Analysing and Mitigating the Problem of Internet and Credit Card Fraud In Nigeria

Abstract

Internet fraud connotes fraudulent activities committed via the internet. Technological advancement has increased reliance on the internet for communication and business transactions. This reliance has made internet users vulnerable to internet frauds and other forms of cybercrimes. This paper analyses several forms of internet fraud in Nigeria including credit card fraud. It pulled data related to internet fraud from governmental agencies to articulate the menace of internet fraud and the need for drastic mitigating measures. The study further reviews several approaches to detecting and preventing credit card fraud by financial institutions. It also analysed frameworks that have been put into place by the government to mitigate internet fraud generally. It discovered several challenges to the mitigation and prevention of internet fraud in Nigeria and made several contextual recommendations.