Internet Banking: Identity Theft and Solutions - The Nigerian Perspective

Deborah Uzoamaka Ebem (), Joseph Chinonye Onyeagba and Geraldine Egondu Ugwuonah
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Deborah Uzoamaka Ebem: Department of Computer Science, University of Nigeria, Nsukka, Nigeria
Joseph Chinonye Onyeagba: Department of Computer Science, University of Nigeria, Nsukka, Nigeria
Geraldine Egondu Ugwuonah: Department of Marketing, University of Nigeria, Nsukka, Nigeria

Journal of Internet Banking and Commerce, 2017, vol. 22, issue 02, 01-15

Abstract: An eclectic observation of the Nigerian financial landscape reveals that identity theft and financial related crimes are on the rise. Having engaged the use of Information and Communication Technology (ICT) as a platform for effective and efficient means of conducting financial transactions, the financial sector is also battling with the accompanying risks. In this research work, we want to know if there are relationships between lack of proper information dissemination, computer literacy and high rates of identity theft/financial crimes in Nigeria. Questionnaires were distributed to randomly select internet-banking users, interviews were conducted and from our findings, we reached the consensus that lack of proper knowledge and means/forms of identifying cybercrime related emails, texts and phone calls are responsible for the high rate of identity theft in Nigeria. Granted that banks will never ask for financial information via emails, cybercriminals are exploiting other social engineering techniques to perpetrate identity theft. We also identified loopholes in the typical Nigerian bank customer care department sequence of communication which cybercriminals tend to exploit. Hence, we highlighted means of identifying possible email related phishing scams. Finally, effective prevention techniques were discussed.

Keywords: Cybercrime; Identity Theft; Internet Banking; Phishing; Prevention (search for similar items in EconPapers)
JEL-codes: A11 (search for similar items in EconPapers)
Date: 2017
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