Internet crime is increasing rapidly as more and more people are using internet to make financial transactions. What can be done to tackle this problem?

In today's world, due to the rapid development of technologies, the majority of financial transactions are made online,

hence

, the amount of crime in

this

sphere increases significantly.

Firstly

,

this

essay will discuss how security can be improved and,

secondly

, it will analyse the government intervention as a possible solution to

this

problem.

To begin

with, on the one hand, in order to reduce the number of theft, the level of security should be increased by obligatory passwords and other verification systems.

This

is because not only is it likely to be harder for criminals to hack and go through a protection system but

also

businessmen will feel more confident while making transactions.

As a result

, strong verification methods might decrease considerably the number of those who will try to transfer money on his account by illegal means.

For example

, when a new verification approach was implemented in the Bank of England the number of internet crimes fell by 20%.

Moreover

,

in addition

to secured space to transfer money, another possible way to solve

this

issue might be a government intervention and an introduction of new laws.

Therefore

, not only will new regulations decrease the desire of criminals to do their work but

also

punishments,

such

as imprisonment, for these actions might reduce criminality on the internet.

Hence

, financial transactions will become safer due to the fact that there are strong authority's regulations and they, in turn, can prevent a large amount of violation.

For instance

, when the politicians in Ukraine have announced that for online crime people could get a term of 5 years the statistic of illegal actions has fallen by 10%. Eventually, to conclude, the improvement of security systems and government intervention might prevent online criminality and its consequences since those who would like to break the rules will face a lot of obstacles or will be imprisoned by police forces.