From Revolution of Payments System to Perpetration of Cybercrimes in Nigerian Banks and Against Customers: Is the Nigerian Cybercrimes Act 2015 Relevant?

Abstract

The evolving nature of the information and communication technology and its effect on the global lives of individuals have consequently revolutionized the manner payments system is currently being undertaken. The difficulties and hardship constituted by the traditional payments system whereby for any cash transaction to be executed, a bank customer was mandated to visit the bank premises and where it has to do with the purchase of goods and services, parties would have to meet physically to transact, partly triggered the payments system in Nigeria from over dependence on cash to adoption of modern electronic alternatives for payments by the Central Bank of Nigeria. Questions have been asked about the legality or otherwise of this transformation from the traditional payments system to the present modern payments system. What nature of challenges has been faced by the introduction of the modern payments system? Unfortunately, these laudable modern payments initiatives in the Nigerian banking industry have been abused by perpetrators of crimes through the instrumentality of the computer and information and communication technology infrastructures. Prevailing crimes like hacking, identity theft, BVN scam, phishing and spamming, card theft, computer related fraud, electronic cards related fraud, email fraud and system interference are presently being perpetrated against the Nigerian banks and their customers. In the light of these, how is the Nigerian Cybercrimes Act 2015 relevant towards the protection of victims of these crimes?

Keywords: Cybercrime Law, Payments system, Bank customers, Cybercriminals, Nigerian Cybercrimes Act 2015, Strategies of cybercriminals.

DOI: 10.7176/JLPG/88-06

Publication date: August 31^st 2019