<p>Cyber Financial Fraud is a matter of utmost concern in today&#39;s world. The matter needs to be addressed at all appropriate levels without delay to prevent losses of Govt and Private Finances. In this research article, the causes of the popularity of online transactions, its associated risks and possible solutions have been discussed in brief. The objective of this article is to raise awareness among people and law enforcement Authorities regarding the issue of Fraud in Online Transactions.</p>