This week’s lessons highlight the world of financial cybercrime and fraud. The i

This week’s lessons highlight the world of financial cybercrime and fraud. The impact of cybercrimes like fraud, identity theft, data breaches, and other scams have major economic and psychological impacts on consumers, businesses, and society. But imagine if identity theft or otherwise occurred during the most desperate and stressful times, like in the midst of a pandemic or economic uncertainty/inflation.
Consider two high profile, widespread recent financial crimes. First, consider cryptocurrency fraud schemes, and this U.S. Department of Justice news release for April 2023, “Justice Department Seizes Over $112M in Funds Linked to Cryptocurrency Investment Schemes.Links to an external site.” (see also the Federal Trade Commission consumer warnings, “What to Know About Cryptocurrency and Scams”Links to an external site. (2023) ). Second, the COVID-19 pandemic has given rise to theft of CARES stimulus checks, unemployment benefits payments, health care and vaccination fraud, and sales fraud. Here is a sample from among many reports: (1) Department of Justice’s COVID-19 Fraud Strike Force and IndictmentsLinks to an external site. (created March 2022), (2) Department of Health and Human Services, Office of Inspector General, “Fraud Alert: COVID-19 Scams”Links to an external site. (Feb. 2023), and (3) ProPublica reporter David McSwane’s investigation:” ‘Pandemic, Inc.’ author says financial predators made more than $1 billion off COVID”Links to an external site. (April 2022).
To find out more general resources on ID theft and fraud, explore the following website by the Identity Theft Resource CenterLinks to an external site., a non-profit advocacy and resource organization and government partner. One of their government partners is the US Department of Justice,Links to an external site. which has resources on “Identity Theft and Identity Fraud.”
Question: Do you work for an agency, institution, or business that manages identity theft, financial crimes, or fraud? If not, have you had your own experience with this category of cybercrime? In the alternative, find and share a recent news report featuring these issues. Whichever you choose this week, analyze the issues, in light of the materials, including criminological theories as applied to this area. (For this question do the alternative and find and share a news report)
Materials.
CDF, Ch 4 “Malware and Automated Computer Attacks” (128-165)
Lutkevich, TechTarget, “IoT Basics and Fundamentals: A Guide forLinks to an external site.
Beginners 2023Links to an external site.”