IMPACT OF CYBER INSECURITY IN THE DEVELOPMENT OF ONLINE BANKING IN NIGERIA
AbstractThis work reviewed the impact of cyber insecurity on development of online banking in Nigeria. Activities that lead to the insecurity of the cyber space known as cybercrimes were identified as phishing, cyber terrorism, electronic spam mails, cyber stalking and bullying, identity theft and online scam. These activities seriously affect online banking because it is the main target of cyber criminals who aims at siphoning the hard earned money of unwitting individuals. Unemployment and quest for quick riches are the main reasons cyber-crimes are on the increase. Nigerian has been without a law that appropriately address cyber-crime and other related issues until 2015 when a law was put in place. Though online fraudsters have not been prosecuted by this law it is hoped that the presence of the law will serve as a deterrent to people aspiring for a career in cyber-crime which some view as a lucrative venture. Banks, Bank customers, Judiciary, Law enforcement agencies and the government have critical role to play to ensure that activities that cause cyber insecurity in Nigeria are effectively tackled to ensure the onward development of the already existing E-banking platforms in Nigeria.
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