The role of forensic accounting in combating financial cybercrimes in Nigerian banks: A case study of GTBank
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Background of the Study
Cybercrime, particularly financial cybercrimes, has become a significant challenge in the banking sector globally, and Nigeria is no exception. Nigerian banks, such as Guaranty Trust Bank (GTBank), have been at the forefront of adopting advanced digital banking services, including online banking and mobile applications. However, these technological advancements have also made them vulnerable to various forms of cyber fraud, including phishing, identity theft, account hacking, and money laundering (Adewale & Oladipo, 2023).
Forensic accounting, traditionally associated with investigating fraud in financial records, has evolved to include the examination of digital financial transactions to detect and prevent cybercrimes (Oluwaseun & Daniel, 2023). The role of forensic accountants in combating financial cybercrimes within Nigerian banks is crucial, as they use specialized digital tools to trace and analyze suspicious transactions and uncover the methods used by cybercriminals. GTBank, being one of Nigeria’s most prominent banks, has had its share of cybercrime-related challenges. The bank has adopted several measures, including the employment of forensic accounting techniques to identify fraud patterns, track illicit transactions, and improve cybersecurity.
This study seeks to examine the role of forensic accounting in combating financial cybercrimes in Nigerian banks, with GTBank as a case study. The research will explore how forensic accounting tools are applied to identify, prevent, and mitigate cyber fraud in banking transactions.
Statement of the Problem
Cybercrime in Nigerian banks has grown alongside the increase in digital banking services, resulting in substantial financial losses and undermining customer trust (Oluwaseun & Daniel, 2023). GTBank, despite its technological advancements, has not been immune to cyber fraud. Traditional methods of financial auditing and fraud detection are often insufficient to address the complexities of digital financial crimes. Therefore, there is an urgent need for forensic accounting practices tailored to cybercrime detection and prevention.
The lack of sufficient forensic accounting practices in combating financial cybercrimes poses a significant challenge to banks in Nigeria, as cybercriminals continuously devise new methods to exploit vulnerabilities in digital banking systems. This research will focus on evaluating how forensic accounting practices at GTBank can help combat the growing issue of financial cybercrimes and improve the bank’s cybersecurity measures.
Objectives of the Study
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To assess the role of forensic accounting in identifying and preventing financial cybercrimes at GTBank.
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To evaluate the effectiveness of forensic accounting tools used by GTBank in mitigating cyber fraud.
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To recommend strategies for enhancing forensic accounting practices in Nigerian banks to combat financial cybercrimes.
Research Questions
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How does forensic accounting help identify and prevent financial cybercrimes at GTBank?
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What forensic accounting tools are effective in mitigating cyber fraud in GTBank’s digital banking systems?
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How can forensic accounting practices be improved to better combat financial cybercrimes in Nigerian banks?
Research Hypotheses
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Forensic accounting plays a significant role in identifying and preventing financial cybercrimes at GTBank.
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The use of forensic accounting tools effectively mitigates cyber fraud in GTBank’s digital banking systems.
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The implementation of enhanced forensic accounting practices improves the ability of Nigerian banks to combat financial cybercrimes.
Scope and Limitations of the Study
This study will focus on the role of forensic accounting in combating financial cybercrimes within GTBank, examining the tools and techniques employed to detect and prevent fraud. The research will primarily focus on GTBank’s operations and its approach to managing cyber fraud, though it will also consider broader trends within the Nigerian banking sector. The study is limited to a case study of GTBank, and findings may not be fully generalizable to other banks in Nigeria.
A limitation of this study is the potential difficulty in accessing confidential forensic accounting reports and cybercrime data due to privacy and security concerns. Additionally, the research will rely on interviews with bank staff, which may not fully capture all aspects of the bank’s forensic accounting practices.
Definitions of Terms
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Forensic Accounting: The use of accounting techniques to detect, investigate, and prevent financial fraud, particularly in digital transactions (Oluwaseun & Daniel, 2023).
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Cybercrime: Criminal activities conducted through digital platforms, including online banking fraud, hacking, and identity theft (Adewale & Oladipo, 2023).
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GTBank: Guaranty Trust Bank, a leading Nigerian bank with a significant presence in digital banking services.
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