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1.1Background of study

Recognizable proof of Information and Communication Technology (ICT) as a fundamental device for reasonable advancement has turned out to be justified regardless of each venture. The coming of computerized innovation brought forth present day correspondence equipment, web  and  effective  PC frameworks to process information aced along these lines the web has given a place of refuge for web stage, which has made geometric development and quickened windows for open doors for business and evacuation of financial hindrances up to this point looked by countries of the world (Okonigene, 2010). Subsequently, web use in Nigeria has developed quickly bringing about blast of Internet Service Providers (ISP's) and web get to  focuses (Peterson, Gladys, and Christopher, 2011). In this present time, current innovation is being presented in every one of the fields and it is changing the world with heaps of developments.

In managing an account, electronic gadgets assume a prevailing part keeping in mind the end goal to fulfill the developing needs of the clients. The fast progression in electronic dispersion channels has delivered enormous changes in the money related industry as of late, with an expanding rate of change in innovation, rivalry among players and shopper needs (Hughes, 2001).

The proliferation of, and rapid advances in, technology-based systems, especially those related to the internet, are leading to essential   changes in how companies interact with customers (Parasuraman, 2002). Internet banking has become the self-service delivery channel that allows banks and various other businesses to provide information and offer services to their customers with more convenience via the web services technology. In addition to this, the challenging business processes in the financial services pressurized banks to introduce alternate business channels to attract customers and improve customer perception (Bauer, 2005). The evolution of e-banking has fundamentally transformed the way banks traditionally conduct their businesses and the ways consumers perform their banking activities (Sayar, 2007).

The electronic transaction services are aimed at improving the market share and business growth of the financial industry in Nigeria. The challenges of generating interdisciplinary dialogue about electronic banking in the developing world are illustrative of long-running dynamics within the community of scholars and practitioners concerned with Information and Communication Technologies and Development (ICTD). The electronic banking case adds new wrinkles to broader discussions about technology and development, and about mobile communication technology gadgets in the society and the perceived socioeconomic benefits that can be cultivated in the context of improving financial performance for sustained market share and business growth. With the advent of computers (and especially the Internet) businesses are subject to threats malicious activities and cyber-crimes. Few criminally minded youth in the country, which are mostly not educated or graduates are stealing and committing atrocities through  taking  advantage  over the security of Government Websites. Whether it is insiders or unknown intruders involved in hacking (i.e., the unauthorized use or attempt to circumvent the security mechanisms of an information system or network), cracking (i.e., breaking into a computer system), phishing (i.e., attempting to acquire identifiers and passwords), or phreaking (i.e., cracking a phone or communication network), as long as people are the weakest link, there really is no safe harbor from cyber- crime. Due to high rate of cybercrime, banking institutions have been using huge part of their revenues to prevent cyber-crime. In the market, various IT-based banking products, services and solutions are available such as Phone Banking; ATM facility; Credit, Debit and Smart Cards; Internet Banking & Mobile Banking; SWIFT Network & INFINET Network; Connectivity of bank branches to facilitate anywhere banking . The banking sector in India is on the verge of revolutionary changes in the way it functions and delivers its services to customers.

 The bank branches are getting networked and becoming an integral part of the enterprise core banking solution .He asserted that cyber-related crimes, present an especially high risk to certain industries and types of businesses, including banking industry. Cyber-crimes have had negative consequences to the increased use of computers and the related technology in banking institutions. Although cyber-crime has appeared like myth, it poses a real threat to the continued use of computers. A Phoenix- based bank accidentally allowed an employee of a small business to con her owner out of $91,000 in line-of-credit advances and $75,000 in credit card charges and cash advances. Cyber-Crimes are Commonly Perpetrated against Banks Electronic banking (e-banking), also known as Internet banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels (Daniel, 1999). E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. The terms computer crime, high-tech crime, 4 digital crime, e-crime and cyber-crime can be used interchangeably with electronic crime. E-crimes are essentially crimes where the computer is used either as a tool to commit the crime, as a storage device, or as a target of the crime. As a storage device, computers can either store information that will assist in the execution of the crime or information that is illegal for the owners to possess, such as stolen intellectual property.

 Computers are classified as a target if the information that they contain is altered or retrieved in an unlawful way, such crimes can range from amateur hacking to terrorism Cybercrime or computer crime refers to the criminal activities or criminal network which takes place through the internet (Choo, 2008); it is any crime which committed through the use of computer or computer network. Therefore cybercrime including crimes like fraud, theft, blackmail, forgery, embezzlement, and other in which a computer or computer network is the tool, source, target, or generally the place where the criminal activity takes place. It is a crime that involves the information technology infrastructure which includes illegal access, interception, and interference with the data, interference systems, and others. Computer crimes have become an issue of concern especially those involving hacking, infringement of copyright, and others which are likely to interference with the privacy and confidentiality of information (Choo, 2008). Perpetrators against banks can use several kinds of cyber-crimes. The most common are outlined Phishing (pronounced “fishing”) is growing rapidly. The Anti-Phishing Common Cybercrime Risks for Financial Institutions, Phishing, Identity Theft, Worms and Trojan horses, Spyware, Search engines/Google and Blackmail, Denial-of service/distributed-denial- of-service attacks, data acquisition and storage (stealthily access to systems, identity collection and theft, botnets among others (DeZabala, T., & Baich, R. (2010).). Current security models are minimally effective against cyber criminals and organizations remain unaware of that fact. Cyber criminals seem to be reinvesting portions of their significant profits in developing new capabilities for circumventing today’s security technologies.

In the article by Deloitte titled combating the Fastest Growing Cyber Security Threat, they noted that even the major antivirus vendors find it difficult to keep up with the amount of new Malware (Deloitte, 2010). Cyber criminals routinely exploit 5 the resulting vulnerabilities. More recently the cybercriminals are targeting that which is the weakest link the user. This is done through the internet by way of social Engineering. The cybercriminal will make one believe that they are working with a colleague or other legitimate party and in the process drive information out of the unsuspecting employee (DeZabala & Baich (2010). Cybercrime is a global phenomenon that is threatening the economy of nations. It is a major threat in India as is in Nigeria. Punjab National bank suffered a loss of close to Rs.1.39 chore when the computer recorders were manipulated to create false transactions. Cybercrime is difficult to prove as it lacks the traditional paper trail (Okonigene, 2016). The future looks grim. This is because cybercrime attacks will continue to be more severe, more complex, more difficult to prevent, detect and address than current ones. The perpetrators also continue horning their skills as malware authors for hire provide their skills, capabilities, products and outsourced services to other cyber employee (DeZabala, et al. (2016). So as to fight Cybercrime, the global cyber security agenda has seven main strategic goals namely legal measures, technical procedures and measures, organizational structures, capacity building and international cooperation (Gecko, 2012).


The exponential development of innovation, the expansion in its ability and openness, and the lessening in its cost, has realized progressive changes in business, correspondences, diversion, and training. Alongside this more noteworthy limit, be that as it may, comes more prominent powerlessness. Data innovation has started to give criminal chances of which the past days culprits could never have envisioned (Olasanmi, 2010). The PC was concocted to hurry information preparing without   hardly  lifting a finger. In any case, as the comprehension of the utilization of the PC has expanded crosswise over different levels of learning, so as its utilization for carrying out violations expanded (Olasanmi, 2010).

Cybercrime has lead to so many menance in country ranging from social effect, economic effect and the spoilage of Nigeria image.

While the escalation of cyber crime could not be curtailed adequately by crime prevention agencies, the effects continue to bite hard on our economy, both locally and internationally. Aside from the social menace it is creating in our entire systems to a large extent, cyber crime has thrown up a large number of 419 perpetrators in our economic system. Very easily people are able to commit economic crime through the internet by duping one another of large sum of money locally and internationally. Corporate internet fraud has been on the increase as even unscrupulous banking officials are conniving with outsiders to steal depositor’s funds.

Aside from local economic sabotage and fraud, a large number of Nigerians particularly the youths are also engaged in perpetrating internet fraud by duping individuals and corporate institutions abroad through spurious economic deals. Fraudulent practices through cyber crime has thrown up emergency millionaires, even billionaires in our economic system which is injurious to our economic growth as most of such funds acquired, illegally are not been used productively to promote the economy. Such funds could not be easily traced by law enforcement agencies. In deed economic sabotage resulting from cyber crime cannot be over-emphasized.

Another serious aspect of cyber crime or social media abuse is how dubious relationship are easily courted or established, which often lead to disastrous ends, particularly amongst our youths. We have seen instances where such relationship established through internet process ended up in untimely deaths of innocent people (male & female).

Lots of social media links for social engagement had ended in disasters often creating bottlenecks for law enforcement agencies due to lapses or lack of concrete laws in place to address the situation.

In all of these, Nigeria’s image has continuously been the worse for it. It has been seriously battered internally and externally. Though cybercrime is a global phenomenon, individual countries suffers the effects differently depending on what laws each country has in place to address the situation, as well as how effective their law and crime prevention agencies are able to curtail the menace.

This is why the proposed urgent need for the establishment of the Nigeria Police Internet Crime Complaint Centre (NPIC3) in Nigeria, which will be in affiliation with the internet crime complaint centre of the United States of America (IC3), is most welcomed. Also, the urgent inclusion of online Forensics Graphognomy course into the curriculum of Nigeria Police Education Unit, which will strategically enhance the know-how of methodologies of online scamming technicalities being used by cyber criminals thereby making investigation of cybercrime intelligence information gathering reports easier for law enforcement agencies, as otherwise stated above.

Certainly, the approval of this proposal will enable the Nigeria Police readdress the emerging facts that have shown Nigeria to be one of the leading cybercrime perpetrators in the world, as earlier acknowledged by the National Security Adviser (NSA) Col. Sambo  Dasuki (Rtd) on Wednesday March 20th 2013, edition of Leadership Newspaper. Because of the foregoing, the danger attached to cybercrimes as reflects on the online image of our country, has made it more difficult for Nigeria to engage in online business and other cyber related activities.


The general objective of the study was to evaluate the impacts of cyber-crimes on the E-banking channels in Nigeria.

 Specific Objectives The study sought:

 1 To determine the level of cyber security in Ecobank

 2 To assess the effectiveness of existing regulation on cybercrimes in Ecobank.

3 To determine how employee awareness and competence influences occurrence of cybercrimes in Ecobank.


1 What determine the level of cyber security in Ecobank?

 2 What is effectiveness of existing regulation on cybercrimes in Ecobank?

3 How is employee awareness and competence influences occurrence of cybercrimes in Ecobank?


The study will be beneficial to the following groups:

The Government and Policy Makers

The study will be significant to the government as policy makers regarding cyber-crimes in banking industry where basic protection methods and specific defensive tools to minimize cyber risks could be formulated. In general, the policy makers will gain insight on the factors contributing to cybercrime in banks in Nigeria

 The Central Bank of Nigeria

This study will help the Central Bank of Nigeria know the causes of cyber-crime. In so doing, they will be able to make sound decisions concerning various rules and regulations to be observed by the Commercial banks so that the effects of this vice may be minimized.

The Customers of Commercial Banks

This will enable the customers to understand that they also have a role to play in mitigation of the risk that is cybercrime. Through being conscious of the banking information that they give out about them, customers can drastically reduce the occurrence of cybercrime.

 Researchers and  Academicians

Being that there are limited studies that link cybercrimes in banking sectors, the outcome of this study will be invaluable empirical study and also act as local reference on cybercrimes in banking for future research for example assessing impact of cybercrimes on visual banking .The findings of this study would provide information and advice on the possible opportunities that research institutions can use to expand the research, availability, and impact of information and knowledge of security in E-banking for the development of the upcoming commercial banks.


This study focused on determining the impact of Cybercrime on E-Banking in Nigeria Banking Industry with special reference to Ecobank Nig ltd. The study focused on contribution of internet security, legal framework, cybercrime awareness and reporting on how they lead to cyber-crimes in commercial bank.


 Mobile Banking

This is a form of banking transaction carried out via a mobile Phone. Mobile banking allows bank customers to check their account balances, perform Credit card transaction as well as provide information on the latest transaction made by customers.

 Electronic Banking

E-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone.


These are crimes committed using new technologies. It include offences against computer systems, data, and crimes where networked computers and other devices are used to facilitate the commission of an offence (Campbell, 2014).

Cyber Security

Cyber security is the collection of tools, policies, security concepts, security safeguards, guidelines, risk management approaches, actions, training, best practices, assurance and technologies that can be used to protect the cyber environment and organization and user’s assets(Definition of Cyber Security, 2010).


Knowledge that something exists, or understanding of a situation or subject at the present time based on information or experience (Press, 2013).

 Employee Competence

A skill performed to a specific standard under specific conditions. It is the combination of skills and attributes and behaviors that are directly related to successful performance of a job. (Division, 2013).

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