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ABSTRACT
In the banking sector today, there have been a few changes in the dynamics of banking. As a result of the rapid rate of technology today, banks are developing more business strategies to accommodate new business opportunities offered by internet banking. However, with the opportunities offered by internet banking and the need for convenience for banking customers, it also came with the challenges of internet fraud. With this new challenge, the Cybercrime Act of 2015 was enacted. It is the aim of this study to determine the extent to which the Act has reduced the level of internet fraud in the banking system in Nigeria and to determine the various methods adopted in perpetrating cybercrimes in internet banking.
This research work finds that cybercrimes in internet banking have been in existence since the advent of ICT, that these crimes on internet banking have harmful effects on youth development. It further reveals that relevant provisions of the Act does not comprehensively address all crimes on internet banking in Nigeria and that more stringent legislative and enforcement procedures are required to effectively curb cybercrime on internet banking.
This research work examines extensively that while the Act is still struggling to address issues on cybercrimes, other jurisdictions have taken several steps to curb such illicit acts on the internet and so it is recommended that more stringent methods should be put in place to curb such acts in Nigeria.
