Sociological Analysis of Internet Banking Fraud in Nigeria: Patterns and Effects

The phenomenal growth in the number of those who subscribe to internet banking around the world, and particularly in Nigeria, has led to an increase the number of potential Nigerians vulnerable to internet banking fraud victimization. The main thrust of the paper is to explore sociologically the causes and effects of internet banking fraud on the residents in Nigeria who are using banking services. The study being basically a review one and theoretical in nature, relied primarily on secondary data involving the use of internet to access related/relevant literature. Strain and Fraud diamond theories formed the theoretical orientation of the study. From the review, the study found that morbid desire to get rich quick and insecurity of job are the major causes of internet banking fraud. Credit card/debit card fraud and identity thefts are the two patterns of internet banking fraud. While Lack of trust among the banking public was the major effect. However, the study recommends among others, for government agencies, law enforcement agencies, intelligence agencies and security agencies to fight curb internet banking fraud. There is need for them to understand both the technology and individuals who engage in internet banking fraud.