In the 20st century, bank robbery was a popular crime amongst criminals who were wanting little work for big payoff. All they needed was a fast car and a gun ,and they could escape with thousands of banks hard earned money. Now in the 21st century, bank robbing is the crime of choice among the young and tech savvy. These criminals now longer require a car or weapon to accomplish their heist, all the need are their computers. They are conniving cyber whizzes that earn their money by stealing others. For those that have felt the impact of these hackers to their bank accounts know the emotional and financial turmoil they cause. Financial cyber crimes are leading to widespread paranoia throughout financial institutions and bankers. People entrust …show more content…
JPMorgan Chase Co. is a America’s 2nd largest bank in the USA. In October 2014, JPMorgan Chase Co. informed their clients on recently found cyber attack that happened back this summer. They reported that “ by the time they first suspected the breach in lat July, hackers had already ‘rooted’ or gained the highest level of privileged access to more than 90 computer servers” Customers account information was completely vulnerable to the eyes of the perpetrators ,but apparently “no account data appeared to have been stolen” ( Lee and Waterman). Customers might not have lost any of their personal information to hackers ,but they lost their cyber innocence during this time. They lost the ability to believe that their finances were safely protected by their respectable banks. Many customers were so startled by their attack, they went to great lengths such as withdrawing all their money and closing out their checking and savings accounts. Since the attack JPMorgan Chase and Co. has put in tremendous effort in protecting their clients privacy and detecting early signs of threats, so they can eliminate them. “ JPMorgan Chase and Co. is the only major U.S bank that insures commercial deposits against the type of hacking that plagues smaller banks, Woodhill said” (Farrell and Riley). This gives their clients a better piece of mind ,but it won’t stop the possibility of it …show more content…
It could be as simple as using someone’s social security number and finding out their birthday. In the case of the cyber gang from Yonkers, New York, they made their own debit cards out of hotels and created access codes. “ The cyber criminals stole around $45 million in a few hours, seven individuals were arrested in the US, accused of operating the New York cell of the group that that carried out thefts at ATMs all over the world.” (Paganini). This number doesn’t even compare to the amount that is stolen annually by all cyber criminals. Hackers are reported to steal over 10% of the total revenue generated by the internet ,and “the total estimated losses ranged between $375 billion and $575 billion annually.” ( Clayton). The cyber gangs from Yonkers, New York were arrested by local officials ,and they in the upcoming trial they will face punishments for their crime spree that spreads over 5 different countries. The max jail time for any person or group who hacks into a civilians computer database is “ up to 3 years or a fine” (Cost of Cybercrime). If the individual hacks in a government protected website, then the punishment will “result in imprisonment for ten years and a heavy fine” (Cost of Cybercrime). This seems hardly like justice to the victims affected by these