Now a day’s financial transactions are meted out on computer, mobile phones and internet seem to be very difficult for the persons who aren't perfect in using such electronic devices. So there's need of IT to handle lengthy and sophisticated transactions within the banks. It’s made banking procedures easy, convenient, fast and professional, which is one in all the best landmarks in banking history. Information and communication technology (ICT) has entered and progress in the banks with its identity as “E-Banking”, which implies electronic banking. When bank transactions are conducted electronically then it's termed as “E-Banking”. It’s paperless, easy, and speedy, without geographical boundaries and it incurs low cost. In E-Banking, majority of bank transactions are allotted through internet, so internet is backbone of E-Banking. However with the introduction of Technology in Banking the Frauds has increased an excessive amount of extent. Internet Banking Fraud could be a “Fraud of robbery devoted using online technology to illegally removing money from an account of a customer”. The term “Internet Fraud” generally refers to any kind of Fraud scheme that uses one or more online services to current Fraudulent solicitations to prospective victims, to conduct fraudulent transactions, or to broadcast the proceeds of fraud to financial institutions or to others connected with the plan. Internet fraud can occur on computer programs like chat rooms, e-mail, message boards, or internet sites. Now internet banking is broadly accustomed check account details, make purchases, pay bills, transfer funds, print statements etc. But due to some unawareness or silly mistakes one can easily make up the trap of cyber criminals. Cyber crimes are touching all the facet of our life and our banking transactions also are full of them. Whether it's credit frauds, ATM frauds or Internet banking frauds, cases are occasionally reported in India. The occurrence and numbers of those cases are growing day by day and there's a powerful need of stringent cyber law in India.

Keywords: Cyber, Banking, Frauds, Internet Banking Frauds, Technology Development, Legislature.