Investigation in Cybercrime (Banking Sector) Literature review

Investigation in Cybercrime (Banking Sector) - Literature review Example The types of crimes committed involve money laundering, accounts hacking, credit cards passwords retrieval, figures fudging ,all these crimes are quite common in modern day and for this purpose various entities have been formed that are specialized in looking after crimes performed over the internet and use of electronic equipments in banking sector . A survey conducted by C.E.R.T stated that only in the year 2003, a total of 666 million US Dollars were fudged by cyber crimes in the field of business [1].These are either as a result of an insider, or intruders that use the tactic of phishing and impersonating as the real owner of account .The banking sector in broader spectrum consists of private and public sector, corporate enterprises and foreign banks. It is being stated that one in 20 credit card holders come across credit card fraud and total amount reported due to this wrongful act results in total of 4 billion US Dollars annually. The concerned authorities look into various as pects of the crime committed, they are well prepared and trained to look into the technical aspects of the crime .Once a crime is committed , the first and foremost step by the administrative authority is to freeze the evidence. Mostly the evidence is in form of electronic traces, this includes the id used, the internet route used , portable hard drives, credit card skimmers, and the I.p addresses of the users that have accessed any account. Different tactics are used for performing these tasks, usually creation of website in part of the world other than the place where the culprits are operating from. Computers can either be the victim or the source for committing any wrongful act. This may also include any phone calls made pertaining to the crime. Online banking means are quite common these days. Auctions conducted online are another soft target for cyber criminals. Embezzlement of approximately 135 Million Euros took place through the use of card over internet .in the year 2010, online banking fraud resulted in loss of 46.7 million Euros [2].Online banking fraud takes places when the victim’s information is accessed and transactions are made pretending to be the real owner of account .it is being reported that 30 percent of the banking sector crimes that take place have internal employees involved in it directly or indirectly. A new York based bank Union Dime Saving Bank came across cyber crime when a total of $1.4 million U.S were embezzled through a crime committed through use of computers and accounts tracing[3]. While unearthing the crime in banking sector an important aspect of the overall investigation process is to ensure the originality of the evidence which is in form of digital evidence. The court needs the evidence in its original form. Electronic evidence is normally quite fragile therefore it demands extra care. Damaged or altered evidence is no good and cannot be presented in court of justice. The people employed must be aware of the fa ct that special care is needed in handling the evidence and they are provided with proper training on this matter. The digital evidence is just like D.N.A or finger prints evidence that is spotted on the scene. The â€Å"