choosing people that the investigator uses for
collecting information. There are majorly two important methods of sampling that is
probability and no-probability.
Ethical considerations
Ethical consideration in any research work is the set of principles plus practices that
offers direction to the investigator for successfully completing the study honestly. Ethical
issues for the current research work are as follows:
CHAPTER – 4: DISCUSSION AND ANALYSIS
Overview of the chapter
In addition to this, it also helps in upholding in attaining the basic point as well as
objectives of the review. similarly, this is chapter which furthermore encompasses
comprehension of the accumulated data along with the outcomes which are being made sense
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of effectively. Along with this, this is the section of description which dives into the senses,
importance plus meaning of the outcomes being gathered.
Presentation of the results
Speaking in relation with the current research work, the researcher has used both the
methods of collection the information that is primary and secondary data collection methods.
in regards with the primary information, it was being collected through carrying out survey of
the employees working for the Lloyd's banking group. The survey was conducted with the
help of questionnaire. On the other hand, the secondary data was being collected with the
support of exploration of varied kinds of scholarly articles, journals, and published sources
related to the topic under study that is e-banking and cybercrimes in the banking industry. A
sample of 20 employees working in the Lloyd's banking group was being selected with the
help of simple random sampling method. In addition to this, for the evaluation of the data
from the primary sources, the investigator has utilised quantitative analysis which was being
performed with the help of statistical analysis using SPSS software. The results of the survey
and analysis is being presented in the subsequent paragraph:
Discussion
The main objective of the current research work is to analyse the relationship between
e-banking and cybercrime within UK banking industry. The study was performed in the
Lloyds Banking Group which is one of the leading banks of UK. The study was also being
carried out with the help of quantitative evaluation wherein frequency regression and
corelation coefficient was being calculated using SPSS software.
In addition to this, it was also found out from the study most of the employees of
the bank are aware of the concept of e-banking and cybercrimes. It was further revealed that
they are understanding that in the present world, e-banking and internet is being utilized by
each and every customer or people because of the convenience being offered and thus, there
has been augmentation in the cyber-attacks which simply means stealing of valuable personal
information including finance of the people. On the other hand, they also stated that e-
banking is nothing but merging of the new technologies with the out-mode services of bank.
This study also adds to the current body of literature wherein Bhandary (2021), have stated
that e-banking are principally being referred as the services which are self-service by the
customers and therefore, in regards with the banks it requires less amount of resources as well
as transaction costs along with the production cost is also very nominal. Further, the
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electronic banking services are being boosted by the major drivers like enlargement of the
revenue and minimization of the operating costs.
He further stated that with the help of introduction of firewall for the purpose of
conducting the operations of the business supports in generation of a barrier amid the network
of computers and the internet which leads to decrease in the cybercrimes. Through
overcoming the cybercrimes with the help of e-banking also supports in maintenance of the
monetary health of the workers.
This simply signifies that e-banking is also paving the way of cybercrime and
attacks which needs to be controlled for effective functioning of the banking industry.
Further, the banks don't need to stress in connection with unapproved utilizes getting
to their data or organization.It hence, helps the banks in safeguarding their end clients
alongside the specialists. Additionally, in the uncommon event, defeating cybercrimes doesn't
forestall an assault or break, but it makes improvement in the recuperation time a while later.
The clients alongside the designers become unquestionable about items that have solid digital
protection arrangements set up.
CHAPTER – 5: CONCLUSION & RECOMMENDATIONS
Conclusion
The current study is being based on the association of E-banking and cybercrimes in
the banking industry of UK and the main aim was to evaluate this relationship. After much
consideration is can be stated that there is a strong association and connection between
electronic banking and cybercrimes. With the augmentation in the use of online platforms and
e-banking there is an increase in the cybercrimes among the banking industry of UK.
Moving further, it has been evaluated from the study being undertaken that presently,
the world has entered in to the digital era wherein the whole procedure of the international
integration is because of the advancement in the infrastructure and one of which is the
internet. The information gathered simply shows that the internet has entered different
aspects of the Lloyd’s bank group such as chat services, banking services and many other
banking transactions. This widespread utilization of the internet in the practice of activities of
banking should be a great opportunity for the banks to augment the profits level by fee-based
income transactions. Banking industry is one of the fastest industries in comprehending as
well as understanding the changes along with evolutions in the field of technological
innovation. This is quite evidenced by the augmenting demands of the web-based banking
products as a type of consumer desire for obtaining the banking products that are effective,
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fast and productive. Online based banking services offers a crucial competitive edge for the
banks in relation with the time, location and cost. Also, the crucial role of e- banking is being
determined by the advantages which the concept provides for the effective working. Thus,
this simply signifies that the working need to be improved with the help of effective use of e-
banking.
Recommendations
Online or electronic banking is increasing and developing at as quicker pace. It is
being getting vaster with the passage of time and having more value than anything else for
hacker or cyber criminals. It will never be going to be secure hundred percent. It has been
also revealed that one our four individuals are often a victim of cyber-attack. Considering the
current volatile market, the financial and banking sector will be the main target for cyber
attackers and hackers. Performing network repair – The network is one of the deciding elements in the
nature of web banking administrations, subsequently a precise estimation and survey
of the organization utilized should be performed. This obviously is likewise connected
with network costs that should be painstakingly thought of. Investigation and
assessment to keep up with the nature of administration with a solitary layer
reinforcement, yet in addition need to think about the idea of a twofold layer.
 Conducting regular website feature evaluations every quarter – For the purpose of
making improvement in the utilization of e-banking services in the corporate world, it
is important that the evaluation of the website feature needs to be performed
periodically through using the big data generated from the online chat characteristics
which enables the clients to offer direct input for improving the features of websites
encompassing the procedure related to navigation, displays and features menus on the
internet banking. In the next stage of development, there should be customizable
menu in the form of shortcuts or initial navigation on the website display for suiting
the needs of the clients.
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