In this technological era, almost all renowned banks have equipped themselves with the latest technology significantly pertinent to enhance their services and have provided e-banking facilities to their customers. Nevertheless, cybersecurity has been the focus of many organizations. Banks are offering more facilities to facilitate their customers with ease and convenience regarding e-banking. However, in Pakistan this is not the case. As people still refrain from using e-banking in Pakistan because of various issues, the e-banking sector has exponentially grown in the last decade. It has more chances of growth as enterprises such as banks still encourage clients to carry out e-transactions, like utility bill payments, access to account information, and money transfer. During this process, cybercriminals attempt to steal customer data and hack their online sessions. With regards to e-banking fraud, digitization has caused a revolution. Cybercriminals have employed various tools to steal crucial information through identity theft, trojans, viruses, and phishing.
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Financial, savings, private, and public banks are among the various types of enterprises which are vulnerable to cybersecurity threats. All, however, share the same goal of delivering services to consumers, companies, and government funds as a necessary prerequisite on cyberspace. In today's world, banks are undergoing digital enterprise transformation and conduct financial activities from lending and purchasing real estate and vehicles to large trade-related transactions (Holzhauer, 2021). These digital transactions are increasingly targeted by cyberhackers which leads to cybersecurity breaches. Consequently, bank cybersecurity should be monitored regularly in these organizations since the cyberworld is a risky abode, and without any safety regulations, there is a potential to endeavor to steal money, amongst other circumstances of risks and hazards (Frazier, 2021; Phaneuf, 2021a). Customers that use internet banking have access to a wide range of banking services that are not available in physical banking locations. These enterprises vary from traditional banking to mobile devices and are usually conducted over the internet (Marous, 2021; Overby, 2020). However, many of these services have a higher risk of data theft, data intrusion, data hack, as cybersecurity is not clearly understood by the customers and many of the cybersecurity software installed are unregistered, or out of date, non-compliant, having no upgrades, and having the minimum protection from cyber-attacks.
As business dealings could be performed simply by a single click, it has altered individuals' behavior concerning the way they spend. The simplicity and expediency attract customers in the way that commercial institutions protect their money. Commercial institutions protect their monecious to clients (Amoros, 2019; Phaneuf, 2021b; Singh et al., 2006). The harm caused by cyber-attack to any financial organization is hard to calculate as the effect is not only in economic terms. However, other components make it challenging to assess, for example, harms to organizations' prestige and credibility, lack of organizations' faith in institutions and clients. Thus, the price of institutions' cyber-attack will be significantly more extensive than the amount taken out by cyber-attackers.
While the e-banking system has been introduced for several years, cybercrime cases started to be recorded drastically during the last decade, especially in the last few years with the emergence of social media, which often reveals people's information vulnerabilities. Consequently, the employment of e-banking has decreased, while the risks have risen exponentially (Amoros, 2019; Zaidi, 2021). Nevertheless, because of other aspects, for example, new cryptographic systems, it has added potency lately. If the customers decide to be robbed, none of this is beneficial since it mainly executes it. Cybercriminals exploit customers' naivety and inexperience in data safety. Risks to such methods are produced to a similar degree as protection methods are promoted (Carminati et al., 2018; Overby, 2020). The harms caused by scams are worth millions of dollars globally each year. These scams contribute to consumer humiliation and an extensive adaptation period for concerned banks and high expenditures (Al-Furiah & Al-Braheem, 2009).
Electronic payment systems, also known as electronic banking or net banking, allow bank customers to transact through internet-based websites and banks. It gives banks internet access if they have the resources. It also provides various services, including money transfers, bill payments, account verification, e-shopping, and recharges (Li et al., 2021). Online banking has risen to prominence because it is convenient and straightforward to use, provides fast access, is cost-effective, and can be done anywhere. With these benefits, online forgery, wherein an individual's account is utilized to transfer funds for commercial gains, is becoming a spotlight for cyber fraud. To deceive account holders, methods such as phishing, voice phishing, downloading of Trojans, and other malicious software could motivate cybercriminals to make easy cash.