Cybercrime and Economic Sustainability of the Financial Institutions in Southeast, Nigeria

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Cybercrime and Economic Sustainability of the Financial Institutions in Southeast, Nigeria

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Kekii, T. L. (2023). Cybercrime and Economic Sustainability of the Financial Institutions in Southeast, Nigeria. Global Journal of Finance and Business Review, 6(3), 63-77. DOI: https://doi.org/10.5281/zenodo.8371201
This research work examined cybercrime and economic sustainability of the Financial Institutions in Southeast, Nigeria, the major objectives of the research are: to examine the effect of bank verification number scam on the profitability of the financial institutions and to examine the effect of phishing on the customer base of the financial institutions in the South East. This study adopted survey research design.  Frequency distribution table and simple percentages were used to analyze data for this study. Findings show that Bank Verification Number Scam negatively affects the profitability of the financial institutions in the Southeast, Nigeria (76.2%).  This is because scammed customers are prone to closing their bank accounts consequent upon the loss, they incurred by means of cybercrime. Phishing negatively affects the customer base of the financial institutions in the Southeast, Nigeria. (76.2%).  This is because loss to the financial institution’s customer is an indirect loss to the financial institution.  In view of the above, the following are recommendations: financial institutions’ customers, on their part, should ensure proper security controls and make sure they install the latest security updates on their computer systems and carefully select the sites they visit while the financial institutions should make it a practice to always educate their customers of the ways to avoid cybercrime attacks. The EFCC and other law enforcement agencies need to beef up their cybercrime fighting skills and abilities by continuous engagement in learning and development practices and adoption of more modern cyberspace fighting equipment.ABSTRACT
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Keywords: Cybercrime; Economic Sustainability; Financial Institutions

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