Online Fraud Transaction Research 2022

Running head: ONLINE FRAUD TRANSACTION
ONLINE FRAUD TRANSACTION
Name of the Student
Name of the University
Author Note

ONLINE FRAUD TRANSACTION1
Table of Contents
Chapter 1: Introduction..............................................................................................................2
1.1 Background..................................................................................................................2
1.2 Problem Statement.......................................................................................................3
1.3 Aim, Objectives and Research question......................................................................3
1.4 Research Structure.......................................................................................................6
Chapter 2: Literature Review.....................................................................................................7
2.1 Introduction......................................................................................................................7
2.2 Negative Impact................................................................................................................7
2.3 Gap Analysis....................................................................................................................8
Research Methodology...............................................................................................................9
Chapter 3: Research Methodology...........................................................................................12
References................................................................................................................................12
Referencing:.............................................................................................................................15

ONLINE FRAUD TRANSACTION2
Chapter 1: Introduction
1.1 Background
Cybersecurity is very much needed nowadays. The online transaction is an essential part
of every sector to complete any type of transaction and financial cases. The technology is
taking a huge step, which is always focused on development. Each and every day the
development is taking a part which will help transaction and the money transfer made easy.
Now each of this transaction is dependent on the digital automation created by the human
being. That is why it can be said that the transaction can be less secure for this adjustment.
Suppose anyone wants to transfer an amount of money to the other place or the bank account.
Now, after the digital transaction, it can be said that the amount will not transfer into the
target account physically. The data of the money transfer will be recorded, and instruction has
been sending to the target account. According to that instruction, the data will be updated in
the targeted account. Now this, this transaction has been doing digitally with the help of the
transaction (Khairnar and Kharat, 2016). That is why it can be said that data loss can happen
in the path of the transaction. Sometimes it can also be hacked. That is why cybersecurity is
needed properly. The research proposal is aiming and containing the importance as well as
problems where the proper explanation and necessary have been discussed properly. It is a
huge issue nowadays. Because there are several fraud cases and the hackers are waiting to
hack the data and can misuse them for their own purpose. They are efficient enough to do
targeted people harassment properly. That is why awareness is needed. QR technology is
hugely used by the people nowadays for the online transaction. The QR barcode scanning is
also required for the data or cash transfer. With this new technology the transfer is easy, but it
has Risk also. That is why the proper protection and security is very much needed (Cai and
Zhu. 2016). The financial stability can be hampered through the various attacks of the

ONLINE FRAUD TRANSACTION3
financial institution. The research has been done on the topic of cyber risk; with various novel
documentation.
1.2 Problem Statement
Now there are several problems has been detected about this scenario. First of all, the
cyber security is needed for every point of life. All of the data record and the transaction
have been done with the computer nowadays. The primary data has been stored in the
devices that are sole property of the organization whereas secondary data has been stored
in the database. That is why it can be said that the data can be lost in the path anywhere.
The main problem is there are several hackers are waiting to hack the data, and they will
ask for the money against the data. An example can be taken (Fu et al., 2016). The Wanna
Cry attack has been made with this procedure. The hacker has been sending a malicious
mail to the targeted account. After opening the mail, the targeted pc was corrupted with
the programming code; to open this corruption a key is needed which will provide by the
hacker; if and only if the victim will provide the asking amount of the hacker. Sometimes
the worm attack will target the database or the sensitive personal data. This process will
heavily damage the financial condition of the country. Sometimes the data can be lost by
the irresponsible behaviour of the user. The online transaction is dependent on the UPI
pin or the password. If the user will lose the pin or the hacker will hack the system, then it
can be said that his/her account will be unsafe. So it is a huge problem in today’s world
(Dai., 2016). Cyber protection is heavily required. If the data will be lost with any type of
hacking or other reason. Then the financial issue will be happened in the country. In a
country if the online transaction is needed; then it have to be complete properly.
Otherwise the online transaction should stop at that area.