Introduction
Cyber-crime is a generic term that refers to all criminal activities done using the medium of computers, the Internet, cyber space and the worldwide web. There isn’t really a fixed definition for cyber-crime. The Nigerian Harmonized Cyber Security Bill of 2011 explains Cyber Crime as all crime emarginated offline which can be achieved with the use of computer networks as a tool, threats to lives and properties, disruption of critical services, terrorism and economic sabotage, propaganda and theft of information.

This paper talks about the types of cyber-crimes: hacking, data theft, spreading virus and worms, identity theft, yahoo attack and cyber terrorism; causes and effects of cyber – crime on banking, transaction and reputation; finally it will also look at the measures in place to help reduce cyber- crime activities.

Types of cyber crime
Various types of cybercrimes have been discussed in the literature and have also been experienced by bankers and other financial institutions. Notable worldwide cybercrimes common in developing countries including Nigeria and Ghana are hacking, data theft, spreading virus or worms, fraud or identity theft, yahoo attack, and cyber terrorism.

Hacking
Hacking means unauthorized attempts to bypass the security mechanisms of an information system or network. Also, in simple words Hacking is the unauthorized access to a computer system, programs, data and network resources. The term hacker” originally meant a very gifted programmer. In recent years though, with easier access to multiple systems, it now has negative implications. Unauthorized disclosure of access code, people’s system interference, misuse of device, denial of service and records retention are acts criminalized under the Harmonized Cyber Security Bill 2011 of Nigeria. Offenders are punishable by law which may extend to prison terms or with fine. Hacking offence is cognizable, bailable, compoundable with permission of the court before which the prosecution of such offence is pending and triable by any magistrate. Unfortunately, unlike Nigeria, there is no law in the statute books in Ghana that address these types of crime. The Police still rely on conventional crime laws on false pretence in the criminal Code Act 29/60 Section 131 and its associate statutes. Crimes committed under these laws are bailable offences and carry lesser punishments which cannot therefore deter the fraudsters from committing cyber offences.

Data theft
Data Theft is a rising problem, primarily perpetrated by office workers with access to technology such as desktop computers and handheld devices, capable of storing digital information such as flash drives, iPods and even digital cameras. The damage caused by data theft can be considerable with today’s ability to transmit very large files via e-mail, web pages, USB devices, DVD storage and other hand-held devices.

The sections 2 – 18 of the Harmonized Cyber security Bill 2011 of Nigeria criminalize the act of data theft and data forgery. Also the Information Technology (Amendment) Act, 2008, crime of data theft under Section 43 (b) is stated as - If any person without permission of the owner or any other person, who is in charge of a computer, computer system of computer network - downloads, copies or extracts any data, computer data base or information from such computer, computer system or computer network including information or data held or stored in any removable storage medium, then it is data theft. Law & Punishment: Under Information Technology (Amendment) Act, 2008, Section 43(b) read with Section 66 is applicable and under Section 379, 405 & 420 of Indian Penal Code, 1860 also applicable. Data theft offence is also cognizable, bailable, compoundable with permission of the court before which the prosecution of such offence is pending and triable by any magistrate.

Spreading virus or worms
Worms and viruses can do any amount of harm; the creator anticipates them to do. They can send your data to a third party and then delete your data from your computer. They can also ruin and mess up your system and render it unusable without a re-installation of the operating system. Most have not done this much damage in the past, but could easily do this in the future. Usually the virus will install files on your system and then will change your system so that virus program is run every time you start your system. It will then attempt to replicate itself by sending itself to other potential victims.

Under the Harmonized Cyber Security Bill 2011of Nigeria Section 2 – 18, it makes it unlawful for a person to have unlawful access to another person’s computer and system interference . Also under Information Technology (Amendment) Act of India, 2008, Section 43(c) & 43(e) with Section 66 is applicable and under Section 268 of Indian Penal Code, 1860 also applicable. Spreading of virus offence is equally, like data theft, cognizable, bailable, compoundable with permission of the court before which the prosecution of such offence is pending and triable by any magistrate.

Fraud - identity theft
Fraud is a criminal activity in which someone pretends to be somebody and retrieve vital information about someone. For instance, making a false bank webpage to retrieve information of account of someone constitute an identity theft. This is known as sakawa in Ghana (Boateng et al., 2011). The concept is simple; someone gains access to your personal information and uses it for his own benefit. This could range from a black-hat hacker stealing online banking account login and password to getting access to ATM and using such people can make themselves a lot of money with personal information. In Nigeria people design web links forms requesting users to fill in their basic information including, unique details like pin numbers and use that to commit crimes (Hassan, 2011).

The Nigeria Harmonizes Cyber Security Bill of 2011 Section 2 – 18 criminalizes computer – related offenders which include identity theft and unlawful access to a personal’s computer. According to the Information Technology (Amendment) Act of India of 2008, crime of identity theft und...

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