Cyber Crime and E-Banking in Nigeria: An Empirical Evaluation of Fidelity Bank’s Experiences and Challenges
Chapter One
OBJECTIVES OF THE STUDY
The following are the objectives of this study:
- To assess the relationship between e-banking and cybercrime
- To identify the factors that reduce the effectiveness of e-banking services
- To identify solutions to cybercrime problems associated with e-banking.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
Several innovations have changed both the dynamics of banking and the electronic banking revolution. Banks around the world are reorganizing their business strategies to take advantage of the new business opportunities e-banking provides. Electronic banking is believed to have originated in the early 1980s. Since then, it has grown to an unprecedented size with the devel- opment of ICT. Electronic banking has enabled banks to cross borders, embrace strategic per- spectives, and provide new opportunities. According to Nitsure, information and communica- tion technologies have reduced processing costs and facilitated the transfer of information, which has led to a fundamental change in the banking business. It should be noted that e-bank- ing is not limited to developed countries, but is found even in countries with less developed e- banking systems due to the large number of new business opportunities e-banking offers. The emerging concept of electronic banking has caught the attention of criminals. This chapter will explore theories and related concepts of electronic banking and cybercrime.
THEORETICAL FRAMEWORK
This section discusses several theories related to security and electronic media. Electronic me- dia has been emphasized by various theoretical traditions. For example, sociologists argue that in the intermediate case of point-to-point communication, telephones that support common goals exhibit strong collective representatively. Marxists view the media as a tool to exploit the elites for socio-economic and political control over their own contribution to digital media. Bell, Garland and Platt argue that the invention of small electronic and optical circuits that can increase the speed of information transmission over networks will have a large impact on so- ciety. Despite the positive impact of technology on society, on the other hand, it has led to unintentional use in criminal activities such as cybercrime. Millions of bank account holders use the Internet instead of physically hacking.
ROUTINE ACTIVITY THEORY
This theory suggests that three situations are conducive to the commission of crime, which argue that events should occur at the same time and in the same space, three situations are proper targeting, insecurity and crime motivated by incident. The assessment of the situation determines whether a crime has occurred.
The theory of routine activity is one of the main theories of “ecological criminology”. The theory is that crime occurs when three factors combine in a given space and time:
- An accessible target
- The absence of capable guardians that could intervene
- The presence of a motivated offender.
CHAPTER THREE
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RESEARCH METHODOLOGY
INTRODUCTION
The term methodology is used to describe all activities associated with the collection of the necessary information required for this research work. This chapter describes how the study was designed, outlines the methods and procedures used for the study, and accumulates data for the study. It includes a description of the study design, population, sampling and sampling methods, data sources, tools for collecting and analyzing data, and data processing methods.
A methodology is a “contextual framework” for research, a coherent and logical framework based on attitudes, beliefs and values that guides the decisions that researchers [or users] make. Other uses of] data”. It includes a theoretical analysis of a set of methods and principles asso- ciated with a branch of knowledge in such a way that the methodologies used from different disciplines change in accordance with the historical development of knowledge. conflicting views on how it works. to be done. they gain a better understanding of knowledge and practice, which allows methodologies to be used within common philosophies and approaches. The methodology can be seen as a spectrum from a predominantly quantitative approach to a pre- dominantly qualitative approach. Although the methodological agreement may be specific to one of these approaches, researchers can combine approaches to achieve their research goals and thus use different methods, multi-methodology, and / or multi-methodology. Interdiscipli- nary in general, the technology approach is not intended to provide solutions, so it is not the same as a method, but a methodology that provides a theoretical perspective for understanding which methods, sets of methods or best practices can be applied in research. question at this time. hand.
RESEARCH DESIGN
This is a causal study. Typical research consists of examining what causes each other among different variables.
Causal research is the study (study) of cause-and-effect relationships. To determine causality, it is necessary to identify the change in a variable that is believed to affect the difference in the other variable (s), and then the change in that (s) variable (s).) Another variable. Do not skew the results by keeping them constant while obtaining empirical data. This type of research is very difficult, and a researcher can never be completely sure that no other factors influence causation, especially when it comes to attitudes and motivations of children and people. There are often much deeper psychological considerations that even the respondent may not be aware of. There are two methods of investigating causal relationships between variables: experi- mental (for example, in a laboratory) and statistical research.
CHAPTER FOUR
DATA ANALYSIS AND INTERPRETATION
INTRODUCTION
This chapter deals with the presentation and analysis of the result obtained from published annual reports of the bank under.
Data analysis and interpretation is the process of assigning meaning to the collected infor- mation and determining the conclusions, significance, and implications of the findings. The steps involved in data analysis are a function of the type of information collected, however, returning to the purpose of the assessment and the assessment questions will provide a structure for the organization of the data and a focus for the analysis.
The data gathered were presented according to the order in which they were arranged in the research questions, simple percentage and pie graphs were used to analyze the demographic information of the respondents while regression techniques were adopted to test the research hypothesis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Summary of Finding
The objectives of the study were to
- To assess the relationship between e-banking and cybercrime.
- To Identify the factors that reduce the effectiveness of e-banking services.
- To Identify solutions to cybercrime problems associated with e-banking.
Findings from the study revealed the following
- Electronic banking benefits customers in Nigeria.
- Customers are very satisfied with e-banking in Nigeria.
- Electronic banking exists in the banking sector in Nigeria.
- In Nigeria, there is a significant relationship between e-banking and cybercrime
- E-banking aids cybercrime in Nigeria.
- There are factors militating against effective e banking in Nigeria.
Conclusion
In fact, there is no doubt that most organizations, including banks, have taken advantage of information technology to improve their operations. Most of them today have an Internet web- site that allows them to expand their services globally, provide operational services and pro- mote quality service delivery. Driving by ambitious ambitions to dominate the financial ser- vices market in Africa, Under the leadership of a dynamic and forward-looking management team, Nigerian banks have rapidly evolved from a simple bank to a one-stop provider of finan- cial solutions through information technology. As the economies of Nigeria and Africa con- tinue to improve, following the established trajectory of other emerging markets; that is, higher political stability, better public finances, increased demand from domestic consumers, Thanks to prices and significant improvements in other economic indicators, Nigeria’s banks are well positioned as pledges to the history of the African Renaissance. When the 3G network is launched, it is expected to increase mobile commerce in Nigeria, but may require additional investment in the quality of mobile phones, there are many opportunities for mobile commerce deployed in Nigeria due to the growth and proliferation of mobile devices. There is the prospect of funding, but this may depend on the services available.
The Nigerian banking sector has used modern technologies to improve operational competence to enable them remain competitive in the global financial industry. In banking services Indus- try, the Internet Banking is a new era which explores the new horizons of success and devel- opment to enhance businesses operations. But unluckily, the evidences from the field work show that, this innovation comes with certain degree of exposure to cybercrimes and infor- mation security breaches which create negative perception towards the bank. The cybercrime definition in relation to the banking services industry can be said as an attack on financial institution resulting in the financial fraud and loss of vital financial data. The literature reveals that, the major issues concerning the financial institution operating within the cyber space have been information security breaches, safety and the lack of trust, fraudulent transactions, rob- bery and identity theft. In conclusion Nigeria needs strong laws and countermeasures, with combine effort from industrial players, government and the banks as well as cyber security experts to address this societal problem.
The growing global wave of cybercrime and its negative consequences still require immediate action. As technology advances, new methods are being used to commit cybercrime. Nigeria is not immune to these attacks, although statistics show a decrease in the damage done by cybercrime in the country. This may be due to the track record of fraud prevention agencies such as the EFCC and other law enforcement agencies, as well as the creation of a legal frame- work to combat cybercrime through the passage of the Nigeria Cybercrime Act 2015.However, the cost of cybercrime is expected to continue to rise as the convergence of IT and finance (FINTECH) becomes evident globally, as well as the rise of cryptocurrencies and transaction anonymity. Therefore, it is necessary to take proactive measures to limit the threat. Cybercrime poses a serious risk to the economy, therefore it is necessary to establish an effective risk man- agement system and improve the forensic investigative capacity to combat it. electronic crime. Cyberspace is a complex environment that is evolving rapidly and continuously. Thus, those who are responsible for security in various fields are faced with the task of keeping abreast of developments in the cyber world. Economic viability and national security are highly depend- ent on a stable, secure and resilient cyber environment.
Recommendations
Building and rebuilding trust in banks requires a proactive cyber reporting and reporting system that includes all employees. CCTV cameras should be installed near ATMs to protect custom- ers. There should be public education and consumer education goals. When it comes to how cybercriminals operate, financial institutions must disclose information about data breaches and take action to remedy them. international partners to help fight cross-border crime.
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