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Emerging threats: financial crime in the virtual world

Emerging threats: financial crime in the virtual world Purpose – The purpose of this paper is to highlight emerging threats in cyberspace, with particular reference to financial crime in the virtual world, which have real life implications, as well as to recommend ways in which the threat may be mitigated. Design/methodology/approach – The methodology adopted consisted of an extensive literature review on topics to include cyber crime, virtual worlds, and financial crime. Findings – Virtual worlds such as Second Life play a key role in supporting real world activities such as education, training and business and as such, should not be dismissed purely as a “gaming” environment. In addition, emerging technologies coupled with the lack of legislation and regulation within virtual worlds has created an environment where a variety of crimes can be committed without fear of detection or prosecution. A further concern is its use by criminals as a vehicle to mask real life crimes such as fraud, identify theft and money laundering. The question is to what extent the blurring of the virtual and real life environments can be clarified in order to minimise the risk of abuse of virtual environments by criminal elements, which have direct consequences in the real world. Originality/value – This paper serves as a useful guide to alert and educate security professionals, the judiciary, law enforcement and policy makers of the significance and the extent of the use of “virtual” environments in cyberspace for criminal means, such as fraud and money laundering. Findings are supported by a conclusion which includes recommendations for tackling these issues. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Emerging threats: financial crime in the virtual world

Shima D. Keene
Journal of Money Laundering Control , Volume 15 (1): 13 – Dec 30, 2011
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References (23)

Publisher
Emerald Publishing
Copyright
Copyright © 2012 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685201211194718
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to highlight emerging threats in cyberspace, with particular reference to financial crime in the virtual world, which have real life implications, as well as to recommend ways in which the threat may be mitigated. Design/methodology/approach – The methodology adopted consisted of an extensive literature review on topics to include cyber crime, virtual worlds, and financial crime. Findings – Virtual worlds such as Second Life play a key role in supporting real world activities such as education, training and business and as such, should not be dismissed purely as a “gaming” environment. In addition, emerging technologies coupled with the lack of legislation and regulation within virtual worlds has created an environment where a variety of crimes can be committed without fear of detection or prosecution. A further concern is its use by criminals as a vehicle to mask real life crimes such as fraud, identify theft and money laundering. The question is to what extent the blurring of the virtual and real life environments can be clarified in order to minimise the risk of abuse of virtual environments by criminal elements, which have direct consequences in the real world. Originality/value – This paper serves as a useful guide to alert and educate security professionals, the judiciary, law enforcement and policy makers of the significance and the extent of the use of “virtual” environments in cyberspace for criminal means, such as fraud and money laundering. Findings are supported by a conclusion which includes recommendations for tackling these issues.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Dec 30, 2011

Keywords: Fraud; Money laundering; Virtual worlds; Second Life; Cyber crimes

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