Cybercrime, Cybersecurity, and Financial Institutions Worldwide

Abstract

While the benefits of the Internet and other forms of computer networks are streamlining financial institutions, the same institutions are often among the first institutions to be affected by Cybercrime and Cybersecurity issues due to the financial incentives as well as their strategic place in each nation’s infrastructure and economy. We must look not only at the efficiency, but also at the negative aspects of the use of technology by financial institutions. Consumers as well as business must be well informed about conducting transactions in the safest manner possible. The nature of the Internet is cross-border, and thus Cybercrime and Internet Security issues involving financial institutions should be made known by international organizations, regional organizations and when there have been cross-border law enforcement collaborations in investigations, extraditions, etc. At present, due to the fact that law is generally written at the national (or even state level, as is the case of Identity Theft law in the US), there is a need for reporting of cross-border cases in the literature if such data can be obtained from law enforcement officials by scholars.