Cybercrime in finance refers to engaging in illegal activities with the intention of gaining financial benefits. This includes activities such as identity fraud, ransomware attacks, email, and internet fraud, as well as attempts to steal financial account, credit card, or other payment card information. In particular we will be talking about phishing which is a sort of cybercrime that uses deceptive emails, websites, and text messages to illicitly obtain confidential personal and corporate information. The existing legislation pertaining to Phishing is insufficient and does not immediately address the issue at hand. The existing regulation addressing financial cybercrimes is the IT Act of 2000, which is insufficient to effectively combat the ongoing financial crimes.

This essay will focus on the necessary amendments to the IT Act of 2000 to combat financial cybercrimes. Additionally, it will examine the worldwide legislation pertaining to this issue and highlight their comparative effectiveness.

The research methodology adopted for this study involves a comprehensive analysis of existing literature, including primary sources such as governmental statutes and legislation data. Additionally, the study will utilize secondary sources like scholarly journal articles, books, and reports to provide a holistic understanding of the topic.