Study of Cybercrime in Banking and Financial Sectors

Abstract

New computer technologies create new criminal opportunities. Cybercrime is not in the form of traditional criminal activity, the difference is the use of the digital computer. Criminals do not need a computer to commit fraud, traffic in child pornography and intellectual property, steal an identity, or violate someone’s privacy not only personal also financial sectors. All those activities existed before the “cyber” prefix became ubiquitous. Cybercrime, especially involving the Internet, represents an extension of existing criminal behavior alongside some novel illegal activities. Most cybercrime is an attack on information about individuals, corporations, or governments. Although the attacks do not take place on a physical body, they do take place on the personal or corporate virtual body, which is the set of informational attributes that define people and institutions on the Internet. In other words, in the digital age our virtual identities are essential elements of everyday life: we are a having a large volume of numbers and identifiers in multiple computer databases owned by governments and corporations. Cybercrime highlights the centrality of networked computers in our lives, as well as the fragility of such seemingly solid facts as individual identity.