Rethinking the economic and financial crime within the digital economy

Abstract

The role of technology is to improve the lives of the population and implicitly the business environment. However, the use of modern technologies, in addition to the benefits, leads fraudsters to misuse technology for financial benefits in the form of cybercrime. Understanding the methods of fraudsters used to hide their crimes can help organizations to more effectively detect and prevent similar schemes in the future. Customer fraud, cybercrime, asset misappropriation, corruption and frauds of the financial statements represent the first four types of fraud used by fraudster. Periods of crisis, such as the one generated by the context of the COVID-19 pandemic, create challenges for criminals to find new channels of employment in crime. For example, the COVID-19 pandemic has led to deteriorating working conditions, disruptions in financial markets, accentuating the need for liquidity in companies. Cyber scams, fraud, misinformation and other cybercrime crimes are a growing area as people in isolation spend more time online. This presentation aims to highlight the interconnection between economic and financial crime and the new digital era, the relationship shadow economy & money laundering & cybercrime, top frauds by domain, card fraud losses, profile of fraudster, how to fight against economic and financial crime and many others.