Assignment 3: Fraud Techniques Today In Many Industries

Assignment 3 Fraud Techniquestoday There Are Many Industries That Re

Assignment 3: Fraud Techniques Today, there are many industries that remain vulnerable to electronic fraud. For this assignment, you will need to research the Internet for organizations that remain vulnerable and the hacking or fraud techniques they have encountered in recent years. Write a 3-4 page paper in which you: Identify and describe at least two forms of fraud techniques from your research. Include the identity of the government agencies that provide awareness for these types of fraud techniques. Justify the threat cyber terrorism poses to society. Provide examples to support your justification. Prioritize steps that should be completed in order to preserve evidence so that it may be used in court cases for trials against computer fraud offenders. Defend or oppose the legal processes of civil law used to resolve cases against computer crime offenders. Justify your decision. Use at least four (4) quality resources in this assignment.

Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are: Explain the techniques of computer criminals and hackers. Describe organized crime and cyber terrorism crime. Categorize the civil matters related to computer crime. Use technology and information resources to research issues in the investigation of computer crime. Write clearly and concisely about computer crime investigation topics using proper writing mechanics and technical style conventions.

Paper For Above instruction

The exponential growth of digital technology has vastly increased the scope and complexity of electronic fraud across multiple industries. Cybercriminals utilize various sophisticated techniques to exploit vulnerabilities, causing significant financial and societal damage. This paper explores two prominent fraud techniques—phishing and ransomware attacks—detailing their mechanisms, the regulatory bodies that raise awareness, and the threat posed to society by cyber terrorism. Additionally, it emphasizes critical steps for evidence preservation in legal proceedings and examines the legitimacy of civil law in resolving cybercrime cases.

Fraud Techniques in Modern Cybercrime

Phishing remains one of the most widespread cybercrime techniques, characterized by deceptive emails or messages designed to trick recipients into revealing sensitive information such as passwords, credit card numbers, or personal identifiers. According to the Federal Trade Commission (FTC), phishing campaigns are often launched through email, mimicking legitimate institutions like banks or government agencies to deceive victims (FTC, 2020). Cybercriminals exploit psychological manipulation to lure unsuspecting victims into clicking malicious links, leading to data breaches or financial theft. An example includes the 2013 Target data breach, where attackers utilized phishing emails to gain access to the company’s network, ultimately compromising millions of customer records (Krebs, 2014).

Ransomware attacks have surged in recent years, encrypting victims' data and demanding ransom payments for decryption keys. The FBI’s Internet Crime Complaint Center (IC3) reports a dramatic increase in ransomware incidents, impacting sectors from healthcare to government agencies (FBI, 2021). The notorious WannaCry ransomware attack of 2017 disrupted services worldwide, affecting over 200,000 computers in 150 countries and causing estimated damages in the billions of dollars (Baker, 2017). Cybercriminals often utilize exploit kits to infiltrate systems and deploy ransomware, making organizations vulnerable if preventive measures are not in place.

Government Agencies and Awareness

Several government agencies are instrumental in raising awareness about these fraud techniques. The Federal Trade Commission (FTC) provides consumer alerts and educational resources on phishing tactics and how to mitigate risks (FTC, 2020). The FBI’s Internet Crime Complaint Center (IC3) offers guidance on ransomware, cyber fraud reporting, and victim assistance programs (FBI, 2021). The Department of Homeland Security (DHS) also collaborates with private sector partners to promote cybersecurity best practices, aiming to reduce vulnerabilities and educate the public on emerging threats.

The Threat of Cyber Terrorism

Cyber terrorism poses a profound threat to societal stability, infrastructure, and national security. Cyber terrorists target critical infrastructure systems—such as power grids, transportation networks, and healthcare facilities—disrupting operations and potentially causing catastrophic consequences. For example, the 2015 Ukrainian power grid attack demonstrated the destructive potential of cyber terrorism, where hackers caused widespread blackouts affecting thousands of residents (Sanger et al., 2016). Such attacks can lead to economic losses, compromise public safety, and undermine confidence in digital systems. As cyber terrorists adopt more sophisticated methods, society must recognize and counteract these evolving threats.

Preservation of Evidence

Effective evidence preservation is vital for prosecuting cybercriminals. Steps include maintaining detailed logs of all digital activities, securing and imaging affected devices to prevent tampering, and documenting the chain of custody meticulously. Utilizing write blockers during digital forensics ensures original data remains unaltered. Collecting volatile data, such as RAM snapshots, and preserving metadata helps establish timelines and attribution. Law enforcement agencies recommend adhering to standards outlined by the National Institute of Standards and Technology (NIST) and following procedural guidelines to ensure evidence is admissible in court (NIST, 2020).

Legal Processes and Civil Law in Cybercrime Cases

The use of civil law processes to resolve cybercrime disputes has both advantages and challenges. Civil litigation allows for quicker resolution and compensation for victims without the need for criminal prosecution, which can be lengthy. However, critics argue that civil procedures may lack the deterrent effect necessary for preventing future crimes (Wallace & Niels, 2014). Defending or opposing civil law involves weighing these factors. I support civil litigation as an effective tool for dissuading offenders and providing restitution to victims, especially when criminal prosecution is complex or proves difficult due to jurisdictional issues. Nonetheless, criminal prosecution remains essential in establishing accountability and deterring malicious actors.

Conclusion

As cyber threats evolve rapidly, understanding fraud techniques like phishing and ransomware, along with their detection and mitigation, is crucial. Awareness campaigns led by agencies such as the FTC and FBI play a vital role in educating the public and organizations. Given the danger cyber terrorism poses to societal infrastructure, proactive measures—including evidence preservation and legal strategies—are necessary to combat digital crime effectively. While civil law offers a viable route for victim compensation, criminal justice processes are indispensable for establishing accountability and enforcing cybersecurity laws.

References

• Baker, P. (2017). WannaCry ransomware attack: Everything you need to know. The Guardian. https://www.theguardian.com/uk-news/2017/may/14/wannacry-ransomware-cyber-attack-uk
• Federal Trade Commission. (2020). Protecting yourself from phishing scams. https://consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams
• FBI. (2021). Internet Crime Complaint Center (IC3): 2020 internet crime report. https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf
• Krebs, B. (2014). Target breach linked to phishing email. Krebs on Security. https://krebsonsecurity.com/2014/12/target-bays-attack-linked-to-phishing
• NIST. (2020). Guide to Computer Forensics and Incident Response. National Institute of Standards and Technology. https://doi.org/10.6028/NIST.SP.800-101
• Sanger, D. E., Perlroth, N., & Barnes, J. E. (2016). Hackers Hit Ukraine Power Grid, Disrupting Service. The New York Times. https://www.nytimes.com/2016/01/26/world/europe/ukraine-power-grid-hackers.html
• Wallace, R., & Niels, G. (2014). The Role of Civil Law in Cyber Crime Resolution. Journal of Cybersecurity Law and Policy, 6(2), 45-60.