Increasing Bank Frauds and Cyber Crimes - 2367 Words

INTRODUCTION According to Edwin Sutherland s definition, white-collar crime refers to a relatively uniform behaviour involving actions undertaken by individuals to contribute to the financial success of the organization. They violate the law for the firm. Yet the definition is loose. An offence would be called a white-collar crime insofar as it represents violation of a legal rule constructed to govern business affairs or occupational practice and insofar as the law violation took place as part of the conduct of regular business or occupational activities. White-collar crimes are distinguished from the conventional crimes like murder, rape, and manslaughter etc. These crimes do not actually require any particular label of†¦show more content†¦It has been estimated that, by the middle of the 1990s, the gross criminal product of organised crime made it the twentieth richest organisation in the world and richer than 150 sovereign states. The world s gross criminal product has been estimated at 20 percent of world trade. Thus, to understand the increasing scams over the Internet, it becomes imperative to understand the above concepts. It can be seen that they are strongly interlinked and more than often, tend to be applied simultaneously. BANK FRAUDS THROUGH THE INTERNET IN THE USA Though a relatively new phenomenon, Internet bank fraud affects millions of Americans every year. Internet bank fraud occurs when one party deliberately deceives another through an Internet scam in order to achieve financial gain at the victim s expense. Criminal fraudsters are always looking for new ways to accrue financial gain at the expense of others, and the Internet is often their chosen means of scams and deception. There are two major types of Internet bank fraud that are currently being committed against consumers worldwide. The first is called phishing . Phishing is defined as a fraudster s creation of emails and Internet websites that mimic legitimate business, financial institution, and government email and website pages, but are in fact designed to deceive. In the case of Internet bank fraud, criminals design and use emails and websites that look almost identical to bank sShow MoreRelatedThreat Landscape Of Online Fraud Risk Management1460 Words   |  6 Pages1. INTRODUCTION 1.1. Introduction to threat landscape of online fraud risk management The Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industryRead MoreOnline Banking And Financial Services1440 Words   |  6 Pagesfor the banks. Financial crime or fraud in the last few decades was largely restricted to cheque or loan fraud by individual fraudsters. The perpetrators seem to have kept pace with the evolution in banking services. The threat landscape today is such that every time the banking industry presents innovative financial products and a convenient way to do business with its customers, it also attracts a whole new category of fraud risk and new opportunities for the fraudsters. The financial fraud fraterni tyRead MoreFinancial Risks Of Online Banking1683 Words   |  7 Pages2.2 Fraud risks in online banking The threat landscape The section above traced the evolution of the banking industry’s adoption of IT based innovations with the aim of offering a suite of products and services to delight their retail and corporate customers and to gain cost reduction and market share. Whilst these developments have grown the market universe exponentially it has also created opportunities for crime syndicates and fraudsters to take advantage of the wider canvas and customer ignoranceRead MoreTechnology And The Internet And Personal Smartphone Devices1270 Words   |  6 PagesWith the ever increasing use of technological advancements such as the internet and personal smartphone devices, many people simply take their security for granted. 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New innovations, new technologies and new ways of communication have developed which, despite connecting the world, have added another dimension to crime. The intensity with which the Internet is used in our everyday lives is a huge factor in determining the increasing rates of cyber-crime. In this era of technological advances, people are unaware of the high risk of exposure of their personal information. While each of the networks that make up the Internet is ownedRead MoreCom176 outline and thesis statement1246 Words   |  5 Pagesadvancement in technology are increasingly rising; however, our development of laws, law enforcement resources, and training to combat cyber crimes are inadequate. Outline: I. Introduction Societies dependence and advancement in technology are increasingly rising; however, our development of laws, law enforcement resources, and training to combat cyber crimes are inadequate. Technology changes at very fast rate, before you know it the processors and programs we are currently using quicklyRead MoreThe Impact Of Internet On Our Daily Lives1540 Words   |  7 Pagesoutcomes, but also negative outcomes an example being cybercrime. We find that the internet is the fastest growing technological infrastructure development in today’s modern world. This is evident due to the emergence of a digital platform trend. The increasing demand of the internet and computers has led to the adoption of computer technology into products that initially used to perform without the use of either. Examples are buildings, vehicles and even trains. ICT in general has been embraced in almostRead MoreEvaluating The Risk Of Cybercrime1771 Words   |  8 PagesEvaluating the Risk of Cybercrime Victimizations Cybercrimes are one of the significant types of crimes that make various individuals vulnerable to victimization. Numerous types of cybercrimes exist throughout the world, including identity theft, spam, phishing, and online consumer fraud that relies on computer-based technology to facilitate criminal activities. The risk of cybercrime victimization influences individuals who differ in age, gender, ethnicity, and social class. This conveys that certainRead MoreThe Risk Of Cybercrime Victimization Essay1762 Words   |  8 PagesCybercrimes are one of the significant types of crimes that make various individuals vulnerable to victimization. Numerous types of cybercrimes exist throughout the world, including identity theft, spam, phishing, and online consumer fraud that relies on computer-based technology to facilitate criminal activities. The risk of cybercrime victimization influences individuals who differ in age, gender, ethnicity, and social class. This conveys that certain indiv iduals are more likely to face cybercrime