A Comparative Study of “Consumer Awareness on Cybersecurity Risks in Digital Banking”.

The rapid shift from traditional to digital banking has revolutionized financial services, offering enhanced convenience while simultaneously exposing users to increased cybersecurity risks such as phishing, identity theft, and fraudulent transactions. This study presents a comparative analysis of consumer awareness regarding cybersecurity risks in digital banking across different demographic groups and bank types (public vs. private). Using a structured questionnaire, data was gathered to evaluate consumer knowledge of security protocols—such as two-factor authentication, secure browsing, and phishing scam detection—and their proactive security behaviors. • Findings suggest a significant disparity in awareness levels, with younger, tech-savvy users demonstrating higher awareness compared to older or less tech-literate individuals. Although a majority of respondents are familiar with basic security measures, a significant gap exists in understanding complex threats. The study also reveals that while awareness of phishing scams is relatively high, understanding of grievance redressal mechanisms remains low. The comparative analysis highlights that customers of private/foreign banks often possess higher awareness levels than those of public sector banks, owing to superior digital training initiatives. The research concludes that enhanced, targeted awareness programs and stronger collaborative efforts between banks and regulators are necessary to mitigate cyber threats and boost consumer confidence in digital financial platforms.