Frauds in Banking and Entrepreneurs by Electronic Devices and Combating Using Software and Employment of Demilitrized Zone in the Networks

Abstract

The malpractices and frauds are exponentially rising in developed and developing countries among entrepreneurs, banking, and medium-sized companies. The criminals are utilizing most modern information technology structures and such electronic media to accomplish their offence regarding fraud to cause wrongful loss and harm in the areas of white collar crimes, banking, business, and to individuals. The purpose of this research paper is make these companies realize the essence of using the most recent, most reliable, and most authentic software and need to make their networks more secure from outside attacks. The use of advanced features of tracking and hacking confidential information using information technology resources enables criminals to achieve their objectives. Basically, their modus operandi depends upon dishonesty and deception to complete the offence. In banking and white collar fraud, most of the time, the employees of the concerned organizations are involved, who help and collaborate with external criminals by passing confidential information. The fraud is constituted by parody, distortion, misrepresentation and the fact/truth or the concealment of real information detrimental to someone else. The legislation seems very naïve to punish the criminals who have committed fraud. There are several reasons for the criminals to escape, for example, their identity remains hidden most of the times remains hidden. Lack of evidence, feeble investigation, and naïve role of prosecution in the court of law enable the criminals to go towards exoneration and release. The paper also presents an analysis of various types of fraud existing in society and how to combat them effectively. The main objective of the fraudsters is to deprive people or entrepreneurs of their money, property, valuable documents, and private information. The authors of this paper express their deep concern about taking strict measures to safeguard the rights of bank customers by introducing the most recent software versions, and the government must introduce stern and stringent legislation in this direction.