By Prof. (Dr.) Dennis U. Odigie* Dr Okpako Omudhowo *
Abstract
In recent years, science and technology have left both positive and negative indelible marks on the banking sector of the Nigerian economy. On the positive side is the enlarged horizon of the banking sector by the rendition of many banking services at incredible speeds and convenience through the use of computer and internet services. This development was taken to greater heights in the banking sector when the cashless
Nigeria project which aims at encouraging electronic based transactions and reduction of the physical cash in circulation in the Nigerian economy was implemented. The cashless policy received a boost in 2020 following the outbreak of the corona virus pandemic tagged, “COVID 19” which forced persons, organisations and the government to embrace the electronic modes of business transaction throughout the lockdown period and beyond. On the negative side, fraudsters were attracted to the “large market” created by the exponential increase in the number of bank customers and the volume of bank transactions. The inherent anonymity and convenience of the net permitting users operation from comfort zones have caused the manipulation of electronic transactions to the detriment of bank customers. Hacking of bank accounts and making of unauthorised withdrawals have resulted to weeping and wailing of victims who are inconsolable because law enforcement agents appear lost as regards taming the menace. This article sets out to examine the effect of the implementation of the cashless Nigeria project on electronic frauds amidst the difficulties in the investigation of
cybercrimes even in the face of the Nigerian Cybercrime Act as amended.