Cyberfraud, usage intention, and cybersecurity awareness among e-banking users in India: an integrated model approach

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.