Cyber Crimes And Financial Institutions

When faced with problems as a computer forensics investigator you must be very flexible. There are many different types of computer related crimes in today’s society. They may range from child pornography to identity theft to even insider trading on Wall Street. The possibilities for the criminals in our world to use computers and the Internet against us are endless. The computer forensics or cyber forensics fields are growing but are still learning every day because it is such a young field of study. New things emerge every day that computer forensic investigators must adapt to and begin to learn to help combat these criminals. Investigators will use many tools to help them find incriminating evidence. These investigators must learn these tools inside and out to make sure every test they run can be valid. The computer forensics field is growing rapidly and there are a lot of real world threats that we need these investigators to help us solve.

Banking sector is the most susceptible sector regarding the breach of internet security as monetary transactions are there. This may contain sensitive data. It may pose some serious security concerns if data goes public. Fraud is a global occurrence that exploits the security gaps. It also possesses and targets banks which have less sophisticated security infrastructure. To prevent and deter fraud, banks must regularly upgrade its infrastructure. Several types of security breaches

Being touted as the 'new era of cyber crime', advanced phishing attacks recently were responsible for stealing as much as $1 billion from over 100 banks worldwide. [1] In an attack that took place in the shadows of the networks of their victims over more than 2 years, this display of how dangerous these phishing techniques are becomes very apparent. In previous years, it was always thought that the easiest way for a hacker to steal would be for them to go after the customers directly. However, as became apparent in this attack, hackers have become much more resourceful at how they get access to the banking information they desire.

In this day and age, the threat of identity theft for the common individual has increased drastically. With advancements in technology and the ever growing power of the internet, identity thieves can rob personal information from unsuspecting victims quickly and easily. Identity theft has formed into a particular type of cyber crime. Perpetrators access the personal information of individuals by “phishing”, deceiving them into giving them personal data, the use of malware to access information, or hacking which allows criminals to illegally access individual’s computers. However, the breach of personal data is not limited to the individual person, as recently as 2016 organizations such as the United States Federal Reserve, the Central Bank

Cyber criminals are illegally access into others account. They are illegally accessed more than half of the world’s largest banking website. Nearly one billion losses for every year for banking industry for this criminal attacks.

These hackers threaten our security and confidentiality every day by getting unauthorized access and stealing our most valuable or sensitive information. Privacy and security concerns are not unique to the bank industry; they are spread to personal information such as health or employment, and other e-commerce transactions. The protection of this information has to be ensured by the company or bank in order for customers to continue the relationship with such.

Finally, because of the economic downturn, cyber crimes are on the rise (Muncaster, 2009) presenting both an opportunity and threat at the same time.

The dependency over internet has led to increase in cyber crime. Some criminals use the internet for spreading computer viruses and also fraud. Cyber crime is a new type of crime that occurs in this Science and Technology years. There are a lot of definitions for cyber crime. According to Wikipedia.com cyber crime is known as computer crime that refers to any crime that involves a computer and a network. Besides that, cyber crime is also defined as crimes committed on the internet using the computer as either a tool or a targeted victim. One of the cyber crime is the internet fraud. The most severe form of internet fraud involves identity theft, which is illegally getting a hold of someone’s personal information in some way that uses fraud or deception and is used for financial gain. One method of getting people’s bank account details is the money transfer email scam. People receive emails requesting help with transferring funds from another

Every day, U.S. firms are targets of sophisticated cyber-attacks by foreign countries, criminals, and sometimes even unscrupulous competitors. These attacks are not always discovered by the victim firms. Furthermore, even if discovered, they may not be always acknowledged outside of the victim firms. However in many cases, breaches have to be reported either because of the legal requirements or to be ahead of the wave and control the magnitude of the reputation damage. The public announcement of a successful cyber-attack

Law enforcement agencies need to partner with advocacy groups to make consumers and business owners aware of the different means which cyber criminals use to swindle them of their cash. A list of the various fraud schemes can be published, which can give the users of e –commerce precautions to avoid losing their money to fraudsters (Mansell & Raboy, 2011, p. 509). The most common ways through which people are swindled, is through unauthorized withdrawals from their credit cards and scams whereby some online portals receive payments for certain goods and later do not deliver the goods to the clients. Prevention strategies therefore must be emphasized to ensure that internet users are made aware of the fraud schemes.

Tim Berners-Lee: Berners-Lee is famed as the inventor of the World Wide Web, the system that we use to access sites, documents and files on the Internet.

For an extended period extending towards the end of 2014 until now, incidences of cyber security attacks on financial institutions have not only grown in number but also become sophisticated (Global banking and payment systems Practice, 2015). Lately, the criminals try to match the new security control measures with advanced security breach mechanisms and software. These criminals are known to introduce hybrid systems or devices like the variant DDOS (Distributed Denial of Service), which renders a system useless for some period. Others have referred to traditional means such as spoofing, which makes an organization 's email address vulnerable by creating traffic on it after that the hacker retrieves some vital information (Serb e al, 2014). But even with that, it leaves many to think of the necessary measures to put in place, to avert this global paradox. Consequently, for the many incidences reported and the enormous sums of money looted, not to mention the data breaches, there remains one question that never seems to escape the minds of the stakeholders and victims of these gangs’ internet attacks. The question revolves around the reason as to why these incidences seem to be on the rise and not very many culprits are being reprimanded for their heinous acts. In other words, are there real causes of these issues or it is a matter of inside jobs as many testimonies have revealed after the culprits are snubbed in the act of trying to loot from financial institutions.

Fraud, cyberattacks, and even simple mistakes add to the cost and complexity of doing business, and they expose all participants in the network to risk if a central system, such as a bank, is compromised.

At this point in time the ubiquity of personal and sensitive information of businesses and individuals who participate in the world economy is greater than ever. As in the past, your information could be found on an old credit card statement inside your garbage can at the end of your driveway; just waiting to be plucked by the next crafty criminal who can get his hands on it. Now your sensitive personal information is inside not only in your garbage can but as a result of the last couple of decades, information technology now has the ability to send your personal information in packets of data and over telephone wires. Extensive research has come up with empirical evidence that Internet Identity theft is on the rise in the

The Lack of Attention in the Prevention of Cyber crime and How to Improve it 1 PREVENTING CYBER CRIME Keywords: Cyber crime, Cyber security