The primary purposes of this chapter are to discuss the emerging digital economy, examine electronic financial reporting, discuss risks associated with electronic business and financial reports, and examine fraudulent financial activities involved in the electronic financial reporting process. E‐commerce strategies and related transactions are presented. E‐commerce enables businesses and consumers to buy products and services through the Internet in the global market as readily as they can from a local business. XBRL offers many benefits to a variety of users, including investors, analysts, companies, industries, software, vendors, and publishers of financial statements. Much of the demand for XBRL comes from investors, creditors, and other users of financial reports. The Department of Justice defines cybercrime as any violations of criminal law that involve knowledge of computer technology for their perpetration, investigation, or prosecution. Cybercrime knowledge, skills, and abilities include a basic understanding of the types of crimes as well as special laws and relevant criminal code.