Increasing Bank Frauds and Cyber Crimes

2367 Words Sep 30th, 2006 10 Pages
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
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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 's

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