Cyber Crimes And Financial Institutions - 1857 Words

With the creation of the Internet came a whole new list of crimes targeting U.S. Banks and Financial Institutions. Crimes involving phishing, Distributed Denial of Service (DDoS), and Malware to name a few are becoming more advanced and widespread on a global scale. The motivations behind these cyber-crimes are the safety of hiding behind a computer, can easily be conducted without being an expert at hacking, and profitability for the perpetrators is worth the risk (Singleton, T., Singleton, A., and Gottlieb, 2006). The data demonstrated that cyber-crimes targeting banks and financial institutions have overtaken the traditional bank robbery or bank fraud (Lesk, 2011; Holt Lampke, 2010). An analysis of the literature confirms that the U.S. economy is negatively affected by the cyber-hacking of U.S. banks and financial institutions, through monetary losses, and stock market loses. The literature acknowledges that banks and financial institutions are under a constant barrage of various forms of cyber-attacks in order electronically steal money, account credentials or create new fraudulent accounts. Lastly the literature reports that banks and financial institutions underreport or do not disclose the impact of cyber-crimes, and offers a few theories about why there is a lack of disclosure or no disclosure at all. Types of Cyber Attacks Targeting U.S. Banks and Financial Institutions U.S. banks, financial institutions and their customers are targeted by many forms ofShow MoreRelatedPolicy Memo For White Collar Crimes1573 Words   |  7 Pagesproblem. Big financial institutions are difficult to prosecute in white-collar crimes because of their influence. Write two (2) sentences that describe the problem in greater detail (what are the effects of the problem?) 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