Cyber Fraud in the Commercial Banks among the Public in Ibadan Metropolis, Oyo State Nigeria

Abstract

This study, cyber fraud in the Nigeria Banking System in Ibadan in Oyo State was surveyed in order to determine the perpetrators, causes, effects and means of control in Nigeria nowadays. Primary data was collected from 10 purposively selected banks in Ibadan, Oyo State and the general public who could testify to the issue of cyber fraud in Nigeria with the aid of survey (questionnaire) and In - Depth interview. Simple percentage comparison was used to analyze the data, with the aid of frequency tables. The findings of the study revealed that, educated youths (particularly males), bank staff, customers and non - bank customers are the major perpetrators of the menace of cyber fraud in Nigeria. Cyber fraud is caused in Nigeria by several social – cultural, economic and technological factors; and the national economy bears the effects at large (locally and internationally). It was concluded that, the menace calls for immediate attention before it soiled the nation. It was, therefore, recommended from the study that jobs be creation for the youths; adequate modern security technology in the banking sector; enhancement of the law enforcement agents; sensitization of the public on the implications of cyber fraud through education in order to curb cyber fraud in the Nigeria banking system