IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) ON FINANCIAL CRIMES: A CRITIQUE

Abstract

Information and Communication Technology (ICT) has a great impact on financial crimes in Nigeria and all over the globe. The different forms of unified communications and integration of telecommunications (telephone lines and wireless signals), computers as well as necessary enterprise software, middleware, storage and audio-visual systems, which enable users to access, store, transmit and manipulate information has resulted in the emergence of new species of financial crimes, especially cybercrimes. The various forms of cybercrimes are the direct byproducts of the deployment of ICT in the delivery of financial services, including FinTech. The law has thus developed rapidly by way of law review, repeal and re-enactment in order to catch up with the pace of evolution of finance crimes in Nigeria and in other jurisdiction, such as Britain. The problems posed by the deployment of mobile and Internet payment systems through the use of computers, tablets, or smartphones through web-based software or applications, arising from the advent of Internet of Things (IoT), Artificial Intelligence (AI) and other fast evolving creations of the ICT era are being tackled head on by changing legislation and institutions.