Social Media and Financial Cybercrimes among Undergraduates of Alex Ekwueme Federal University, Ndufu Alike Ikwo, Ebonyi state, Nigeria

Background: The advent of social media has revolutionised the way people interact, communicate, and share information. However, the increasing popularity of social media platforms such as Facebook, Instagram, and Twitter have also been linked to a rise in financial crimes, particularly among young people. In Nigeria, financial crimes have become an issue of major concern, with undergraduates being increasingly targeted and recruited by criminal networks. Alex-Ekwueme Federal University, Ndufu-Alike, Ikwo, Ebonyi State, Nigeria, is one of the fast-growing universities in the country, with a large population of undergraduates who are active on social media. Meanwhile, there is a dearth of research on the relationship between social media usage and financial crimes among undergraduates in this university.

Objective: To investigate the relationship between social media usage and financial crimes among undergraduates of Alex-Ekwueme Federal University, Ndufu-Alike, Ikwo, Ebonyi State, Nigeria. Specifically, the study sought to identify the types of financial crimes committed by undergraduates on social media, the factors that contribute to their involvement in financial crimes, and the strategies that can be employed to prevent and mitigate financial crimes among undergraduates of the institution.

Method: The study adopted descriptive survey design. A total of 400 Mass communication students of AE-FUNAI were sampled using a multistage sampling technique. Data were collected using a structured questionnaire with a consistency coefficient of 0.80. while analysis was done using descriptive statistics and presented using frequency tables.

Result: Findings revealed that financial pressure, peer influence, lack of awareness of legal consequences, accessibility to social media and technology and other factors were the major factors that causes students’ involvement in financial cybercrime. Also, the study showed that phishing, identify theft, online fraud, cyber extortion and hacking were the prevalent forms and mechanisms of financial cybercrime facilitated by social media platforms. Equally, the study indicated that effectiveness of existing cybersecurity awareness programs and institutional policies in mitigating the risks of financial cybercrime is to a very great extent.

Conclusion: The study concludes that while some cybersecurity awareness programs exist, they are insufficient to mitigate the risks of financial cybercrime among students. Thus, the study emphasizes the need for improved cybersecurity education, economic empowerment programs, stricter enforcement of institutional policies, and collaboration with social media platforms to enhance security.

Unique Contribution: The study has offered new insight into the increasing involvement of university students in financial cybercrime through the use of internet and various social media platforms, with the expectations that policy makers, cyber security managers, university administrators and parents will find this insight useful in designing cyber-security awareness inclusive university programme that will direct the students towards positive and careful use of the internet and social media platforms positively and effectively for academic achievement.

Key Recommendations: The university management should strengthen cyber-security awareness withing the university, ensure strict enforcement of cybercrime policies and collaborate with social media platforms to enhance security features and create alerts that help students recognize scams and phishing attempts.