However, it is the same ICT systems used by the banks which are negatively utilized by perpetrators of fraud. The increased use of ICT such as computers, mobile phones, internet and other associated technologies are the routes which gave rise to lot of constructive work as well as destructive work.
Cyber fraud can be defined as any embezzlement or defalcation accomplished by tampering with computer programs resulting in losses sustained by the organization, in which computer was sustained by the organization, in which computer was manipulated. Specifically, cyber fraud involves the use of internet to perpetuate fraud.
Falling victim to a cyber fraud attack can result in major financial losses, while data breaches can severely damage customers’ trust in a company. Fraudsters can easily monetise stolen information by selling it on online, and the impact of this on businesses’ reputations can be severe.
Cyber fraud
