ANALYSIS ON BANK SCAMS IN THE DIGITAL HUB AND ITS EFFECTS IN GEN - Z AT CHENNAI CORPORATION

Abstract

There is a rise in bank frauds, especially among the younger population, such as Generation Z, because of greater dependence on online platforms for banking operations. In this research, the prevalence and effects of bank frauds within the digital space, particularly within Chennai Corporation, and how the scams affect the financial security, trust, and behavioral patterns of Gen-Z consumers will be covered. The fraudsters are using new strategies to manipulate customers due to the increased utilization of mobile banking, internet transactions, and digital wallets. This leads to huge monetary losses and undermines user trust. The research methodology used here is a mixed method data collection approach to study Gen-Z bank customers in Chennai by considering both the quantitative survey and qualitative interviewing to gain a better insight into attitudes, vulnerabilities, and coping strategies for the individuals confronted with digital banking frauds. This study further examines how advancements in technology, such as phishing, identity theft, and social engineering, help fraudulent activity. From this study, understandably, an escalating trend has been evidenced towards fraudulent activities where the victims have been younger bank customers; it is a prevalent incident in which fraudulent activity occurs with social network scams, false apps, and phishing emails. With the behavior change changing the usage pattern of Gen Z online banking, belief in these online banking interfaces is lost along with the monetary loss. The research underlines the importance of more powerful cybersecurity controls, more stringent regulation, and more awareness campaigns to secure users, especially the new generations, against online banking frauds. To put everything into context, this research invokes the need to educate Gen Z on online scams and hence invokes a more secure online banking system, where technological advancements would go hand in hand with increased security measures safeguarding the user from threats in the online hub.