ABSTRACT
This chapter provides the various ways in which offences of dishonesty may be committed when funds are transferred between individuals and organisations through the use of electronic telecommunications systems. It explores the nature and extent of the problem of electronic funds transfer crime. In the United States, electronic funds transfers are carried out by Fedwire, a system controlled by the United States Federal Reserve and the Clearing House Interbank Payments System. Various other electronic funds transfer systems operate throughout the world as substitutes for paper-based cheque transactions. Most of the large scale electronic funds transfer frauds which have been committed have involved the interception or alteration of electronic data messages transmitted from bank computers. The chapter concludes with an appraisal of the most effective ways in which such crimes may be prevented through a variety of regulatory strategies.
