Impact of ICT-facilitated fraud on Sustainable Socio-economic Development in Nigeria

The advent of the new millennium gave way to the rapid growth of Information and Communication Technology (ICT) in Nigeria and till date all indication promises this growth will continue at a very fast pace. Unfortunately, the increase in social vices arising from the use of ICT and its infrastructure is alarming and adversely affecting the sustainable socio-economic development of Nigeria as it is a veritable tool in the hands fraudsters to easily commit crime. Government and individuals have continuously contended with these depravities as they pose a serious threat to the moral standard of societies in particular and the nation in general. This paper takes a critical look at different types of ICT-facilitated fraud often committed, examines how ICT has helped to perpetuate such fraudulent activities thereby increasing social vices and how it can be curbed to a reasonable extent using well tested knowledge. A research was conducted and questionnaires on ICT compliance and its use for online fraudulent activities analyzed using Statistical Package for Social Science (SPSS) with a reasonable conclusion drawn. We concluded by suggesting ways in which the power of ICT can be harnessed and used for more productive activities towards a sustainable socio-economic development.