An Appraisal of Cyber Laws with Reference to E-Banking in Pakistan

The Information and Communication Technology (ICT) has revolutionized almost every aspect of human endeavor. Increased use of ICT such as computers, cellular phones, internet and other associated technologies are the routes which gave emergence to a lot of constructive as well as destructive work. The constructive work includes simplicity in business transactions provided convenient, effective, speedy and smooth processes. The destructive activities are considered as “electronic or cyber crimes” such as Identity theft, credit card and ATM frauds, criminal activities, spamming, phishing and other web-based crimes. This study will identify the adverse effects of the cyber crimes on e-retailing, effects of cyber crimes on financial transactions in e-banking sector, the present need to formulate policy framework, national legislation and independent investigation authority to penalize such criminals. Keywords: ATM, E-Banking, E-Commerce, EFT, E-Payment, ICT, M-Banking, PEC