Evaluating the Impacts of Cybercrimes on E-Banking
Chapter One
OBJECTIVES OF THE STUDY
The following are the objectives of this study:
- To evaluate the relationship between e-banking and cyber crime.
- To identify factors militating against effective e-banking services.
- To determine the solution to the issues of cybercrimes that are related to e-banking.
CHAPTER TWO
REVIEWED OF RELATED LITERATURE
INTRODUCTION
Simran, Akshay Manvikar, Vaishnavi Joshi, Jatin Guru, (2018), they have identify study and analyze the loopholes existing in the Indian Banking Sector in order to curb the fraudulent activities and to be able to take corrective actions, thereby enhancing the security measures of this sector. Liaqat Ali, Faisal Ali, Priyanka Surendran, Bindhya Thomas (2017), discussed that effect of cyber threats in Internet banking services and had strengthen customer awareness when dealing with Internet banking services. By their way of survey it is important to understand and identify the security issues and Internet banking customers must be aware about these techniques and methods used by computer fraudsters. Seema Goel (2016), revealed that technical aspects of various types of cybercrimes concerning the banking and financial sector and their related impacts. Additionally, she identifies the threat vectors supporting these cybercrimes and develop measures to aid in the combating the resulting cyber-attacks so that such attacks can be better prevented in the future for enhanced security. R. P. Manjula & Dr. R. Shunmughan (2016), analyze about the cyber space and the customer’s perception about cybercrime. More awareness programs can be conducted for the customers so that the cybercrime can be reduced in future period of time. A.R. Raghavan and Latha Parthiban (2014), they examined the different types of cybercrimes which plague the banking sector and the motives of the cyber criminals behind such acts. The financial loss in the banking sector is huge across the globe both in terms of combating the cyber-attacks and on development of systems, so that such attacks need to be prevented in the future. Ajeet Singh Poonia (2014), Cybercrime has high potential and thus creates high impact when it is done. It is easy to commit without any physical existence required as it is global in nature due to this it has become a challenge and risk to the crime fighter and vice versa. Soni R.R. and Soni Neena (2013), they showed a bigger share of private and foreign banks in frauds related to Internet banking, ATM, cards and other digital banking. Banking cyber frauds in the country are the result of introductory phase of banking technology like ATM, Internet banking, mobile banking, EFT etc. which need time for people, market and technology to get matured. Regulatory framework also gets stronger by experience. Wada and Odulaja (2012), discussed that Cybercrime policy issues and provide insight into how cybercrime effects on E-banking from a Nigerian perspective. Social theories were used to explain causation with a view of guiding policy makers on behavioral issues that should be considered when formulating policies to address Cybercriminals activities in Nigeria. Jaishankar K., (2008), he developed a theory called ‘Space Transition Theory’ in order to explain the causation of crimes in the cyberspace. He felt the requirement for a separate theory of cybercrimes because the general theoretical explanations were found to be inadequate as an overall explanation for the phenomenon of cybercrimes. Divya Singhal and V. Padhmanabhan (2008), Internet banking is becoming is increasingly becoming popular because of both convenience and flexibility. The current paper explores the major factors responsible for internet banking based on respondent’s perception on various internet applications. Siaw I, Yu A (2004), identifies who are able to leverage competitive benefits from the internet are confronted with significant business potential. The impact of internet in banking industry and internet banking as a source of competitive advantage has becoming challenging issues for both business managers and academics. Joseph et al. (1999) examined the impact of internet on the delivery of banking services. They found six fundamental dimensions of e-banking service quality such as convenience and accuracy, feedback and complaint management, efficiency, queue management, accessibility and customization.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitutes of individuals or elements that are homogeneous in description.
This study was carried to examine Evaluating the impacts of cyber crimes on e-banking. Fidelity bank, Lagos state forms the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain Evaluating the impacts of cyber crimes on e-banking. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing evaluating the impacts of cyber crimes on e-banking.
Summary
This study was on evaluating the impacts of cyber crimes on e-banking. Three objectives were raised which include, to evaluate the relationship between e-banking and cyber crime, to identify factors militating against effective e-banking services and to determine the solution to the issues of cybercrimes that are related to e-banking. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from fidelity bank Lagos state. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
In conclusion, the study underscores the urgent need to address the impacts of cybercrimes on e-banking, acknowledging the transformative power of digital finance while acknowledging the vulnerabilities it introduces. By leveraging technology, fostering collaboration, and cultivating a culture of cyber resilience, the financial industry can fortify its defenses against the evolving landscape of cyber threats. Through concerted efforts, informed decision-making, and steadfast commitment to security, the financial world can embrace the potential of e-banking while safeguarding the interests of all stakeholders in this digital age.
Recommendation
- Financial institutions should implement multi-factor authentication and biometric identification to enhance user verification.
- Regularly update and patch software systems to address vulnerabilities promptly, and invest in intrusion detection and prevention systems.
- Conduct mandatory cybersecurity training for both customers and employees of financial institutions to foster awareness about phishing, social engineering, and safe online practices.
- Establish collaborative forums and information-sharing platforms among financial institutions, law enforcement agencies, and cybersecurity experts to stay updated on emerging threats.
References
- Liaqat Ali, Faisal Ali, Priyanka Surendran, Bindhya Thomas (2017), The effects of cyber threats on consumer behavior and e-banking services,7(5), 70-76
- Seema Goel (2016), Cybercrime: A Growing threats to Indian banking sector, 5(12), 552- 558
- Simran, Akshay Manvikar, Vaishnavi Joshi, Jatin Guru, (2018), Cybercrime: A Growing threats to Indian banking sector, 5 (1), 926- 933
- Siaw I, Yu A (2004), An analysis of the impact of the internet on competition in the banking industry, using porter’s five forces model. International Journal of Management 21: 514-522.
- Wada & Odulaja (2012), Assessing Cybercrime and its Impact on E-Banking In Nigeria Using Social Theories, 4 (3), 69-82.
- Soni R.R. and Soni Neena (2013), An Investigative Study of Banking Cyber Frauds with Special Reference to Private and Public Sector Banks, 2(7), 22-27
- A.R. Raghavan and Latha Parthiban (2014), The effect of cybercrime on a Bank’s finances, 2 (2), 173-178.
- P. Manjula & Dr. R. Shunmughan (2016), A study on customer preference towards cybercrime with banking industry, 2 (1), 597- 603. [9]
- Jansson, K. & Von Solms, R. (2013), Phishing for phishing awareness. Behavior & Information Technology, 32(6), 584–593.