MBA Business Analytics, Gannon University, Erie, Pennsylvania
Cybercrime is a threat that spans a wide range of online criminal activity in a broad range of settings. In the twenty-first century, financial institutions were most concerned about the rapid rise of cybercrime. The outcomes of attacks on financial institutions were compared throughout the year. When it comes to cybercrime, companies need to be aware of its impact to adopt suitable measurements. The best method to keep financial institutions safe is to implement comprehensive internal and cyber security analyses and cyber defense training. As a result, the present study looked at the influence of cybercrime tactics on online banking use and the potential benefits of big data. Based on quantitative cross-sectional surveys, the researchers concluded that the financial system is negatively impacted by cybercrime approaches. Financial institutions (24.90%) are the most vulnerable to cybercrime, followed by social media (23.60%). When it comes to cybercrime, webmail accounts for 19.60% of the attacks; e-commerce accounts for 8.50%; logistics accounts for 5.80%; cryptocurrencies account for a total of 8%. The negative effect was caused by security vulnerabilities in some cybercrime tactics, which might lead to the theft of customer data. For example, consumer trust and performance were negatively affected by vishing schemes that robbed banks of their security credentials.