This study aims at exploring types of digital crimes and technology related banking crimes so that plausible legal and technological measures can be determined to prevent and stop them, and restore trust in online transactions like online banking businesses. Digital crimes and digital related crimes are crimes perpetrated using smart phones, computers and the internet. Criminals usually take advantage of these technologies to create new user vulnerabilities and exploit them to carry out both new and traditional fraudulent crimes in banking transactions. Fraudulent banking crimes usually involve dishonest misrepresentation by a criminal to let other people do or not do activities that could result in losses on their parts: These activities usually benefit the fraudulent person. Considering that the major motive of carrying out online banking fraud is financial enrichment, fraudulent persons usually involve in altering, deleting, suppressing, destroying or stealing output to conceal financial transactions. Fraud facilities through digital technologies such as internet, computer and smart phones include bank frauds, identity thefts, carding, extortion, money laundering and classified information theft. Most of these scams usually target businesses and consumers. The most interesting thing on this topic is that there have been concerns that digital technologies are making crimes more difficult to detect and effective legal and technological regulations concerning them are increasingly becoming difficult (Casey 5). The researcher is therefore much interested in solving this problem by determining both legal and technological measures that can prevent and stop the online fraudulent banking crimes.
As already indicated, the study will involve exploring likely digital and technology related banking crimes for the reader to understand them before embarking on the technological and legal measures to counter them. Major classifications of online banking frauds are pre-banking frauds, in-banking frauds and post-banking frauds (Cartwright 3). After exploring such online banking frauds, the study will embark on finding both technological and legal solutions to the problem. Technologically, the study will propose an algorithm that will ensure plausible user registrations and authentication. Nonetheless, the algorithm will ensure web server authentication so that no web server whose IP address is prohibited will be allowed. The algorithm will also collect user comments and generate all banking activities carried out between the bank and the customer (Chang, J. and Chang, W. 79-97). The legal strategy will involve exploring current laws and analyzing their effectiveness to fight online banking frauds. This is much important because the technology is always dynamic, and it is possible that functionality of some laws may become weak or inadequate to fight some online banking frauds. Thus, the researchers will also evaluate the available resources to see if the laws can take effect. Resources that can aid legal measures such as enough skilled staff and superior technology to locate the fraudulent persons will also be discussed. Other problems such as overseas trading and politics will be explored. It has been noted that some laws to fight frauds have always been met with strong opposition from a section of politicians. Despite fighting for the decrement of resources needed to fight the crimes, there have been tendencies for some politicians to interfere with judicial proceedings of fraudulent cases. The legal aspect of banking fraud prevention will also involve discussing how problems of overseas banking frauds can be solved using legal ways (Lloyd 197).
This discussion aims at helping the researcher develop the best technological solution to prevent and stop online banking frauds. As a result, banking industry will avoid financial losses, data loses and other kind of loses that both customer and the bank can incur. There will be improved attitudes among customers towards online banking. The research will identify how effective the current legal framework is and propose amendments so that online banking industry can be effectively protected. This also involve proposing ways that the country can liaise with others to fight international or overseas banking frauds.
Works Cited
Cartwright, John. Misrepresentation, Mistake and Non-Disclosure. New York: Sweet &
Maxwell, 2012. Print.
Casey, Eoghan. Digital Evidence and Computer Crime: Forensic Science, Computers, and the
Internet. New York: Academic Press, 2011. Print.
Chang, Jau-Shien and Chang, Wen-Hsi. Analysis of Fraudulent Behavior Strategies in Online
Auctions for Detecting Latent Fraudsters. Electronic Commerce Research and Applications, 13.2(2014). Print.
Lloyd, Ian. Information Technology Law. 7th ed. Oxford: Oxford University Press, 2014. Print.
