
Technology is developing at an unimaginable speed and the rapid change and development is posing the entities with new risks and threats that might make the entities more vulnerable to fraudulent activities and Banking sector is more prone to these frauds as the systems are directly or indirectly approachable by a large number of stakeholders. While development in Technology is inevitable, it is also important to keep a check on the loopholes and probable risk areas to ensure these are identified at an early stage to avoid massive losses.