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The realities of cybercrime have become so rampant in the real world situation. The act is so painful and wanting when dealing with cybercrimes in all forms of cybercrime such as identity theft, financial fraud and e-mail spoofing. According to Halder and Jaishankar (2011) a worst cyber crime can lead to financial ruin and potentially threaten a victim reputation and also personal safety. Intentionally, the government has the overview of what happens around the globe as far as fraud crime is concerned and financial theft and across the boundaries of the crimes. In case of identity theft, one should make sure that he or she has changed the password for all the online accounts and make it long, unique and strong with symbols.
Fraud cybercrime refers to offences that are committed against individuals or groups indirectly or directly. It simply means the criminal exploitation of the internet. According to topology, fraud cyber crime encompasses a broad range of various activities such as computer target directly and crime network device. The issues that surround fraud cybercrime have become more and more rampant hence resulting to high profile and particularly and especially in the surrounding area like child phonographs.
The problem of privacy when confidential information is lost or intercepted, lawfully or otherwise and some times may threaten a nation’s security and financial health. The problem fraud cybercrime creates involves the offensive cases like bank fraud and identity theft. It also causes the problem to drug trafficking which is increasing highly taking advantage of the internet in selling illegal substances through encrypted e-mail and other internet technology. This rise of internet drugs could be attributed to lack of the sketchy effects that are often associated with the problem of drug trafficking trades are severally minimized, and the filtering process that emerges in with the physical interaction sometimes fades away.
The problem of harassment occurs in chat rooms, through news groups by sending hate e-mail to interested parties. Any comment that be found derogatory or offensive is termed as harassment problem. This harassment may sometimes be typically distinct from the cyber bulling laws which has a relationship with the person in the act of communicating or making any suggestion of the obscene of nature, or threaten any illegal act. Harassment by computer statues is typically distinct from cyber bulling person’s use of computer network to communicate obscene.
Laws or Regulation Governing the Crime
In criminal law, fraud is international deception made for personal gain or to damage another individual. The Australian federal government investigates frauds committed against commonwealth government. The police investigate frauds committed against a commonwealth government in Australia. Some of common laws that govern fraud recognize elements constituting fraud such as a representation of existing fact, its materiality, its falsity, the speaker’s knowledge of its falsity. To establish a claim fraud, most of the jurisdiction in Australia require that each element be pled particularity, and be proved with clear, cogent and the convincing evidence of the fraud crime cyber; A part from the laws in preventing the fraud cyber crime, there is also government and non- government organization that aim to fight fraud. The law that enacted and enforced at the state level was regulated to the offering and sale of the system in committing crime. The regulation of laws requires the registration of all the securities offering and sales, as well as every US stockbroker and brokerage firm. The term online fraud refers to any type of the fraudulent transactions of fraud institution.
The securities threat governs the sale of the securities. The discipline actions include actions against fraudulent insider trading. The insider trading is illegal when a person traders non-public information in violation of duty to withhold the information or refrain from the trading.
Securities Act of 1993
The laws that govern fraud involve the securities act like truth in the securities. The basic require that investors receive the also prohibit deceit, misinterpretation and fraud in the sale of the securities. The purpose of the law is to accomplish the goals in the disclosure of the important financial information about the fraud cyber crime on the side of the registration of securities. The information through registration will enable investors to make informed judgment about whether to purchase a company's security or look for the otherwise.
When it comes to cyber crime, the data though the quantity and speed of today’s data can be a good thing, it can also be obscure to some of the most important information. In cybercrime, one needs to see things when they happen and be able to adapt to predict the future attacks. The effectiveness of laws may help in the analysis of the models of data visualization gives a more complete picture of bank’s systems and networks so that one can take the strategic approach to prioritizing the resources and efforts instead of just plugging hole and fighting fires.
The technologies capabilities will go well on beyond business intelligence to provide data-driven information and analysis that the future is directed and thus decision making can be proactive. On the same, one can protect his or her business by insuring. Fraud and cybercrime do happen, and one can still seek the cover for the damages by purchasing an insurance policy that protects against any loses that may incur from crime or fraud.