Table of Contents
An initial presentation
A study of past writings on the subject was conducted.
Procedure
Original: Critique
Paraphrased: Assess
Method Type of fraud Age
Analyse of Content
To sum up
This is the start of something new.
Technology has made it more dependent on humans in all areas of their lives. These inventions have increased our dependence on technology. However, they also increase the likelihood of falling prey to cybercrimes. Cybercrimes have become more frequent and are especially prevalent in the financial sector. Cybercrime is more common in organizations that depend on digital networks to run their businesses. Cybercrime is the illegal use of the internet to access financial and private accounts without authorization. “Banks created many platforms to facilitate transactions in order increase their customer base.” Cybercrimes include frauds using credit cards, phishing and spamming, as well as blackmail and forgery.
This research paper will discuss why criminals are more interested in banks than other sources. What credentials are needed to hack into users’ accounts? What can hackers gain from this? These crimes are why banks fail to prevent them. How do they persuade people to reveal their financial information? How can they stop them and how can crimes be eradicated? These numbers are essential for criminals to commit crime. These numbers signify that a customer has authorized the account to be used. It is impossible to breach security without these numbers.
This research has two main purposes: it informs online bank users and makes recommendations for how they can improve their security. We will learn about ways to minimize or eliminate this threat. This will allow us to determine the levels at which criminals are able to commit crime. Criminals may approach you in many ways to gain access to your private information. What are some of the negative consequences of cybercrimes. What security precautions should be taken to prevent cybercrimes? This paper will help you understand the severity of cybercrimes.
Literature ReviewCybercrime, which refers to illegal activities carried out via computers and other information technology, is not authorized by the user. Cybercrime seems to have a rising trend worldwide according to literature. The crimes committed online to transfer or remove money from different accounts to commit banking frauds. Cybercrimes can be classified into several categories, including: Cybercrimes can be classified as cyber-deceptions and cyber-pornography. Cyber-deception is the main cause of bank frauds. Cybercrimes can have a devastating impact on organizations, both financially and intangibly.
PwC’s Global Economic Crime Survey 2016 found that cybercrime ranks second in terms of reported crimes worldwide, and 54% of victims have fallen to cybercrime within the last two years. There are some companies that rank higher among hackers. There are some organizations that we know more about than others. This is because cyber criminals tend to go where there’s money.
A UK financial website reported that Cyber-Criminals stole 2.5 million pounds of customers’ current accounts from Tesco Bank. Financial Fraud Action UK reported that online thefts have increased by 12% to 40,000,000 pounds compared with 2011. This cyber crime can be carried out in many ways. We will explain them below.
There are two possible ways to commit cybercrime. The first is direct and the second is indirect. Direct fraud includes fraud with credit cards and debit cards, money laundering, and fraud in online banking. Indirect Fraud includes phishing. Numerous frauds include phishing, pharming, hacking, virus, spam and malware. York (2010) reported that Sanford residents received calls claiming to be from Sanford institute of Savings. The caller claimed that they were being called by SIS (Sanford institute of Savings), and that they had to provide all details of their accounts to continue their accounts.
They were actually cybercriminals who wanted to steal financial details.
This is due to a lack of knowledge and awareness. Sometimes hackers call to ask for your security code or PIN. This is because banks never ask customers for their confidential information. According to Financial Fraud UK, the British suffer from fraud by telephone and internet banking scams that cost them approximately 35.9million pounds (Arnold 2014.
Saudi Aramco’s computer networks are infected with a self-replicating viruses on August 15, 2012. This virus infected over 30,000 machines that use windows. It takes two weeks for the virus to be recovered and it affects Saudi Arabia’s national oil-and gas company. The virus affected the company’s business processes and caused some production and drilling data to be lost (Bronk and Tikk-Ringas (2013)).
According to banks, cybercrime is being tackled in a continuous effort. Banks have been encouraged by the Bank of England (USA Federal Reserve) to use various programs to detect threats. This bank will spend $250 million on cybersecurity and has trained 1000 specialists in this field (Arnold 2014).
Nigerian banks have cyber security committees. Technology concern is the primary issue of audit committees (Ojeka BenCaleb, & Ekpe 2017, 2017). Audit committee has the responsibility to work with management to improve cyber security risk awareness, prompt discovery of incidents, risk assessments and coordination with regulators (Ojeka and al., 2017). Audit committee also has the responsibility to ensure that management is accountable for the overall risk management process. The audit committee must have accounting knowledge in order to fully understand the financial implications (Ojeka and co., 2017). The crime rate can be reduced by financial literacy.
Although there are many cybercriminal researchers who have reviewed the literature, my view is that we need to know more about attackers and defenders to understand how fraud works in the banking industry. Hackers want to be rich overnight or with little effort. Hackers also want these funds to fund terrorist and anti-social activities. These crimes are being committed by Nigerian bank branches and banks need to be tackled regularly by banks. This helps the banking industry to be aware of the threats and improve their technical facilities.
MethodologyI used two methods in order to study the cybercrime impact.
Both qualitative and content analysis were used. Qualitative analysis was conducted with 200 respondents from various countries, including Canada, India, Ecuador, Pakistan, Nepal, Zimbabwe, Ecuador, Ecuador, Peru, and Ecuador. I asked them questions about cyber threats to the banking industry. They were all victims, aware, and more aware than I am of the cyber threats to banking industry.
Vishing is the most prevalent fraud I have seen in Canada. Vishing can be committed via voice calls. Vishing involves criminals calling consumers pretending to be from a government source. They threaten to steal their personal information. Victims are often enticed to divulge their card number, PIN, or SIN number, bank passwords, and other personal information.
Method Type of fraud Age
INTERVIEW VISITING 18-30 CANADA * Crime through Voice Calls
Request confidential information
Threatens customers
Claimed calling by a government agency
INTERVIEWPHISING 18-50 INDIA and CANADA
Fake email links can trap you
Request confidential information
Claimed that the user won a lottery.
INTERVIEW MALWARE 18-45 INDIA, NEPA * Download corrupted files and have your data hacked
INTERVIEWHACKING 18-40 ZIMBABWE INDIA and NEPAL * Illegal intrusions in computer systems without authorization
Content AnalysisConsumer Loss from Cybercrime Worldwide in 2017, by Victim Country (in Billion U.S. Dollars). We can see that cybercrimes impacted major cities around the globe in 2017. China experienced the greatest loss in 2017, at 66.3 Billion Dollars. The Statistics Portal, 2017, shows that cybercrime victims worldwide have lost an average of 142 dollars.
The Analysis reveals that cybercrime is a major concern around the globe. All types criminal acts, such as ATM crime, Vishing, Phishing and hacking are very common in all nations.
These crimes are possible to be prevented by banks in part, but not completely. Banks cannot stop customers from using online banking, and they can’t check if their computers have malware. The bank frauds reveal that internet banking customers aren’t aware or have enough knowledge about cyber threats. It is the responsibility of banks to educate and inform consumers about market threats. The economy will be negatively affected if this happens again. Cybercrime can also be caused by the negligence of customers or IT workers. Others institutions may also be able to help. They can alert people to scams such as schools, colleges, and government agencies.
ConclusionThis paper provides an overview of cybercrime within the banking sector and its implications on global banking. Cybercrime is a serious problem at the moment. Vishing and credit card fraud are the main types of fraud. According to my experience, banks have not taken sufficient measures. Banks must review their policies to keep up with the rapid advancement of technology. Customers can be informed by banks via their websites about bank frauds and the steps to take to prevent them. To monitor fraudulent bank actions, banks should have an audit committee. These crimes should not be tolerated by banks. Banks must also take adequate steps to prevent them. Cybercrimes should be prevented by banks working together with other banks worldwide.
