CYBER CRIMES IN NIGERIA

 

 

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).

 Cyberspace is, to a large degree, the manifestation of postmodern society through which innovative technologies have generated new social atmosphere and new reality (Martins, 2013). Cybercrime is a new phenomenon which continues to  increase  as the Internet infiltrates every field of our society. The exponential development of digital technology has brought with it the evolution of various internet crimes. While the internet has become a double-edged sword that gives individuals and organizations resources, it poses an increased risk of information security. In recent years, cybercrime has become a major concern to many nations, forcing various governments around the globe to pass effective legislation and introduce consistent procedural mechanisms to combat cybercrime (Lucas, 2017).

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.

 Last year alone, the FBI reported $1.7 billion in damages by businesses and individuals targeted by business email compromising scams, according to Paul Delacourt of the FBI field office in Los Angeles (Karimi, 2020).

 

In summary, the above case revealed how the Nigerian cyber criminals who gained notoriety for their cybercrimes activities in the 1990s through advance fee schemes that became famous and referred to as 419, a name after the section of the Nigerian Penal Code that enacted to curb crimes (Nwoye, 2020).

 

The main objective of the study is to examine cybercrime  in Nigeria.  Specifically, the objectives of this study are to;

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

 

 

This dissertation is structured into five chapters. Chapter presents a brief introduction and background to cybercrime in Nigeria.  It further explains the objectives of the study and the research questions of the study. Finally, chapter one outlines the structure 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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