Cybercrime, computer science homework help

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Computer Science

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You have been hired as an expert in cybercrime by the CSO of a big bank. CFO briefs you and wants you to prepare a report on cybercrime trends in order to prepare with mitigating the risk. He wants you to utilize reports in cybercrime provided by Internet Crime Compliant Center (IC3) which is party of FBI.

https://www.ic3.gov/media/annualreports.aspx

As the management prepares to open new branches in different states, they will rely on your report to see which states have been targeted more and what are monetary losses associated to those attacks. By reading your report management should be able to identify most feasible states to open new branches based on least monetary losses in multiple types of attacks. Note: If the most current yearly reports by state are not available, select the most recent ones.

*** 4 pages long double spaced with 3 in text references and a reference page in APA ***

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Explanation & Answer

please find the attached file. i look forward to working with you again. good bye

Running head: CYBER CRIME TRENDS

1

Report on cybercrime
Name
Tutor
Institution
Course
Date

CYBER CRIME TRENDS

2

Cybercrime or computer crime can be defined as the use of computers and networks to
carry out a variety of online crimes such as online credit card fraud. Cybercrime is the fastest
growing type of crime. Many individuals are taking advantage of the speed and convenience of
the internet to carry out cybercrimes which at great lengths affect the victims exposed to these
very crimes (Hadžić & Ćebić, 2016).
Research shows that out of all the cybercrimes committed; only fifteen percent of the
victims report the crimes to the Internet Crime Complaint Center (IC3). Currently, the most
practiced types of cybercrimes in the United States of America include Business Email
Compromise (BEC), Email Account Compromise (EAC) and ransomware. According to reports,
these three cybercrimes have been top ranked due to the frequent practice and the massive losses
they cause.
Business Email Compromise (BEC) is referred as a sophisticated scam that mostly targets
firms that work hand in hand with suppliers or companies that carry out online transactions. The
cybercrime is carried out online whereby the criminals replace legit business emails through
computer intrusion or social engineering then redirect company funds to their desired location.
The transactions are always unauthorized. The complaints about this scam started being reported
in 2010 (Tuluc, 2012). The victims were mostly United States business people who worked
closely with Asian suppliers.
The criminals opted to use spoofed emails, telephone communications and intercepted
facsimiles to carry out the unauthorized fund transfers. With time, criminals perfected the sham
by using emails of top management personnel in prominent companies to unlawfully wire funds
to themselves. The most current complaints have shown a change of tactic since the criminals

CYBER CRIME TRENDS

3

pose as lawyers who then ask for large amounts of funds within a short span of time. In 2015, the
amount of losses associated with BEC regarding figures can be approximately to 263 million
dollars with a total of 7838 complaints. BEC can be grouped with other crimes such as lottery,
romance, check scams and employment.
Email Account Compromise (EAC) on the other hand is also a major cybercrime that has
also increased at an alarming rate. The cybercrime can be likened to BEC though there is a slight
different between the two cybercrimes. EAC is the unauthorized transfer of funds and the sham
mostly targets professional individuals instead of businesses. The professional people and also
the general public are at risk of this crime.
The EAC criminals use email accounts belonging to professional people then proceed to
request payments. The victims often transfer funds to the criminals unknowingly. The sham has
been practiced and perfected over an extended period. The cybercrime first started off as BEC
then later evolved to EAC (Tuluc, 2012). Monetary losses associated with EAC stands at 11
million dollars with a total of 281 complaints in the year 2015.
Thirdly, ransom ware i...


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