ABSTRACT
Cybercrime is not escapable and is highly linked
with different parts of criminal environment. As there is vast use of internet
users, abuse of technology is increasing which leads to cybercrime.
Cybercrime is basically illegal act which leads to criminal activity. Cyber
security is a mechanism by which computer data and equipment are protected from
unauthorized access. This paper is mainly focused on analyzing the relationship
between e-banking and cybercrimes in Nigeria from a survey perspective. It also describes
cybercrime forms, causes, cyber security concept in detail and possible
solutions to curtail the menace.
Keywords: Fraud, Cybercrime, hackers, Security methods,
privacy
INTRODUCTION
1.1
Background of the Study
In
recent times, our society is increasingly relying on the internet and other
information technology tools to engage in personal communication and conduct
business activities among other several benefits. While these developments
allow for enormous gain in productivity, efficiency and communication they also
create a loophole which may totally destroy an organization. The term
cybercrime can be used to describe any criminal activity which involves the
computer or the internet network (Okeshola & Adeta, 2013). This term is used
for crimes such as fraud, theft, blackmail, forgery, and embezzlement, in which
computers or networks are used.
In (Maitanmi, Ogunlere, & Ayinde, 2013) cybercrime was
defined as a type of crime committed by criminals who make use of a computer as
a tool and the internet as a connection in order to reach a variety of
objectives such as illegal downloading of music files and films, piracy, spam
mailing and the likes. Cyber-crime evolves from the wrong application or abuse
of internet services. The concept of cybercrime is historical. It was
discovered that the first published report of cybercrime occurred on the
mainframe computer in the 1960s (Maitanmi, Ogunlere, & Ayinde, 2013). Since these
computers were not connected to the internet or with other computers, the crime
was committed by the employers (insider) in the company, hence it was referred
to as computer crime rather than cybercrime.
The
life wire of the banking sector is the internet. Currently, banks all over the
world are taking advantage and incorporating opportunities brought about by
e-banking which is believed to have started in the early 1980’s (Shandilya, 2011). As the security
level in this sector becomes stronger, the strength and tactics of these
fraudsters increases also. Various lucrative attacks have been launched and
unfortunately, many have succeeded. In general, cybercriminals execute
fraudulent activities with the ultimate goal of accessing a user’s bank account
to either steal or/and transfer funds to another bank account without rightful
authorization. However, in some rare cases in Nigeria, the intention of
cyber-criminals is to cause damage to the reputation of the bank by denying
service to users (Parthiban & Raghavan, 2014) and sabotaging data
in computer networks of organizations. Recognizing the harm that cyber-crime
has cost the banking sector, this study focuses on analyzing the relationship
between e-banking and cyber-crime in Nigeria. Thus, the main contributions of
this paper are the following:
i.
An in-depth review of
the relationship between cyber-crime and e-banking in Nigeria.
ii.
Presentation of
effective techniques used to combat cyber-crimes as identified in the
literature with focus on e-banking.
iii.
Comparison of the most
promising solutions and identification of open research issues and able to
suggest further research work on the topic.
1.2
Statement of the Problem
E-banking has many benefits. Two of the
most important are speed and convenience.
People who participate in online banking can access their accounts, view their
statements, make transactions, pay bills, and more, all from their homes, or on
the go. It is because of these benefits that many people participate in online
banking. However, despite the benefits of e-banking, there is also a number of
distinct issues and challenges in the online banking sector. These are highly
significant both for banks that offer online banking, but also for their
customers, who depend on the banks to operate effectively.
With e-banking, cyber criminals simply
need to ascertain certain personal information to break into a person’s account
and steal their money. It can be done anonymously, and involves significantly
less physical danger. Though a lot has been done to combat this menace but it
is still on the rise daily.
1.3 Aim and Objectives of the Study
The aim of this study is to analyze the
relationship between cyber-crime and e-banking a survey perspective. The
following are the objectives of the study:
i.
To examine the concept of
electronic banking with a view to helping both professional and
non-professional understand them.
ii.
An in-depth review of the
relationship between cyber-crime and e-banking in Nigeria.
iii.
Presentation of
effective techniques used to combat cyber-crimes as identified in the
literature with focus on e-banking.
iv.
Comparison of the most promising solutions and
identification of open research issues and able to suggest further research
work on the topic.
1.4
Significance of the Study
The following are the
significance of this study:
i.
The outcome of this study will
educate the general public especially the users of e-banking services on the
relationship between e-banking and cybercrime.
ii.
This research will be a
contribution to the body of literature, thereby constituting the empirical
literature for future research in the subject area.
iii.
This study will be
important to scholars, as an addition to the existing body of knowledge also
complementing the previous research carried out on the same area.
1.5
Scope of the Study
This study will cover the
analysis of e-banking services and cybercrime in Nigeria using
Fidelity Bank Plc as the case
1.6
Definition
of Terms
E-banking:
also known as internet
banking, is an electronic payment system that enables customers of a bank
or other financial institution to conduct a range of financial transactions
through the financial institution's website.
Cyber-crime:
crime in which a
computer is the object of the crime (hacking, phishing, spamming) or is used as
a tool to commit an offense (child pornography, hate crimes).
Cyber-criminals:
a person who engages in criminal
activity by means of computers or the Internet
Theft: the
action or crime of stealing.
Fraud: dishonest
acts that intentionally use deception to illegally deprive another person or
entity of money, property, or legal rights.
Forgery: the
action of forging a copy or imitation of a document, signature, banknote, or
work of art.
Embezzlement:
theft or misappropriation of funds
placed in one's trust or belonging to one's employer.
Internet:
a global computer network providing a
variety of information and communication facilities, consisting of interconnected
networks using standardized communication protocols.
Email: messages
distributed by electronic means from one computer user to one or more
recipients via a network.
Transactions:
an instance of buying or selling
something.
PROJECT CODE: 00003
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