Authors : Stephanie Fitswemila Philip

Volume/Issue : Volume 9 - 2024, Issue 6 - June

Google Scholar : https://tinyurl.com/2psft7er

Scribd : https://tinyurl.com/za2e63cn

DOI : https://doi.org/10.38124/ijisrt/IJISRT24JUN1539

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : One of the tenets of globalization is the advancement of Information and Communication Technology (ICT) mainly achieved through computer interconnectivity enabled by the internet in a presumed market place known as cyber space where both buyers, sellers and users in the form of individuals, corporate bodies and government meet. These interconnectivity brought about economic opportunities and inclusion. One of the areas so developed is the e-commerce sector where communication and interactions in the form of transaction is hinged on instant exchange of information, goods and services but, as friendly as these interactions are, they are not without their consequences- Cybercrime is one which often comes with huge financial loss and economic impact. Nigeria in its quest to liberalize trade and digitalize its transactions adopted the use of emerging technologies and services to drive the change but the tools and methods used to enhance the transactions are oftentimes misused by cybercriminals to their benefit thereby causing huge financial losses for the victims and invariably impact negatively on the economy. This research reviewed some existing literature on the subject of cybercrime, and its manifestations within the financial sector while relying on the Social Learning Theory as the reason for the prevalence of cybercrime among youths. Data was drawn and questionnaires administered. Analysis was done using CHI square in the Statistical Package for Social Sciences (SPSS). The study, therefore, concluded that there is a significant relationship between Cybercrime and the Nigerian economy and that Cybercrime had impacted negatively on the growth and development of the digital economy, in particular, and the Nigerian economy at large. Finally, the study offers solutions on how the Internet can engage the various Internet-based platforms, particularly calling on institutions responsible for combating this crime to put every effort required to end this menace.

Keywords : Cybercrime, Financial Crime, Digital Economy, E-Commerce.

References :

1. Adeyinka, O. (2008). Internet Attack Methods and Internet Security Technology. Second Asia International Conference on Modeling and Simulation. Beijing: AICMS. pp 77-82
2. Adeoti. O. O. (2013). Challenges to the efficient use of point of sale (POS) Terminals in Nigeria. African Journal of Business Management. pp 2801-2806
3. Akers, R. L. (2009). Social learning Theory in Encyclopedia of Criminological Theory. Sage Publication Inc. pp 22-30.
4. Akogwu, S. (2012). An Assessment of the Level of Awareness on Cyber Crime among Internet Users in Ahmadu Bello University, Zaria. Available at iResearch.com
5. Business Standard, 2023. E-commerce losses due to online fraud to exceed $48 billion globally. Available at https://www.business-standard.com/article/current-affairs/e-commerce-losses-due-to-online-fraud-to-exceed-48-billion-globally
6. Business Day, 2022. Nigeria recorded a 174% increase in cybercrimes in six months, here’s why you should be bothered. Available at https://businessday.ng/news/article/nigeria-recorded-a-174-increase-in-cybercrimes-in-six-months-heres-why-you-should-be-bothered/
7. Cable News Online, 2021. Nigeria ranked 16th in FBI global Cybercrimes report. March 18, 2021. https://www.thecable.ng/nigeria-ranked-16th-in-fbi-global-cybercrime-victims-report
8. Centre for Strategic and International Studies. 2018. Economic Impact of Cybercrime at $600 Billion and Counting - No Slowing Down. February 21, 2018
9. Central Bank of Nigeria, 2020. Guidelines on the operations of electronic payment channels in Nigeria.
10. Daily Trust, (2018). "The Menace of Internet, Mobile Phone and Scammers." December, 2018.
11. EFCC, 2025. EFCC arrest 14 Suspected Internet Fraudsters in a “Yahoo Academy” in Makurdi. [Online] Accessed from https://www.efcc.gov.ng/efcc/news-and-information/news-release/9776-efcc-arrests-14-suspected-internet-fraudsters-in-a-yahoo-academy-in-makurdi   
12. Ene R. W., & Jack T. B. C. (2016). ‘Cybercrime and the Challenges of Socio-Economic Development in Nigeria.’ JORIND 14(2) December, 2016. ISSN 1596-8303.
13. Ene E. E., Abba G. O, and Fatokun, G.F. (2019). The Impact of Electronic Banking on Financial inclusion in Nigeria. American Journal of Industrial and Business Management, 2019. pp 1409-1422
14. Hakmeh, J. (2017). Cybercrime and the Digital Economy in the GCC Countries. Chatham House. pp 1-20
15. Halder, D. and Jaishankar, K. (2011). ‘Cybercrime and the Victimization of Women: Laws, Rights, and Regulation. Hershey, PA, USA: IGI Global. ISBN 978-160960830-9. pp
16. Kamini, D. (2011): Cyber Crime in the Society: Problems and Preventions. Journal of Alternative Perspectives in the Social Sciences (2011) Vol 3, No 1, pp 240-259.
17. Mc Connell (2000), Cyber Crime and Punishment. Archaic Law Threaten.
18. Mijwil M.M, Filali, Y, Unogwu O.J. and Bala, I. (2023). Exploring the top five emerging threats in cyber security. Mesopotamian Journal of Cyber Security. Vol 2023. pp 57-63
19. Monye, E. (2024). Why Nigeria’s controversial naira redesign policy hasn't met its objectives. Carnegie Endowment for International Peace. January, 2024. pp 2-4.
20. Najaf, K., Mostafiz K, & Najaf R. (2021). Fintech firms and banks sustainability: Why Cyber security risk matters?  International Journal of Financial Engineering VOL. 08, N0. 02 pp 1-2
21. Nigeria Financial Intelligence Unit, (2023). Money Laundering Typologies through Fraud in Nigeria. pp 1-20
22. Oyewole, A.S. and Obeta, A. (2002). An Introduction to Cyber Crime. [Online] Available at http//www.crime-research.org/articules/cyber-crime.          
23. Okeshola B. F & Adeta A. K. (2013): The Nature, Causes and Consequences of Cyber Crime in Tertiary Institutions in Zaria-Kaduna State, Nigeria. American International Journal of Contemporary Research. Vol. 3 No. 9; September 2013.
24. Ribadu, N. (2007), Cyber Crime and Commercial Fraud; A Nigerian Perspective. A paper presented at the Modern Law for Global Commerce, Vienna. July 2007 (unpublished)
25. Saini, H., Rao, Y. S., & T. C. Panda (2012). Cyber-Crimes and their Impacts: A Review International Journal of Engineering Research and Applications (IJERA) ISSN: 2248-9622. Vol. 2, Issue 2, Mar-Apr 2012, pp.202-209
26. Totonchi, J. and Kakamanshadi G. (2012). Relationship between globalization and e-Commerce. International Journal of e-Commerce, e-Management and e-Learning. Vol. 2. N0.  2012. pp 1-5
27. Olusola, M., Samson, O., Semiu, A., & Yinka, A. (2013). Impact of Cyber Crimes on Nigerian Economy. The International Journal of Engineering and Science. pp 45-51.
28. Wilsem, J. (2011). Worlds tied together? Online and non-domestic routine activities and their impact on digital and traditional threat victimization. European Journal of Criminology, 8(2), pp 115-127
29. Vanguard (2023). Banks lose N9.5bn to e-fraud in 2023. [Online] Available at https://www.vanguardngr.com/2023/08/banks-lose-n9-5bn-to-e-fraud-in-2023/
30. Vanguard, (2021). Social Media: Facilitating e-commerce for the digital economy. [Online] Available at https://www.premiumtimesng.com/opinion/477293-social-media-facilitating-e-commerce-for-the-digital-economy
31. Verizon, (2016). Verizon’s 2016 Data Breach Investigations Report finds Cybercriminals are exploiting Human Nature. [Online] Available at https://www.verizon.com/about/news/verizons-2016-data-breach-investigations-report-finds-cybercriminals-are-exploiting-human
32. Yaqub J. O, Bello H. T, Adenuga I. A and Ogundipe M. O. (2013). The Cashless Policy in Nigeria: Prospects and Challenges. International Journal of Humanities and Social Sciences. Vol. 3. N0. 3. February, 2013. pp 200-211