“A Study on the Customer Awareness on Security Issues and Threats in Digital Banking in Chennai”

Abstract

Digital banking has revolutionized the way financial transactions are conducted, offering convenience and accessibility like never before. However, this paradigm shift also brings forth a myriad of security threats and challenges. This paper aims to evaluate the overall awareness level among customers regarding security threats and issues in digital banking. Through a comprehensive study, the specific digital banking security threats that customers are most aware of will be identified.  Additionally, customers' understanding of security protocols and best practices while using net banking services will be assessed, along with determining the extent to which they utilize available security features. The study employed a descriptive approach utilizing a structured questionnaire for data collection via convenience sampling, through a sample of 174 customers.  Statistical tools including proportion study, ANOVA, regression, correlation, and chi-square were applied for comprehensive data analysis. Factors influencing customers' awareness and perception of digital banking security will be analysed, shedding light on the adequacy and efficacy of existing security measures in online banking. This research is crucial in understanding the current landscape of digital banking security awareness among customers. By identifying gaps in knowledge and usage of security measures, banks and financial institutions can tailor their strategies to enhance customer protection and trust in digital banking systems, ultimately fortifying the security infrastructure of the financial sector.