Banks drive operations within the finance sector, money markets and economic growth phase of a nation. They perform pivotal roles in adhering to the United Nations sustainable development goals (UNSDGs). With the rapid growth in digital banking, online bank frauds are increasing rapidly, and fraudulent individuals have begun implementing new methodological innovations. As a large prominent segment of the research endeavour execution, a questionnaire-based data capturing mechanism was implemented. It entailed probing and assessing fraud-related precautionary action and level of compliance to relevant laws, regulations, policies and procedures that contribute towards adherence and promotion of UNSDGs. Banks cannot be completely secure against unknown threats with more proactive measures but can go a long way in countering online banking frauds. Sri Lanka was chosen for the study presented in this chapter due to the easy accessibility of banking fraud data. An investigative analysis of online banking frauds becomes the focal point of this chapter confined to Sri Lanka chosen as an emerging economy. It provides a creative component to academia and professionals involved in banking, business, economics, finance and technology in terms of identifying and addressing online banking frauds within an emerging economy utilizing the practically applicable conceptual paradigms of the mentioned subject areas.