A Descriptive Analysis on Cyber Crimes: Types & Preventions in Financial Transactions

In today's volatile economic environment, the chance and incentive to commit frauds have both increased. Instances of asset misappropriation, concealment, cybercrime, and accounting fraud are only increasing by the day. With changes in technology, frauds have taken the form and modalities of gangland, deploying increasingly sophisticated methods of perpetration. As financial transactions turn into more and more technology-driven, they appear to have become the weapon of choice when it comes to fraudsters. Information, intelligence, and knowledge are requisite in corporation to notice and prevent white-collar crime. The call for expansion has given this unit immense opportunities and as a result, the proliferation in online transactions mounting on technologies like NEFT (National Electronic Fund Transfer), RTGS (Real-Time Gross-Settlements), ECS (Electronic Clearing Service) and mobile transactions are a glimpse of the deeprooted technology in banking and financial matters. But like two sides to a coin, opportunities come with threats and success comes with its equivalent challenges Thus with the swift expansion of computers, and internet technology, new forms of worldwide crimes known as ‘Cybercrime's has evolved in the scene. In struggle cyber-crime, financial institutions should assure that their staff and clients are frequently conversant about the risks, such as phishing attacks and social engineering