Digitisation of Financial Markets: A Literature Review on White-Collar Crimes

This is an empirical study which describes the financial issues with an increasing usage of the virtual currency in the present situation. With the introduction of the democratising, the influence of the ICT and its effect involved in various aspects of our lives like the economic, political, and the societal requirements. The financial frauds in various forms and its impact on financial market had been identified in the earlier research. The economic structure of the markets has been facilitating these. The frauds in the financial sector are identified as the lending frauds, identity frauds, and the investment frauds. The financial frauds are purely dependent on the market segmentation and the involvement of the various market instruments. The present study is carried out to understand the recent developments happening in the field of financial frauds, various developments like the free entry exit of participants, global currency involvement, increasing types of transactions in the financial sector, and the financial innovations involving technological and legal aspects. Technical problems in maintaining the secrecy and confidentiality of the dealings of the banking transactions. The present study tries to connect the different types of financial crimes to the facilities brought in by the ICT, and it needs more attention and more transparency to fight the white-collar crimes.