Challenges of Using Information Technology To Combat Economic Crime

Challenges of Using Information Technology To Combat Economic Crime

ABSTRACT

Information Technology is one of the most valuable asset for any organisation and any economic system. It is redefining the ways of conducting business and communication and is shaping the interaction between producers and consumers for sale and purchase of goods and services. Unfortunately, however in spite of the importance of IT to the economic system, information revolution has brought both negative and positive changes to business, international affairs and daily life. The growth of the internet for example has greatly influenced the way and speed with which information is shared by both the “good” and the “bad”. The revolution in IT and its attendant globalisation of the market have introduced more and new forms of opportunity for criminals. The paper discusses the concepts of and challenges posed by economic crimes and attempts to proffer measures for preventing and fighting economic crimes.

Keywords: Information Technology, Economic crime, Challenges, Prevention, Cybercrime.

INTRODUCTION 

The importance of Information Technology (IT) in the growth and development of any economy is well documented in literature. Information Technology therefore, is one of the most valuable asset for any organisation and any economic system. It is redefining the ways of conducting business and communication and is shaping the interaction between producers and consumers for sale and purchase of goods and services. Internet and its global reach have created new opportunities. Its benefits can be measured in terms of enhanced processing speed, transmission rates and access time. Unfortunately, however in spite of the importance of IT to the economic system, information revolution has brought both negative and positive changes to business, international affairs and daily life. The growth of the internet for example has greatly influenced the way and speed with which information is shared by both the “good” and the “bad”. The revolution in IT and its attendant globalisation of the market have introduced more and new forms of opportunity for criminals [7]. This paper attempts to discuss the challenges of combating economic crime through a revolution in IT. The remaining part of the paper is organised as follows: in the next section we discussed the concept of economic crime. This is followed by a section that examines the challenges of combating economic crimes. The next section addresses the measures that can be used to prevent and fight economic crimes. The last section is the conclusion.

THE CONCEPT OF ECONOMIC CRIME

Economic Crime has been defined in various ways. It has been defined as an illegal act generally committed by deception or misrepresentation by someone who has special professional or technical skills for the purposes of personal or organizational financial gain or to gain an unfair advantage over another individual or entity [8]. Economic crime in [2] is generally referred to, as a crime committed by a person of a certain social status in the course of his occupation. In another definition, Economic crime is defined as “offences which cause or risk causing substantial loss” [5]. These crimes comprise a broad range of illegal activities and they occur as a deviation from the violator’s occupational role. Due to the rapid advances in technology new opportunities for these economic crimes have been provided.

Chapters: 1 - 5

Delivery: Email

Number of Pages: 65

Price: 3000 NGN

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