Financial crime

Introduction:-

Financial crime, also often referred to as white-collar crime, covers a wide range
of criminal offences which are generally international in nature.

With anonymity and speed, internet is a haven for fraudsters. Closely connected
to cybercrime, financial crimes are often committed via the Internet and have a major
impact on the international banking and financial sectors. These financial crimes affect
private individuals, companies, organizations and even nations, and have a negative
impact on the entire economic and social system through the considerable loss of
money incurred.

Various financial crime:

1. Identity theft fraud:-in such type of crimes someone wrongfully obtains and uses
another persons personal data in some way that involves fraud or deception, typically
for economic gain. E.g. ones personal data like bank account number or credit card
number and other valuable identifying data can be used wrongfully for financial gain.

2. credit card fraud:- book

3. Salami attacks Book-59

3. ELECTRONIC MONEY LAUNDERING AND TAX EVASION

For some time now, electronic funds transfers have assisted in concealing and in
moving the proceeds of crime. Emerging technologies will greatly assist in concealing
the origin of ill-gotten gains. Legitimately derived income may also be more easily
concealed from taxation authorities.

4. Phisihing:- book

5. software piracy and intellectual property crimes. Notes 12

5. violation of copyright items:-notes

6. online SALES AND INVESTMENT FRAUD

As electronic commerce becomes more prevalent, the application of digital technology to

fraudulent endeavors will be that much greater. The use of the telephone for fraudulent
sales pitches, deceptive charitable solicitations, bogus investment offers and worldwide
telephone lotteries is increasingly common.

Classic pyramid schemes and "Exciting, Low-Risk Investment Opportunities" are

not uncommon. The technology of the World Wide Web is ideally suited to investment
solicitations.
6. work at home schemes online- book

7. ELECTRONIC FUNDS TRANSFER FRAUD

Electronic funds transfer systems have begun to proliferate, and so has the risk that
such transactions may be intercepted and diverted. Valid credit card numbers can be
intercepted electronically, as well as physically; the digital information stored on a card
can be counterfeited.

Ans No. 7 notes of cyberlaw

Ans. No.8 book chepna 34-3

Ans. No. 9:-

Introduction

The Internet has undergone rapid growth in this millennium in that it has
promoted advances in just about every aspect of society and is available and
accessible in practically every corner of the globe. The predicted benefits to society
are incalculable.

However, the Internet has literally become a fertile breeding ground for an
entirely new and unique type of criminal offender the Internet. With its infinite size
and previously unimaginable capabilities, has a dark side in that it has opened
windows of previously unknown criminal opportunities. One of such opportunity is
cyberstalking.

Meaning of cyber stalking:-

To stalk is to follow quietly and secretly. Cyberstalking is the electronic

extension of stalking. The term cyber stalking generally refers to the use of the
Internet, email, or other electronic communication device to create a criminal
level of intimidation, harassment, and fear in one or more victims.

The cyber stalker is one who uses the Internet as a weapon or tool of
sorts to prey upon, harass, threaten, and generate fear and trepidation in his or
her victims through sophisticated stalking tactics, which for the most part, are
largely misunderstood and in some cases, legal.

New dimensions added by cyberspace to the stalking:-

To some extent, cyber stalking is fundamentally an extension of

traditional stalking in which the offender utilizes a high-tech modus operandi
to committing the crime.
 Cyber stalking behaviors are similar to traditional stalking behaviors in
many respects; however, cyber stalking, at least from a criminological and
legal perspective, represents an entirely new form of deviant, criminal
behavior.

But, the use of cyberspace or internet has provided new

dimensions to the stalking. There are many reasons why cyberstalking is the
preferred mode of harassment today:-

1. Anonymity:- The research suggests that the number of cyber stalking

incidents will continue to increase, because the Internet provides a safe
haven in which an offender can theoretically hide and conceal ones
identity behind a veil of anonymity. With anonymity, an offender can
literally pretend to be someone completely different. The anonymity of the
Internet also affords the perpetrator an opportunity to contact virtually
anyone with Internet access, at any time, with little fear of being identified
and even less fear of being arrested and prosecuted under the current legal
system in many jurisdictions
2. Ease of communication:- E-mail is the new mode of communication in this
information age, which is very swift and easy to use. The research findings
suggest that cyber stalkers use email as the primary means to harass and
threaten victims, far more than any other electronic communication device.
Emailing allows an offender to repeatedly transmit harassing, threatening,
hateful, or obscene messages, including pictures, videos, or audio.
In some cases, cyber stalkers use the victims email address and
other personal information to subscribe to or purchase books, magazines,
or other Internet services without the victims knowledge or consent
3. Reach:- Internet is global in character. In online cyber stalking the cyber
stalker can be geographically located anywhere.
4. Access to Personal information:- There are number of websites such
as www.myspace.com that allow adolescents to post and exchange
personal and often sensitive information about one another. What these
adolescents fail to recognize or accept is that this information is publicly
accessible to anyone who visits the site, including those who prey upon
children
Myspace and other social networking websites have security
measures in place, but there is no foolproof way to truly secure access. As
with a bit hacking expertise, one might easily be able to access personal
information of a person which would help in further harassment.
5. Other factors:- There is no debate on the fact that most of children have
regular access to the Internet alone, without the parental supervision. The
Internet is particularly appealing to cyber stalkers and other online
predators, simply because many are drawn to its relatively inexpensive
cost, ease of use, and as previously mentioned, its anonymity in seeking
out victims and avoiding detection. Adolescents, in particular, tend to be
the most vulnerable group in light of the groups collective sexual curiosity
and continuous exploration with pornography websites.
6. Ease of Harassment:- The cyber stalker does not directly harass his victim.
Rather, he would post such comments on a common discussion board that
would prompt the other users to send messages to the victim under a
misconceived notion.

Case laws from cyber notes:-

Discussion and Conclusion

Cyber stalking is a growing problem that surpassed international

boundaries. The incidence of cyber stalking is expected to increase as the
Internet becomes even more popular than it is today, especially amongst
societys youth.

Simply stated, much of modern life cannot be performed as

effectively without continuous access to the World Wide Web. Even though
law enforcement is faced with a series of obstacles, there is hope. Law
enforcement at the centre, state, and local level must unite, share, and
disseminate intelligence information. With proper training and guidance,
law enforcement investigators can often trace, with some accuracy, an
electronic trail that has been left behind by the cyber stalker.

The attention that cyber stalking has recently received is warranted

and genuine and worthy of further criminological research.