Many computer crimes involve the theft of money. In the majority of cases, they are “inside jobs” that involve unauthorized network entry and fraudulent alternation of computer databases to cover the tracks of the employees involved.
One of the example was involve the use of internet, such as the widely publicized theft of $11 million from Citibank in late 1994, Russian hacker Vladimir Levin and his accomplices in St. Petersburg used the Internet to electronically break into Citibank’s mainframe systems in New York.
They then succeed in transferring the funds from several Citibank accounts to their own account at banks in Finland, Israel, and California.
In most case, the scope of such financial losses is much larger than the incidents reported. Most companies don’t reveal that they have been targets or victims of computer crimes.
They fear scaring off customers and provoking complaints by shareholders. In fact, several British banks, including the Bank of London, paid hackers more than a half million dollars not to reveal information about electronic break-ins.
Cyber Theft
