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Cyber Security Threats and Fraud Detection: A Study of Selected Banks in Nigeria

Sunday David, Offia Anthonia Chioma Ph.D, Ekwunife Ebele Noel Ph.D

Abstract

The study examined the effect of cyber security threats on fraud detection: a study of selected banks in Nigeria. The specific objective was to examine the extent to which cloud security, application security and network security affect fraud control among selected banks in Nigeria. A descriptive survey research design was employed, using a stratified sampling technique to obtain a sample size of 397 from a population of 54,654 employees across selected tier-1 banks in Nigeria. Primary data was collected using a structured questionnaire and analyzed using Pearson's correlation and multiple regression. The study found that cloud security (?=0.339, p=0.000), application security (?=0.695, p=0.000), and network security (?=0.208, p=0.002) all have a positive and significant effect on fraud control. The study concluded that effective fraud control is closely tied to the strength of a bank's cybersecurity infrastructure, which can significantly influence the bank's ability to maintain operational integrity and safeguard its financial ecosystem. It recommends that bank management should implement and regularly upgrade cloud security measures by adopting advanced encryption techniques, secure data storage solutions, and frequent security audits to ensure the integrity of cloud-based systems and data.

Keywords

Cyber Security ThreatsCloud SecurityApplication SecurityNetwork Security and Fraud Control.

References

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