Abstract:
Crimes committed via the internet and other electronic media are a growing threat and an important
subject to most organizations. This is because most organizations rely on the internet to provide services
to customers. Thus, the use of the inter-networked system of communication in organizations such as
the banks poses challenges to both customers and organizations on daily basis. This study analyses
cybercrime activities and their effects on Financial Institutions; a case study of Mumuadu Rural Bank
Limited, Osino in the Fanteakwa District - Eastern Region. The study was guided by three objectives and
used a mixed-method (both qualitative and quantitative) approach in data collection. The total estimated
sample size was 30 staff out of a population of thirty – two (32). A questionnaire was used to obtain
information from 29 respondents who were randomly selected from the population while an interview
was used to solicit further details from the bank’s General Manager who was purposively selected. The
ndings revealed that cybercrime and information security breaches have reached an alarming proportion
with negative consequences on nancial Industries. As a result, the bank has different insurance
accounts set aside to protect customers against losses that may arise from cybercrime attacks or other
related losses that may affect customers. It also emerged that young people in the district mostly indulge
in cybercrime activities with the motive of living a luxurious life due to economic hardship attributed to
unemployment, and lack of strong policies or legislation. Furthermore, the study also recorded a high rate
of respondents who cited a loss of customer con dence due to cybercrime which has led to the loss of
lives of customers and a reduction of revenue target of the bank as part of the effects of cybercrime on
the bank. Additionally, the research identi ed some knowledge gaps and consequently recommended that
cyber insurance policies be available and also be strengthened to help nancial institutions compensate
those who may be victims of a cybercrime attack. Furthermore, the paper suggests that organizations be
constantly updated by the Security Agencies on the emerging techniques that are deployed by
cybercriminals.
