CHAPTER ONE
INTRODUCTION
Technological advancement and the increasing
popularity of the internet in the last two decades have transformed the way
individuals, organizations and governments carry out their business activities
globally (Martins, 2013). According to Ndible (2016), the internet which is known as the
global network of millions of computers and devices has evolved and advanced to
include the Internet of Things (IoT) which connect physical things such as
office equipment, home appliances, automobile and communication gadgets.
As argued by some authors, development in technology
has both positive and negative effect on businesses and the society at large (Ewepu, 2016; Lakshmi and Ishwarya,
2015; Parthiban and Raghavan, 2014). Thus,
Parthiban & Raghavan (2014) asserted that the increasing rates of cybercrimes
globally could be associated to the
disruption of technology which has done more harm than good. Conversely,
Lakshmi and Ishwarya (2015) allude that
technological advancement such as the Internet, Internet of Things (IoT),
Artificial Intelligence (AI) and other emerging technologies have assisted in
mitigating crimes such as internet frauds, money laundering, terrorism and so
on. Supporting Parthiban and Raghavan (2014), Ewepu (2016) maintained that the
Nigerian banking sector has lost and continue to lose billions of Naira yearly
to cybercriminals as a result of the emerging technologies which many
developing countries like Nigeria are yet to have infrastructures that could protect
their businesses and customers from the menace of cyber criminals (Ewepu,
2016).
The recent case of
Hushipuppi in cybercrime which has made global headline news shows that various
local and international cyber criminals with money laundering syndicates are on
the increase as investigated by INTERPOL and target individuals, organizations
and governments (Okwumbu, 2020). According to Okwumbu
(2020), INTERPOL claimed that Hushpuppi
and his collaborators were allegedly engaged in fraud and money laundering of
over $100 million meant for unemployed Americans. Organizations’ financial transaction emails
and documents were redirected and wire transfer funds intercepted by these cyber criminals (Karimi, 2020).
"BEC
schemes are one of the most complex cyber criminals we face, usually involving
organized group of con artists spread across the world who have experience in
computer hacking and manipulating the international financial system.
Assess the effects of Cyber Crime on Nigerian economic
activities, particularly banking sector
Examine the
measures put in place by the Economic and Financial Crimes Commission
(EFCC) to protect the banking sector
from cybercriminals
Assess the challenges faced by Economic and Financial
Crimes Commission (EFCC) to curb
cybercrime in Nigeria
Proffer recommendations at the end of the study
Chapter two reviews cybercrime-related articles ,
reports, literatures from past authors, writers, and researchers in Nigeria and
elsewhere. Chapter two also explored the philosophical and theoretical context
underpinning the analysis. The technique is set out in Chapter three. This
chapter discusses the research methods that include: research design, area of
study, sampling techniques , sample size, data collection sources, research
instruments, data analysis, ethical concerns, and field problems. Chapter
Four focuses on data presentation, description, review and discussion of
results from the interviews conducted and the questionnaire administered and,
finally , Chapter Five presents a summary, observations and policy proposals on
the problems of cybercrime and how to minimize or curtail it.
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