Technology has long been utilized by those interested in committing frauds. However, in more recent times, the very use of technology has become a means and instrumentality for the actual fraud and other illegal activity itself. Over the last decade, the government has, essentially, “woken up” and increased its own technological capabilities to keep pace with these criminal enterprises.
Although in other areas, recent news reports implicating the National Security Agency in monitoring the email activity of private citizens1 and the Department of Homeland Security’s increased use of facial scanning software2 have demonstrated that the U.S. government and its agencies will employ sophisticated means and take action it deems necessary to combat illegal activity. At the same time—and somewhat ironically—the government is criticized for its apparent unwillingness—or inability—to combat other illegal activity such as securities fraud and other related types of economic fraud that resulted from the economic implosion beginning in 2008.3 In fact, many commentators point out the lack of prosecutions for failures in accounting control and bank fraud.4 Further, from a public perspective, the government always appears to be a step behind in prosecuting complex investment vehicles such as hedge funds and trading platforms for anything other than insider trading.5 Consequently, we are still left faced with the appalling questions regarding if the government lags behind in technology to these would-be fraudsters, and, if so, is the government even close.
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