Empirical study reveals online banking adoption correlates with increased phishing and cybercrime in Nigeria, suggesting urgent policy changes are needed.
Key Points
A significant positive correlation exists between online banking adoption and cybercrime incidents in Nigeria, particularly phishing.
Phishing attacks surged from 1,667 cases in 2022 to 4,457 cases in 2023, costing ₦551.2 million in financial losses.
Instrumental variable estimation confirms a 10% increase in online banking adoption associates with a 3.42% rise in cybercrime.
The study highlights the need for policies to address the vulnerabilities created by digital transformation in banking.
Cite This Study
Okafor Chukwu Ugbaja (2025) studied this question.