The impact of forensic accounting on mitigating cyber fraud in Nigeria’s e-commerce industry: A case study of Jumia Nigeria.
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Background of the Study
Nigeria’s e-commerce sector has witnessed rapid growth, with companies like Jumia Nigeria leading the way in transforming online retailing. The increased use of digital platforms for transactions has made e-commerce companies vulnerable to cyber fraud, including fraudulent transactions, account hacking, and payment fraud (Adewale & Oladipo, 2023). As online platforms handle substantial volumes of sensitive customer data, there is a growing need for effective cybersecurity measures to prevent financial fraud.
Forensic accounting, traditionally used in financial investigations, is increasingly being applied to the digital environment to combat cyber fraud in the e-commerce industry (Oluwaseun & Daniel, 2023). By analyzing digital transactions, forensic accountants can identify anomalies and fraudulent patterns, track fraudulent actors, and provide evidence for legal proceedings. The case of Jumia Nigeria, one of the largest e-commerce platforms in Nigeria, offers an opportunity to study the impact of forensic accounting in mitigating cyber fraud within the sector.
This study will examine how forensic accounting has been employed to mitigate cyber fraud in Nigeria’s e-commerce industry, with a particular focus on Jumia Nigeria. The research will assess the effectiveness of forensic accounting tools and techniques in detecting fraud and ensuring the security of financial transactions.
Statement of the Problem
E-commerce platforms in Nigeria, including Jumia Nigeria, are increasingly targeted by cybercriminals who seek to exploit weaknesses in digital security systems (Adewale & Oladipo, 2023). Fraudulent activities such as payment fraud, account hacking, and identity theft can result in significant financial losses for e-commerce companies and damage consumer trust. Despite the adoption of advanced cybersecurity measures, the challenge remains for Nigerian e-commerce companies to effectively combat cyber fraud.
This research will examine the role of forensic accounting in mitigating cyber fraud at Jumia Nigeria, focusing on the tools and techniques employed to detect and prevent fraudulent transactions.
Objectives of the Study
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To assess the role of forensic accounting in detecting and preventing cyber fraud in Nigeria’s e-commerce industry, focusing on Jumia Nigeria.
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To evaluate the effectiveness of forensic accounting techniques in securing financial transactions within Jumia Nigeria.
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To recommend strategies for enhancing forensic accounting practices in mitigating cyber fraud in Nigeria’s e-commerce sector.
Research Questions
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How effective is forensic accounting in detecting and preventing cyber fraud in Jumia Nigeria?
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What forensic accounting tools are used to secure financial transactions on Jumia Nigeria?
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How can forensic accounting practices be improved to mitigate cyber fraud in Nigeria’s e-commerce industry?
Research Hypotheses
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Forensic accounting significantly contributes to detecting and preventing cyber fraud in Jumia Nigeria.
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The application of forensic accounting tools effectively secures financial transactions within Jumia Nigeria.
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Enhanced forensic accounting practices can reduce the occurrence of cyber fraud in Nigeria’s e-commerce industry.
Scope and Limitations of the Study
This study will focus on the role of forensic accounting in combating cyber fraud within Jumia Nigeria, assessing the effectiveness of forensic accounting tools and techniques in securing financial transactions. The research will be limited to Jumia Nigeria and may not reflect the practices of other e-commerce companies in Nigeria.
A limitation of the study is the potential difficulty in accessing sensitive data related to cyber fraud incidents and forensic audit reports due to confidentiality and security concerns.
Definitions of Terms
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Forensic Accounting: The use of accounting techniques to detect and investigate fraud, particularly in digital transactions (Oluwaseun & Daniel, 2023).
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Cyber Fraud: Fraudulent activities carried out through digital platforms, including payment fraud, account hacking, and identity theft (Adewale & Oladipo, 2023).
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E-commerce: The buying and selling of goods and services through online platforms, including digital payment systems.
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