Looking at how modern the world has become, one cannot say anything enough to describe how far the world has gone. Especially in terms of computing, the technological world has become so advanced that it is hardly imaginable how people at the early times were able to live through their lives without experiencing the ease that technology brings. Yet with the ease of technology also comes the ease of disseminating and getting information. This also makes it easier for people with negative agenda to put their bearings at work.
As easy as it is now to do mobile banking, communicating, online business, and other services which the computer and the internet enabled, it is also as easy now to fall prey to financial crimes that proliferate online. Looking closely, internet crimes take many forms. There are financial crimes that happen through fly-by-night virtual storefronts that has proliferated and infested the world wide web. The so-called Nigeria scams happen at a daily rate. Currency and check counterfeiting also happen as much as fake lotteries, scam loans, and the classic phishing emails.
The internet is so easy to use and so easy to navigate that it became easy for criminals to use it for their advantage. Because communication is done without the need for face-to-face, even oral, communication, criminals can talk their victims out into some action, leading to the laundering of their money. Web information can also be had at a touch of a button. Thus, whoever wants information about hacking may have it. There is a global uprising against internet fraud. This is an uprising which everyone must cooperate with, as it affects every one of us as well. Table of Contents
After computers, the internet is the next best thing to modern computing. It is a fitting remark, observing how the internet enables information dissemination, research, and communication as fast as a click of some buttons in a screen. True enough, computers and the internet has revolutionized all industries globally. No industry can not make use of these technology. In fact, many industries which are not yet already using computers or the internet are doing in-house researches on how injecting these technology can be beneficial for them. For the early birds, the move has been fruitful.
Nothing has made transactions, business and otherwise, flow smoother and more efficiently than ever before. Yet all improvements have two sides, the beneficial and the not. Where many swear that computers and the internet are helpful, equally many have at least once been terrified and bothered by the surge in internet crimes that have suddenly came to a rise. And the crimes knew no boundaries. Children, men, women, professionals, teenagers, all alike became prey to a smorgasbord of criminal acts and possibilities that the internet superhighway supported.
Knowing this, it is almost expected that the financial aspect of individuals and industries will not be spared. Among the top technological crimes were financial crimes. They are happening both to individuals and massively to companies, and they are injecting million-dollar losses everyday. Despite how advance technology has become, it cannot totally treat the ailing financial sector being compounded by internet-assisted crimes. The CSI and FBI’s joint study provided that up to 75% of companies they surveyed reported security breaches in their systems.
Alarmingly, almost all breaches resulted to financial losses. (Bagchi and Udo, 2003) CERT/CC reports that the numbers of computer crimes doubles annually. AS an example, the 2437 cases in 2001 became 4129 cases in 2002. The costs accrued in these cybercrimes likewise double every year. Disturbingly, many cases remain unreported. (Bagchi and Udo, 2003) The table below shows financial losses in digital crimes every year. The table shows the steady increase in losses every year caused by digital crimes.
However, it should be noted well that the number suddenly dropped to as much as half in 2003. Yet this cannot sufficiently show that there was a drop in the occurrence of cases. Again, there is the possibility that many cases are just going unreported. Harmful behavior related to the misuse and misappropriation of technological advances such as the computer and the internet can be enveloped into a name: cybercrime. Where there is an act that supports trickery, deception, and other forms of criminality through the use of technology, there cybercrime is. (Wall, 2005)