Evaluation of the Relationship Between E- Banking and Cyber Crime (a Case Study of Fidelity Bank Plc)
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 those are related to e-banking.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
Cybercrime was the 2nd most reported crime in 2016 (Cook, 2017). It was also ranked as a major issue affecting e-commerce (Martin & Rice, 2011). The 2012 Norton Cybercrime Report stated that 556 million individuals in 24 countries were victims of cybercrime attacks in 2011 (Palmer & Merritt, 2012). These attacked resulted in $110 billion in financial losses. Sixty seven percent of individuals who were online became victims of cybercrime attacks. This resulted in 1.5 million cybercrime victims per day (Palmer & Merritt, 2012). Unfortunately, this figure is expected to increase because more and more persons are gaining access to computers and the Internet. In June 2017, about 51.7% of the world had access to the Internet (Internet World Stats, 2017) and the Internet serves as a vehicle that can facilitate cybercrime attacks (Liao, Balasinorwala, & Rao, 2017). The risk of becoming a victim of a cyberattack is paramount on the agenda of individuals and companies (van Erp, 2017). Some examples of the main industries being targeted are health care, the chemical industry, defense systems, the prison system, energy services, airlines and the financial sector (van Erp, 2017). A number of cybercrime risks and threats have been identified in the literature. These as distilled by Eboibi (2017) include:
Electronic auction or retail-based fraud schemes; Stock scams
- Work at home scams; Online advance fee fraud scams
- Web cloning; Piracy; Online lottery fraud
- Fraudulent loan scams; Job scams; Denial of service (DoS) attack
- Romance scams; Impersonation; Credit card fraud
- Phishing; Identity theft; Hacking
It is posited that the common types of cybercrime, especially computer assisted ones, are phishing, identity theft and hacking (Liao et al., 2017). Furthermore, it is reported that in 2015, 5.1% of citizens in the Netherlands were victims of hacking, 3.5% of online consumer fraud, and 0.6% of identity theft (Statistic Netherlands, 2016). In addition, it is posited that consumer-oriented cybercrime includes identity theft, credit card fraud and phishing (Riek, Bohme, & Moore, 2016).
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 evaluation of the Relationship between E- Banking and Cyber Crime. Fidelity Bank PLC in Lagos 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 evaluation of the Relationship between E- Banking and Cyber Crime (A case Study of Fidelity Bank PLC). 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 the challenges of evaluation of the Relationship between E- Banking and Cyber Crime
Summary
This study was on evaluation of the Relationship between E- Banking and Cyber Crime (A case Study of Fidelity Bank PLC). Three objectives were raised which included: To evaluate the relationship between e-banking and cyber crime, to identify factors militating against effective e-banking services and Tto determine the solution to the issues of cybercrimes those 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 in Lagos. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
The contribution of this study is the submission of a proposed research model. Upon completion of the validation process, the study should be able to confirm or falsify the three hypotheses regarding phishing, identity theft and hacking and their impact on the adoption of e-banking. In addition, the study will be able to determine which of the three independent variables has the greatest impact on the adoption of e-banking. It is hoped that the proposed research model will influence other researchers to conduct empirical research in their respective context.
Recommendation
In Nigeria, the adoption of internet banking has contributed significantly to the level of fraud perpetration by fraudsters in the industry and most of their victims are the educated and the uneducated customers of the various banks.
The adoption of internet banking in Nigeria has not been able to reduce the cost of operation. The cost of operating internet banking is very high, having to network the branches and procure hardware which is not produced within the country. The cost of establishing branches and running the banking business has not reduced but has increased over time.
References
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