Regulatory Framework for Electronic Fraud in Nigerian Financial System: An Enhancement

Customers’ understanding of the framework for regulating electronic fraud in Nigeria is low, leading to low level of confidence in the system. In addition, the regulatory framework for electronic fraud is ineffective. These two facts have made the combating of electronic fraud difficult. This paper explains the current framework for electronic fraud. This will enhance customers’ understanding of the framework and boost confidence in the system. The paper also builds a model for creating “SMART” regulatory framework for electronic fraud. This model if used will make the fight against electronic fraud more successful. The model is therefore, recommended.