Analysis of the economic damage caused by Internet crime

Objectives:Businesses and governments are reaping the rewards of the cyber world, from social networking to cloud computing. Despite the fact that the Internet is increasingly seen as part of everyday life and is integrated with the economy, the struggle against web crime is still high challengers. Ten years ago, our research showed that hardly anyone knew what it was. But analytical reports indicate it as one of the top four economic crimes – just behind asset misappropriation, accounting fraud, and bribery and corruption. The goal of the article is to provide investigative, analysis and research of economic damages caused by high-tech crime.

Data/Methods:The authors analyze international analytical reports for instance the Internet Crime Complaint Center (USA) concerning Cybercrime statistics during last decades. Thus, the obtained results show 8.3-percent increase losses in economic institutions comparing with 2011. These total losses expressed in dollars are equal over to $525 million. In article, the authors present tools to combat economic and high-tech crime that are easier to understand and use and provide additional tips for Internet consumers. It is shown that typical high-tech crime types are: Intellectual Property Rights, Trademark Infringement, Nigerian Scam, Wire Fraud, Timeshare Scam, Non-Delivery of Payment, Classic Car Fraud etc.

Expected results:The authors consider latest cyber trends about Internet fraud. The scam alerts are based upon information from law enforcement and complaints submitted to the corresponding authorities. The recent cybercrime trends and new twists to previously existing cyber scams will be detailed. The article reviews services and analytical tools to incorporate the latest advances in technology and ensure law enforcement needs are met.

Keywords: economic damages, high-tech crime, analytical reports