Online business transactions and financial fraud.
Economic offences and organised crime landscape across the globe including India has changed drastically in the past decade -in large part due to advancements in technology. Criminals quickly adopt and integrate new technologies into their modus operandi or self styled novel business models are woven around them. The use of new technologies by organised crime groups (OCGs) has an impact on criminal activities across the spectrum of white-collar crime and organised crime. This includes expansion of online trade and widespread availability of encrypted communication channels, as well as other aspects of technological innovation such as more accessible and cheaper drone technology, and advanced 3D printing technologies.
Today technology has become a key component of most of the organized crimes, if not all, and criminal activities carried out by organized crime groups in India has afforded an unprecedented degree of flexibility to carry out phishing/ vishing/ online seams within and across border. Economic offences and organised crime has become a key threat to the national security and public safety in India. Criminal groups and individual criminals continue to generate large turnover in terms of cash profits from their activities each year. Some aspects of the organised crime landscape have changed drastically in recent years
—In large part due to advancements in technology that have had a profound impact on the involvement of criminal gangs spreading across wider society and economy.
In a recent survey based study by the Association of Certified Fraud Examiners (ACFE) and SAS (statistical analysis system) among its members worldwide, it was revealed that Data Analytics Apps proved indispensable in helping businesses across industries control/ effectively deal with pandemic-driven fraud. The benefits were particularly evident in banking and financial services. Almost half (45%) of banking and financial sector survey respondents reported that the COVID-19 pandemic accelerated their organizations’ use of data analytics to combat fraud. Nearly all (99%) indicated their analytics capabilities helped them boost the volume of transactions involving suspected fraudulent cases identified.
