Application of Digital Forensics in Banking Security: A Situational Analysis of Nigerian Banks

Abstract

This study examined digital forensics and criminal investigations in Nigerian Banks: Prospects, challenges, and Solutions. The specific questions were to examine the prospects of digital forensics in criminal investigations in Nigerian Banks, to investigate the challenges faced by investigators in collecting and analysing digital evidence in Nigerian Banks, to identify potential solutions to enhance digital forensic capabilities in Nigerian Banks and to explore the usefulness of digital forensics in criminal investigations in Nigerian Banks. The study used a questionnaire as the data collection instrument because of the survey method adopted in this research. In analysing data, under descriptive statistics, the data presentation involves the use of tables of frequency and percentage to analyse the responses gathered from the respondents and chi-square was used to test the hypotheses. The findings of the study discovered that digital forensics is useful in criminal investigations in Nigerian banks, and digital forensics is a recognised aspect of security intelligence operations in Nigerian banks. The study also revealed that Nigerian banks are not investing much in digital forensics, even though they have the resources to invest. The study, therefore, recommends that Banks should provide the digital forensic team with regular training on the latest technologies, tools, and techniques to stay ahead of emerging threats. Also, expose the team to the use of specialised forensics tools. Other recommendations include: increase funding for digital forensics, collaboration with other forensic bodies within and outside Nigeria to share intelligence.