When the gains cannot be realized in the desired time frame, there is a temptation to implement short cuts; resulting in fraud." (Price; Norris, 2009) That however is not a justification, although it prompts some regulations on the way industries operate.
The Law Catches Up
Today the criminal justice system responds to corporate crime much better than before. This is because earlier the scams were an unknown commodity in Australia and it was a U.S. phenomenon. Globalization changed that and now, according to the National Crime Prevention office in Australia the fraudster type of activities in firms were classified as fake billing and invoicing, investments and money chain scams, advance fee frauds, borrowing from the public as in ponzi type scams, the pyramid and money chain, insolvency trading, insurance scams, and lotteries form a coterie of such activities that are meant to defraud the public. (Hayes; Prenzier, 2007)
These scams became very serious and the state had to take notice with the collapse of Enron and other U.S. based companies from where the scam originates. The 1980s was the peak period of such scams. In Australia, the government took steps to curb this by setting up regulatory agencies and the publications at the time pointed out that the enforcement by these agencies are bound to be weak. To counter this some of the legal powers created made it mandatory for serious offence prosecutions and these are to result in heavy fines and imprisonment, publishing the offender in media to prevent recidivism, issuing warnings suo motto, and the power to even shut down the company. It also vested these agencies the power to enter premises and seize documents. It also made it easy for the public to make complaints. (Hayes; Prenzier, 2007)
There is evidence that punishments do deter crime of this sort. It is argued by Rebovich and Kane (2002) that although there is a perception on the need for corporate prosecution and punishments, the fact is that this crime is new to the era and hence the punishment severity for white collar criminals are not based on demographic variables, and the growing high technology crimes have actually determined the methods of punishment because the malicious, computer attacks against corporations, consumer fraud, has made people from all the strata of society become the victim to white collar crime. Secondly the corporate misconduct affects the public at large as investors, and consumers. Thus scams like Enron, Worldcom, Adelphia and Imclone Systems has aroused the public sentiment against white collar crimes of large corporations and in turn the justice system has been compelled to do some soul searching and come up with working procedures for prosecution. (Rebovich; Kane, 2002)
Thus today the internet and the computing systems have not only made the public vulnerable but ahs put the entire state in a state of security threat. Because most corporate and government transact in the network, it is a field for manipulation. Law enforcement agencies have not given thought to this aspect and no serious effort is seen to be made in the direction of security for the network, because all the government policy depends upon information technology; and while organizations brought about changes in the way information was being used, the information technology also changed the way many organizations work. The existing tasks have been remade to suit it and new tasks come into existence by new policy opportunities that were not previously possible. (White; Fisch; Pooch, 1996)
Any nation must now confront the global organizational networks, which necessitate change in the commercial and military technologies, and the government is now giving way to flexible network systems as against the traditional hierarchical structures of administration. Neglecting this aspect actually caused the collapse of the Soviet Union. The fact that persistent intruders could access at any time the systems and play havoc prompted the trial of many security systems within the it system of the organizations. This opens up a possibility of unauthorized entry, or where there is sensitive data that is not to be disclosed and the vulnerability of the system persists. There are many criteria with which individual institutions may define security. It may be the integrity factor, where the primary concern is protecting the interest defined either in terms of integrity, privacy or the safety of transactions. In modern times all three are relevant and are probably basic requirements. (White; Fisch; Pooch, 1996)
The enforcers have failed in controlling cyber crime and online fraud and this also is done with the corporate players. While...
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