Professional Documents
Culture Documents
Financial Crime
Financial Crime
Introduction:-
Financial crime, also often referred to as white-collar crime, covers a wide range
of criminal offences which are generally international in nature.
With anonymity and speed, internet is a haven for fraudsters. Closely connected
to cybercrime, financial crimes are often committed via the Internet and have a major
impact on the international banking and financial sectors. These financial crimes affect
private individuals, companies, organizations and even nations, and have a negative
impact on the entire economic and social system through the considerable loss of
money incurred.
1. Identity theft fraud:-in such type of crimes someone wrongfully obtains and uses
another persons personal data in some way that involves fraud or deception, typically
for economic gain. E.g. ones personal data like bank account number or credit card
number and other valuable identifying data can be used wrongfully for financial gain.
For some time now, electronic funds transfers have assisted in concealing and in
moving the proceeds of crime. Emerging technologies will greatly assist in concealing
the origin of ill-gotten gains. Legitimately derived income may also be more easily
concealed from taxation authorities.
4. Phisihing:- book
Electronic funds transfer systems have begun to proliferate, and so has the risk that
such transactions may be intercepted and diverted. Valid credit card numbers can be
intercepted electronically, as well as physically; the digital information stored on a card
can be counterfeited.
Introduction
The Internet has undergone rapid growth in this millennium in that it has
promoted advances in just about every aspect of society and is available and
accessible in practically every corner of the globe. The predicted benefits to society
are incalculable.
However, the Internet has literally become a fertile breeding ground for an
entirely new and unique type of criminal offender the Internet. With its infinite size
and previously unimaginable capabilities, has a dark side in that it has opened
windows of previously unknown criminal opportunities. One of such opportunity is
cyberstalking.
The cyber stalker is one who uses the Internet as a weapon or tool of
sorts to prey upon, harass, threaten, and generate fear and trepidation in his or
her victims through sophisticated stalking tactics, which for the most part, are
largely misunderstood and in some cases, legal.