Academic journal article Journal of Legal, Ethical and Regulatory Issues

Fishing as a Cybercrime in the Internet Banking System: Economic and Legal Aspects

Academic journal article Journal of Legal, Ethical and Regulatory Issues

Fishing as a Cybercrime in the Internet Banking System: Economic and Legal Aspects

Article excerpt


In the conditions of the rapid development of the society in the field of technology of the XXI century, the Internet has taken an important place in the life of almost every person in the world, since it provides access to information, a fast data transfer process, and most importantlythe opportunity to carry out banking, trading, exchange operations, funds remittance, etc.

As a global trend, the transition to non-cash payments is no longer a novelty. However, not all countries of the world have such a rapid process, because it depends on many factors that can slow it down, in particular from the lack of awareness about the benefits and convenience of cashless settlements, the level of distrust in the safety of the use of such types of payments, etc.

As a result of the steady increase in the number of different banking services, it becomes clear that the determination of the quality of the bank operations is not only the criterion of the existing set of services, but also depends on the level of implementation of computer technology, which simplifies interaction between the bank and the client. The use of Internet technologies by banks is due to the presence of many factors, including the need for customer service with minimal costs on large territorial scales, ensuring the maximum degree of universality of banking services and their convenience, existence of a high level of competition in banking services, etc. Expansion of the market for banking services has led to the emergence of remote service, which includes Internet banking.

Given the fact that the Internet-based operations has become a mass phenomenon around the world, crimes committed through the use of computer technologies and using various means of access to the virtual world have become widespread. Such crimes are called ""cybercrime" (or "cyberfraud'). A vivid example of cybercrime is phishing, which today has become the most popular and most dangerous kind of crime of this kind.


Phishing is a kind of internet fraud aimed at gaining access to confidential user data - their logins and passwords. This is accomplished through the mass mailing of emails on behalf of popular brands, as well as personal messages within various services, for example, on behalf of banks, or within social networks. Kazykhanov & Bayrushin (2016) define the main purpose of today's phishers as receiving information from users about their credit cards, as well as their accounts. The phishing is aimed at search for client's credentials as one of the most common ways of fraudulent behaviour with payment cards on the Internet, due to the increasing number of electronic banking operations and shopping on websites. Rajab (2019) states that such data is necessary for the perpetrator to access financial information and conduct banking operations as the card owner. A web-site that is visually similar to the original design of the website is even created with the aim to deceive users.

When investigating the issue of the nature of phishing, Kazykhanov & Bayrushin (2016) note that there are very frequent cases when the letter contains a direct link to a web-site that is externally difficult to distinguish from the real one or web-site with a redirection. After a user goes to a fake page, fraudsters try to use various psychological techniques to force a user to enter their login and password on the fake page, which he/she uses to access the cabinet on the website, which allows fraudsters to access their accounts and bank accounts.

One of the phishing methods is also the direct search for a victim to further reception of confidential information about her/his bank card details and personal data. The feature of the investigated type of fraud lies in the fact that the victim itself participates in a crime committed by the perpetrator. The said above speaks of the presence of victim's "mediation" activities. In this regard, Pivovarov & Tereschenko (2015) conclude that a significant reduction in potential risks for the general population is possible by studying typical varieties of victim's behaviour, personal characteristics, etc. …

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