Cybercrime - Essay Example

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In his article “The Financial Flows of Transnational Crime and Tax Fraud in OECD Countries: What Do We (Not) Know?” Friedrich Schneider (2013) provides a literature review of the empirical findings of the worldwide proceeds of transnational organized crime, financial and tax…
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Download file to see previous pages or illustrates also that the capital flight and financial frauds have increased substantially during the period from 1965 to 2010, from 49 billion to 1,043 billion USD, respectively. However, it is becoming more difficult to estimate the development of the amount of financial means of transnational crime over time (Schneider 2013, 700). Further the author describes the most common methods of money laundering and identifies twenty destination countries that have the largest amount of laundered money among which the leaders are the United States, the Cayman Islands and the Russian Federation. Schneider analyzes the progress of money laundering activities in relation to the proceeds of cybercrime. Schneider (2013, 692) provides estimates of the various cost components of genuine cybercrime, among which are given estimates for online banking fraud (including: phishing, malware (consumers), malware (businesses), bank tech. countermeasures), as well as fake antivirus, copyright-infringing software, copyright-infringing music, patent-infringing pharma, stranded traveler scam, fake escrow scam, and advance-fee fraud. According to the estimates during the period 2007-2010, the total costs of genuine cybercrime made up $3,457million (Schneider 2013). In addition to the estimates of genuine cybercrime, the author provides estimates of costs incurred by transitional cybercrime, which includes the following: online payment card fraud; offline payment card fraud; indirect costs of payment fraud; loss of confidence (both consumers and merchants) (Schneider 2013). The total costs of transitional cybercrime made up $44,200million. Moreover, there are even provided the costs of cybercriminal infrastructure, which include: expenditure on antivirus, ISP cleanup expenditures, cost to industry of patching; cost to users of cleanup; defense costs of firms; and expenditure on law enforcement (Schneider 2013). The total costs of cybercriminal infrastructure made up $24,840 million. And ...Download file to see next pagesRead More
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