A Study of Axis Bank Impact of Cyber Fraud on Banks and Customers
Dr. D. Yamuna1, Gokul M2
1Assistant Professor, Department of Management Studies, Sathyabama Institute of Science and Technology, Chennai, Tamil Nadu, India
ABSTRACT - This study focuses on understanding that reality through the lens of Axis Bank, one of India's largest and most digitally advanced private sector banks. With over 80 million customers and a deep commitment to technology-driven banking, Axis Bank represents both the promise of digital finance and its vulnerabilities. The central aim of this research is to examine the nature and extent of cyber fraud affecting Axis Bank and its customers, evaluate the effectiveness of the bank's existing security and fraud prevention mechanisms, and assess the awareness levels of customers who increasingly serve as the first — and often last — line of defence against cybercriminals. The study adopts a descriptive research design. Primary data was collected from 184 respondents, comprising Axis Bank customers from Porur, Chennai, through a structured questionnaire covering demographics, fraud experiences, awareness levels, and perceptions of the bank's response. Secondary data was sourced from RBI publications, academic journals, bank annual reports, and regulatory guidelines. Statistical tools including Chi-square test, ANOVA, Pearson's Correlation Coefficient, and regression analysis were applied to test the research hypotheses and draw meaningful conclusions. The findings paint a clear picture: phishing, UPI fraud, and OTP-based scams are the most frequently encountered forms of cybercrime among Axis Bank customers. A significant negative correlation was identified between customer awareness and fraud victimisation — the more informed a customer, the less likely they are to fall victim. ANOVA results revealed notable variation in financial losses across different income groups, suggesting that the economic impact of cyber fraud is not uniform across the customer base. While Axis Bank has invested considerably in multi-layered cybersecurity protocols and real-time fraud detection systems, the research uncovers persistent gaps — particularly in customer education and digital literacy — that continue to leave end-users exposed. This research contributes to the growing body of academic literature on cybersecurity in Indian banking and offers practical, evidence-based insights for banking professionals, policymakers, and cybersecurity practitioners working to build a safer digital financial ecosystem.
Key Words: Risk Management, Profitability, Financial Performance, Risk Mitigation, Strategic Decision-Making, Financial Resilience, Risk Framework, Earnings Stability, Corporate Governance, Uncertainty Management
Keywords: Cyber Fraud, Digital Banking, Axis Bank, Phishing, UPI Fraud, Customer Awareness, Cybersecurity, OTP Fraud, Financial Loss, Banking Security
