Retinal Biometry - An Armor for Cybercrime in Indian Banking Industry
Indian banking industry showed a remarkable development with respect to the customer service by implementing the idea of automated teller machine in early nineteen century. Consumers are delighted with this advent as banking transactions became convenient. However the cost related to transactions are high in ATM. consumers adore this activity as it conserves time in their busy schedule and reduces visits to the banks. Innovations and inventions were penetrating the banking industry and finally banking at the finger tips was possible irrespective of the location and time. Internet banking was an effective gizmo in late nineteenth century. Other than banking transactions the facility of payments of utility bills is also possible at the convenient cost. The revolution in science always emanates with blessings and curses. Allocating the unique identification number was not sufficient to maintain the confidentially of consumers. Hacking password and false text messages victimized the consumers of cybercrime. Fraudulent activity of hackers reduced balance of the savings as well as current accounts to zero in just few minutes. Banking industry needs a fence to safeguard the confidentiality and retain the consumers. The study emphasizes on the retinal biometry as an effective tool to subside the cybercrimes associated with banking segment. Banks should take an initiative to implement this activity as it will preserve the trust and secrecy of the consumers.
Keywords: Retinal biometry, cybercrime, Indian multinational banks.
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