LITERATURE REVIEW The term cyber-crime has been a major topic deliberated by many people with different views on the subject, a greater percentage coming at it from a different angle than the others. Cyber-crimes have improved above conservative crimes and now have intimidating consequences to the national security of technologically developed countries. Cyber attacks against financial services institutions are becoming more frequent, more sophisticated, and more widespread. Although large-scale denial-of-services attacks against major financial institutions generate the most headlines, community and regional banks, credit unions, money transmitters, and third-party service providers (such as credit card and payment processors) have experienced attempted breaches in recent years[1]. Following the documentation which affirms that “the adoption by all countries of appropriate legislation against the misuse of Information and Communication Technology (ICT), for criminal or other purposes, including activities intended to affect the integrity of national critical information infrastructures, is central to achieving global cyber security”. The documentation went further to state that pressure could inaugurate from anywhere around the world, the problems are fundamentally international in range thus requires intercontinental cooperation, investigative support, and common substantive and procedural provisions”. In line with the above, Professor Augustine Odinma states that “cyber-crime is any illegal acts perpetrated in, on or through the internet with the intent to cheat, defraud or cause the malfunction of a network device, which may include a computer, a phones, etc. Crime as at this dispensation is perceived as a quiet perception, also a fundamental part of the peril we face as we go through life daily. In both intellectual and communal judgment, crime is concomitant with destruction and carnage. Moreover, we dearth unity on the most elementary point at issue "what is crime ?". One theoretical designation is that a crime, also called an injury or a criminal offence is an act harmful not only to some individuals, but also to the hamlet or the state.
The unlawful deed may be directed at a computer's network or devices e.g., computer virus, denial of service attacks (DOS), malware (malicious code). the prohibited deed may be assisted by computer network or devices with target independent of the computer network or device”. associating cyber-crime to the military in a paper depicting his vested interest in the country’s military well-being, Major General Umo outlines that cybercrime, cyber terrorism, cyber warfare, cyber security are one and the same thing. Reason being, stealing or forgery directed at a person or an organization is similar to fighting war on the target of the crime. exertions to tackle Internet crime include events associated with protecting networks and data, sensing criminal activities, penetrating into crime and ensuring legal action is taken against delinquents. Cyberspace security is very important for proper management for the continuity of these essential services and for the conservation of public's trust in information systems. what is the possibility of achieving this globally? Well, this is a subject for another day as our interest in this work is all about cybercrimes and analyzing risk factor on the financial sector. Some instances of cyber crimes includes sending spam emails (spamming), stealing personal information (identity theft), breaking into someone's computer to view or alter data (hacking) and tricking someone into revealing their personal information (phishing), making Internet services unavailable for users (Denial of service –DOS), advanced free fraud 419 (aka Yahoo-yahoo), credit card fraud (ATM), plagiarism and software piracy, stealing money bit-by-bit in a fraudulent way (salami attacks) and spreading of virus etc .So many atrocities are committed every day in the Nigerian cyberspace. A current report in the Daily Trust, (2010) by the Internet Crime Complaint Centre, which is a corporation between the Federal Bureau of Investigation (FBI) and America‟s National White Collar Crime Centre, revealed that Nigeria is now ranked third among the list of top ten sources of cybercrime in the world with 8% behind the US (65%) and the UK (9.9%).Criminals that indulge in the advance fee fraud schemes (419) are now popularly called „Yahoo Boys‟ in Nigeria [4]. The country has therefore carved a niche for herself as the source of what is now popularly called 419-mails, named after Section 419 of the Nigerian Criminal
Code (Capp 777 of 1990) that forbid advance fee fraud. For instance, Nigeria is ranked first in the African region as the target and origin of malicious cyber activities; and this is spreading across the West African sub-region [5]. What Nigerian government, corporate organizations and the society at large do not know is that the heavy economic impact on the country, (either in financial terms or otherwise), will have an adverse consequences on unemployment rate, social services and international reputation. Therefore, a detailed introduction of cybercrime needs to be presented with the view to fully analyze the indices that make up this crime so that our government and society will be aware of this crime and its implication on the economy. In this paper, we will introduce the origins and the evolution of cybercrime, the different categories of cybercrime (target cybercrime, tool cybercrime and computer incidental). In 2011, [3]opinedin their paper titled “Cybercrimes and the Nigerian Academic Institution Networks”, examineddifferent types of cybercrimes that are frequent in Statistically, Nigeria ranked 43 in EMEA and ranked third among ten nations that commits cyber-crime in the world.[5] As a corrective measure, the then President of Nigeria, Olusegun Obasanjo set up National Cyber security Initiative (NCI) in 2003. The Nigerian cybercrime working group (NCWG) is to meet the objectives of NCI but their effects did not match up to the rate of growth of cybercrime. Professor Oliver Osuagwu, relating cyber-crime to the collapse of the educational sector, points out that cybercrime is causing near total collapse of the education community, particularly in Nigeria, with over 90% of criminals coming from this sector. Wrong value system has been identified as key factor encouraging cybercrime in Nigeria and the desire to get rich quick without working for it. Cyber-crime is complex and committed mostly from remote locations making it difficult to police. The absence of enabling law makes policing even more difficult. [9]
REFERENCES 1.
Report on cyber security in the banking sector by new york state department of financial services
