SavedAdd your journal

Journals / Journal of Metaverse / 2022 / Cilt: 2 - Sayı: 2

Financial cybercrime in the Islamic Finance Metaverse

Klemens KATTERBAUER
Hassan SYED
Laurent CLEENEWERCK
Pages
56–61
Publication Date
2022-12-31
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The article provides several recommendations for regulators to address these cybercrime challenges and how Islamic finance can assist in these cybercrimes.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Financial cybercrime in the metaverse has become increasingly more significant for authorities, corporations, and individuals to address, requiring new regulatory and compliance frameworks, as well as novel cybersecurity mechanisms in order to prevent these crimes.
📊
Key Findings & Data:Financial cybercrimes in the metaverse have increased in the last years significantly, with either the massive stealing of cryptocurrencies from exchanges or the sale of fake or dubious NFT and other financial products that have lost significant value within a short period of time.
💡
Conclusion & Impact:The article provides several recommendations for regulators to address these cybercrime challenges and how Islamic finance can assist in these cybercrimes.
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Islamic finance · metaverse · cybercrime

Abstract

Financial cybercrime in the metaverse has become increasingly more significant for authorities, corporations, and individuals to address, requiring new regulatory and compliance frameworks, as well as novel cybersecurity mechanisms in order to prevent these crimes. Financial cybercrimes in the metaverse have increased in the last years significantly, with either the massive stealing of cryptocurrencies from exchanges or the sale of fake or dubious NFT and other financial products that have lost significant value within a short period of time. Cybercrimes in the metaverse have taken place at significant scales and given the infancy of regulations as well as the virtual nature of these activities, only few crimes have been prosecuted. Islamic finance may represent a considerable opportunity for the metaverse via connecting the financial services and instruments to real and virtual assets free of speculation. The article provides several recommendations for regulators to address these cybercrime challenges and how Islamic finance can assist in these cybercrimes.

🔖

Cite This Article

KATTERBAUER, K., SYED, H., CLEENEWERCK, L. (2022). Financial cybercrime in the Islamic Finance Metaverse. Journal of Metaverse, Cilt: 2 - Sayı: 2, 56–61. https://ajindex.com/articles/853979

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (9)

  1. E. R. Leukfeldt, A. Lavorgna and E. R. Kleemans, "Organised cybercrime or cybercrime that is organised? An assessment of the conceptualisation of financial cybercrime as organised crime.," European Journal on Criminal Policy and Research, vol. 23, no. 3, pp. 287-300, 2017.
  2. J. Nicholls, A. Kuppa and N. A. Le-Khac, "Financial Cybercrime: A Comprehensive Survey of Deep Learning Approaches to Tackle the Evolving Financial Crime Landscape.," IEEE Access, 2021.
  3. E. R. Leukfeldt, E. W. Kruisbergen, E. R. Kleemans and R. A. Roks, "Organized financial cybercrime: Criminal cooperation, logistic bottlenecks, and money flows.," The Palgrave Handbook of International Cybercrime and Cyberdeviance, pp. 961-980, 2020. J. M. Karpoff, "The future of financial fraud.," Journal of Corporate Finance, vol. 66, p. 101694, 2021.
  4. S. Hasham, S. Joshi and D. Mikkelsen, "Financial crime and fraud in the age of cybersecurity.," McKinsey & Company, 2019.
  5. S. Kwon, J. Jeong and T. Shon, "Digital forensic readiness for financial network.," in 2019 International Conference on Platform Technology and Service (PlatCon), 2019. S. Y. K. Wang and M. L. Hsieh, "The ATM Hacking Case," in Digital Robbery, Springer, 2021, pp. 15-32.
  6. S. Varga, J. Brynielsson and U. Franke, "Cyber-threat perception and risk management in the Swedish financial sector.," Computers & Security, p. 102239, 2021.
  7. O. A. Erin, A. D. Kolawole and A. O. Noah, "Risk governance and cybercrime: the hierarchical regression approach.," Future Business Journal, vol. 6, pp. 1-15, 2020. S. M. Karsh, "Emerging Innovation Risk Management in Financial Institutions of United States.," Economics and Business Quarterly Reviews, vol. 4, no. 2, 2021. S.-M. Park and Y.-G. Kim, "A Metaverse: taxonomy, components, applications, and open challenges.," IEEE Access, 2022. N. G. Narin, "A Content Analysis of the Metaverse Articles," Journal of Metaverse, pp. 17-24, 2021.
  8. K. B. Wilson, A. Karg and H. Ghaderi, ". Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity.," Business Horizons, 2021.
  9. I. Wohlgenannt, A. Simons and S. Stieglitz, "Virtual reality," Business & Information Systems Engineering, pp. 455-461, 2020. E. Reddy and A. Minnaar, "Cryptocurrency: A tool and target for cybercrime.," Acta Criminologica: African Journal of Criminology & Victimology, vol. 31, no. 3, pp. 71-92, 2018. B. Sivathanu, " Adoption of digital payment systems in the era of demonetization in India: An empirical study.,"