Abstract
Cyberfraud knows no boundaries and increases with the emergence of technology adoption. The remarkable rise of cybercrime and its catastrophic consequences pose a significant threat to financial institutions in India. Existing literature proves that banks are most affected among other sectors due to their resilience on the Internet, particularly e-Banking platforms. This study incorporates cybersecurity knowledge and awareness with the Technology Acceptance Model (TAM) to examine the association to usage intention among e-Banking users in India. Co-variance-based structural equation modelling (CB-SEM) was used to analyse the sample size of 428 responses. The findings suggested that e-Banking users’ cybersecurity knowledge and awareness positively influence e-Banking usage intention. Users’ behavioural protection is influenced by knowledge and awareness. It was also observed that cybersecurity knowledge, awareness, and behavioural choice protection were consistent with TAM theory. Emerging cyberfraud has become a significant challenge in accepting e-banking platforms. The structural model suggests that cybersecurity awareness among e-Banking users against cyberfraud could help safeguard users’ bank accounts and positively influence usage intention. Cybersecurity awareness must be taught to e-Banking users to counter rising cyberfraud incidents.
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Notes
ATM banking, short for Automated Teller Machine banking, is a financial service that allows customers to conduct various transactions using automated machines (Nigatu et al. 2023). It also offers enhanced accessibility, making banking services more readily available to people in remote or underserved areas. Moreover, ATM banking expedites routine transactions, minimizing queues and wait times, resulting in a smoother and more efficient banking experience for users.
Internet banking, or online banking, refers to the digital banking service that allows customers to manage their finances and conduct various online transactions (A. Bhattacherjee, 2001). Internet banking also reduces paperwork, minimizes the use of physical resources, and enhances security through encryption and multi-factor authentication, ensuring a safe and efficient banking experience for users.
Mobile banking is a financial service that enables customers to conduct banking transactions and access account information through their mobile devices, such as smartphones or tablets (Shaikh and Karjaluoto 2015). Mobile banking also improves financial control by enabling users to track expenses and manage budgets effectively. It allows users to manage their finances anytime and anywhere, providing flexibility and reducing the need to visit a physical bank branch.
Encompasses the importance of users' comprehension to adhering to information security practices.
Behavioural aspects encompass preventive control, predictability, ease of reduction, observability, reversibility and the catastrophic potential of cybersecurity threats, as identified in the study conducted by Huang et al. (2011). Individuals often emphasize cybersecurity risks as a means to anticipate potential threats, fostering a sense of security imagination and fictional fear (Bruijn and Janssen 2017).
It represents the extent to which users believe that using electronic banking will enhance their banking transactions.
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Afzal, M., Ansari, M.S., Ahmad, N. et al. Cyberfraud, usage intention, and cybersecurity awareness among e-banking users in India: an integrated model approach. J Financ Serv Mark (2024). https://doi.org/10.1057/s41264-024-00279-3
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DOI: https://doi.org/10.1057/s41264-024-00279-3